本研究探討供應鏈整合程度與其績效表現之間的關係，本研究樣本取自美國上市公司中COMPUSTAT資料庫，主要分析美國供應鏈中2000年至2020年的數據，本文採用用最小平方法(Ordinary Least Squares, 簡稱OLS)及線性迴歸模型(Generalized Linear Model, GLM)的固定效果模型(Fixed Effects Model)分析探究供應鏈整合程度對公司經營能力是否會造成優化或弱化的影響。
研究結果歸納出供應鏈整合程度與公司的經營績效(ROA)及公司評價(Tobin’s Q)之間都顯現正相關。實證結果表明，供應鏈整合相對較高（即現金轉換週期相對較低）的企業往往享有相對較高的公司業績。此外，我們還發現，供應鏈整合程度較高的公司可能會獲得更多投資者的關注和較高的公司評價，上述結果在製造業企業中尤為突出。

The main objective of this study is to explore the relationship between supply chain integration and firm performance. This research utilizes the data from publicly traded U.S. listed companies from 2000 to 2020. Using the ordinary least squares and different fixed effect models, we find that supply chain integration is positively related to firm performance, measured by ROA and Tobin’s Q. The evidence shows that firms with relatively high supply chain integration (i.e., relatively low cash conversion cycle) tend to enjoy relatively high firm performance. We also find firms with relatively high supply chain integration may gain more inventors' attentions and evaluation. The above results are prominent for firms in manufacturing sector.

論文審定書 i
誌 謝 ii
中文摘要 iii
Abstract iv
目錄 v
表目錄 vii
第一章、緒論 1
第二章、文獻探討 3
第一節 供應鏈整合(Supply Chain Integration) 3
第二節 公司經營績效 5
第三章、研究假說 8
第四章、資料敘述及變數定義 11
第一節 資料來源與樣本描述 11
第二節 應變數與自變數定義 11
第三節 實證模型 16
第五章、研究方法 17
第六章、實證結果 18
第一節 敘述統計 18
第二節 相關性分析 19
第三節 實證研究分析 21
第四節 穩健性測試 25
第七章、事後分析 28
第一節 供應鏈整合程度與經營績效 28
第二節 供應鏈整合程度與公司評價 34
第八章、研究討論 39
第一節 理論面之貢獻 39
第九章、結論 44
第一節 研究結論 44
第二節 研究限制與建議 44
參考文獻 45

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