在現代商業信用交易中，貿易信貸扮演著不可或缺的角色，為營運資金管理中一項重要課題。本研究之主要目的為探討公司彈性與上下游貿易信貸間的關聯性。並採用COMPUSTAT資料庫中1991年至2020年美國公開發行公司的財務資料，共計取得88,539筆觀測值，涵蓋6,439間公司資料。本研究採用普通最小平方法與固定效果模型進行分析，實證結果顯示具有較高公司彈性的公司，傾向持有較多的上下游貿易信貸，經過採用滯後變數與替換迴歸方法等測試後穩健支持實證結果。在事後分析中，本研究發現容易取得資金的公司具有較高的公司彈性時，將持有較少的應收帳款。此外，屬於零售業的公司具有較高的公司彈性時，將持有較少的應付帳款及應收帳款。

Trade credit plays an indispensable role in business credit transactions and is an important issue in working capital management. The main objective of this study is to explore the relationship between company flexibility and upstream and downstream trade credit. We use financial data from COMPUSTAT database for U.S. public firms from 1991 to 2020 and obtain 88,539 observations, covering data from 6,439 companies. In this study, we use ordinary least squares model and fixed effect model to analyze, and the empirical results show that companies with relatively high company flexibility tend to hold more upstream and downstream trade credit, this results are robust to both the adoption of lagged variables and alternative regression methods. We find that the accessibility to the capital market moderates the relationship between company flexibility and downstream trade credit. In addition, companies in the retail sector will hold relatively low accounts payable and accounts receivable when they have relatively high company flexibility.

論文審定書 i
中文摘要 ii
Abstract iii
目錄 iv
表次 v
第一章 緒論 1
第二章 文獻探討 4
第一節 貿易信貸 4
第二節 財務彈性 8
第三節 營運彈性 10
第三章 研究假說建立 11
第四章 資料敘述及研究方法 12
第一節 樣本與資料來源 12
第二節 變數定義與衡量 12
第三節 研究方法 17
第五章 實證結果分析 18
第一節 樣本年度分佈表 18
第二節 敘述統計表 19
第三節 相關係數表 20
第四節 因素分析結果 22
第五節 迴歸分析 22
第六節 穩健性測試 25
第六章 事後分析 28
第一節 資金取得容易度差異分析 28
第二節 產業差異分析 31
第七章 研究討論 34
第一節 學術理論面之貢獻 34
第二節 管理實務面之貢獻 37
第八章 結論 38
第一節 研究結果 38
第二節 限制與未來研究建議 38
參考文獻 39

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