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題名 | 財務困境對企業交易信用政策之影響=Impact of Financial Distress on the Enterprise Trade Credit Policy |
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作者姓名(中文) | 包喬瑞; |
作者姓名(外文) | Pao, Chiao-jui; |
書刊名 | 創新與經營管理學刊 |
卷期 | 6:2 2015.12[民104.12] |
頁次 | 頁19-36 |
分類號 | 563.1 |
語文 | chi |
關鍵詞 | 交易信用政策; 財務困境; Trade credit policy; Financial distress; |
中文摘要 | 本研究探討台灣上市公司經歷財務困境時對交易信用政策的影響。首先發現企業欲增加銷售量而延長顧客交易信用期限與交易信用供給方呈現正向變動,又因供應廠商採取放寬交易信用期限增加銷售量而與交易信用需求方呈現正向變動;其次發現企業降低(增加)交易信用供給(需求),額外導致股票報酬成長下跌19.8%(9.8%)、營業收入成長下跌11.7%(6.6%)及銷售成長下跌4.4%(3.8%);最後評估資產規模對財務困境的反應,發現在交易信用供給方的大型企業比小型企業對顧客延長付款期限增加4 天,另交易信用需求方的大型企業比小型企業對供應商減少延遲付款期限超過5 天。 |
英文摘要 | This study examines the impact that the financial distress of listed firms has on trade credit policy in Taiwan. We found that firms extending customer trade credit terms in order to increase sales volumes exhibited positive influences on trade credit suppliers. In addition, suppliers adopting a policy of extending trade credit terms to increase sales volumes positively influenced trade credit demanders. The results of this study also showed that firms reducing (increasing) trade credit supply (demand) led to a further decline in stock return growth, operating revenue growth, and sales growth by 19.8% (9.8%), 11.7% (6.6%), and 4.4% (3.8%), respectively. Finally, the responses of firms possessing assets of various scales to financial distresswere evaluated, revealing that the large-scale firms (as trade credit suppliers) extended 4 more days for customer payment period than small-scale firms did. Compared with small-scale firms, large-scale firms (as trade credit demanders) reduced the grace period granted to suppliers for overdue payments by more than 5 days. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。