應收帳款管理風格與績效之關聯性研究─以台灣電子產業為例

Management Style of Accounts Receivable and Performance of the Firms: Evidence from Taiwan Electronics Industry

10.6656/MR.2011.30.3.CHI.49

洪志洋(Chih-Young Hung)；高立翰(Li-Han Kao)

應收帳款 ； 管理風格 ； 部份調整模型 ； 經營績效 ； 市場評價 ； Accounts Receivable ； Management Style ； Partial Adjustment Model ； Performance ； Market Valuation

管理評論

30卷3期（2011 / 07 / 01）

49 - 72

繁體中文

為強化價值創造的能力，企業必須充分及有效使用管理所擁有的各類資產，而應收帳款便是其中重要項目。本研究探索性的提出公司應收帳款政策敏感度（β），以及公司應收帳款調整控管能力（λ）兩項指標，並依此將公司的應收帳款管理風格分為四類。為進一步瞭解應收帳款管理風格，與公司經營績效及市場評價的關聯性，本研究利用兩個計量經濟模型進行估計及檢驗。實證結果指出，應收帳款管理風格與公司經營績效及市場評價具有顯著的關聯。其中對經營績效的影響，顯示公司除重視應收帳款政策擴張所產生的經營風險外，亦受到應收帳款控管能力強弱的正向影響。而市場評價的部分，則顯示應收帳款的調整控管能力較受到市場重視，亦對公司的評價產生正向的價值反映。因此，上述不同的模型估計結果，也支持了本文在應收帳款管理風格影響差異上的論點。

To enhance the competiveness of its value creation, a business firm has to effectively allocate and efficiently utilize all of its assets. Undoubtedly, accounts receivable (A/R) is considered one of those major assets that a firm has to pay attention to. Though A/R plays an increasingly important role in nowadays business operations, researchers haven't made notable advancements in the study of A/R management in recent years. In this paper, we proposed a two-dimensional framework for the classification of A/R management style. Specifically, we assign firms into one of four styles of A/R management according to two attributes of the underlying firms. The two attributes are the sensitivity of the A/R policy change to the firms' sales (λ) and the firms' controllability over the A/R adjustment (β), respectively. To further investigate the plausibility of these two attributes, we constructed two empirical models to test four related hypotheses. Financial data and stock prices of the listed Taiwan's electronics firms over the time period from 1997 to 2006 were collected and used in the study. The major findings of our study are as follow: First, firms of different management style of A/R pose significantly diverse financial characteristics. Second, the sensitivity of the A/R policy has a significantly negative effect on the performance of the firm. Third, the controllability of the A/R adjustment has a significantly positive effect on the market valuation of the firm.

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