摘要
整合市場力量（Integrated Market Power）是影響企業營運和財務決策的最重要因素之一（Jhang等，2019；Jhang等，2020）。 然而，現有的整合市場力量(IMP) 研究主要集中在美國製造商和台灣企業，而忽略了中國大陸。 因此，本研究採用中國交通運輸產業作為研究對象，探討中國交通運輸產業的整合市場力量與貿易信貸的影響。

本研究採用實證分析法並結合因素分析和迴歸模型進行分析，其樣本來源以台灣經濟新報資料庫(TEJ)、中國上海證券交易所及深圳證券交易所公開上市公司財報為樣本。樣本採用期間為2004年至2020年，選取類別為：交通運輸產業。本篇研究樣本共384間公司，樣本數為2202個觀察結果。

結果表明，整合市場力量較強的公司使用較少的上游貿易信貸。在事後分析上，在民營企業、十大會計師事務所監管的公司以及其他非汽車運輸企業等產業中，整合市場力量（IMP）對上游貿易信用的負面影響更為突出。同時，也向公司管理者提出了幾項建議，以加強整合市場力量並減少對上游貿易信貸的依賴。

Abstract
IMP (Integrated Market Power) is one of the most important factors that affect the operational and financial decisions of firms (Jhang et al., 2019; Jhang et al., 2020). However, existing IMP research mostly focuses on U.S. manufacturers and Taiwanese firms, leaving China out. Thus, this study examines the impact of a firm's integrated market power (IMP) on upstream trade credit using China's transportation industry.

This study employs an empirical analysis approach, integrating factor analysis and regression models for analysis. Sources of the sample were the Taiwan Economic Journal (TEJ) database and the financial reports of publicly listed Chinese companies on the Shanghai Stock Exchange and Shenzhen Stock Exchange. The study covers a period of time from 2004 to 2020. The sample size in this study is 2,202 firm-year observations for 384 firms.

The results show that companies with stronger IMP use less upstream trade credit. The post-hoc analysis further shows that the negative impact of market power (IMP) on upstream trade credit is more prominent in non-state-owned enterprises, companies supervised by the top ten accounting firms, and other non-automotive transportation companies. Several recommendations are also given to firm managers in order to strengthen IMP and reduce their reliance on upstream trade credit.

論文審定書i
致謝ii
摘要iii
Abstractiv
第一章 緒論1
第二章 文獻4
第一節 貿易信貸（Trade credit）4
第二節 整合市場力量(Integrated Market power)8
第三節 上游貿易信用（應付帳款）與整合市場力量的關係10
第三章 研究方法13
第一節 資料來源13
第二節 變數定義13
第三節 迴歸模型17
第四節 研究方法17
第四章 實證結果分析18
第一節 變數之敘述統計量18
第二節 變數相關係數18
第三節 主成分因子分析19
第四節 迴歸分析19
第五節 穩健性測試21
第五章 事後分析22
第一節 民營企業與國營企業之整合市場力量與應付帳款之實證結果 22
第二節 委由前十大會計師事務所監理與非前十大會計師事務所監理之實證結果 23
第三節 純汽車產業與非汽車產業之整合市場力量與應付帳款之實證結果 24
第六章 研究討論 25
第一節 理論上貢獻 25
第二節 管理上貢獻 28
第七章 結論與研究限制 30
參考文獻 50

參考文獻
一、中文
參考網站
上海證券交易所http://www.sse.com.cn/
深圳證交交易所http://www.szse.cn/
二、英文
Abdulla, Y., Dang, V.A., & Khurshed, A. (2017). Stock market listing and the use of trade credit: Evidence from public and private firms. Journal of Corporate Finance, 46, 391-410.
Abdulla, Y., Dang, V.A., & Khurshed, A. (2019). Suppliers' listing status and trade credit provision. Journal of Corporate Finance, 60, 101535.
Ak, B. K., & Patatoukas, P. N. (2016). Customer-base concentration and inventory efficiencies: Evidence from the manufacturing sector. Production and Operations Management, 25(2), 258-272.
Aksin, O. Z., & Masini, A. (2008). Effective strategies for internal outsourcing and offshoring of business services: An empirical investigation. Journal of Operations Management, 26(2), 239-256.
Barrot, J. N. (2016). Trade credit and industry dynamics: Evidence from trucking firms. The Journal of Finance, 71(5), 1975-2016.
Bates, T.W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to? The Journal of Finance, 64(5), 1985-2021.
Baxter, N. D. (1967). Leverage, risk of ruin and the cost of capital. The Journal of Finance, 22(3), 395-403.
Berger, A. N., & Hannan, T. H. (1998). The efficiency cost of market power in the banking industry: A test of the “quiet life” and related hypotheses. Review of Economics and Statistics, 80(3), 454-465.
Booth, Laurence., Aivazian, Varouj., Demirguc-Kunt, Asli.,& Maksimovic, Vojislaw.(2001). Capital structures in developing countries. The journal of finance, 56, 87-130.
Brandt, Loren., & Li, Hongbin. (2003). Bank discrimination in transition economics:Ideology, information, or incentives?Journal of Comparative Economics, 31,387-413.
Braunscheidel, M. J., & Suresh, N. C. (2009). The organizational antecedents of a firm’s supply chain agility for risk mitigation and response. Journal of Operations Management, 27(2), 119-140.
Burkart, M., & Ellingsen, T. (2004). In-kind finance: A theory of trade credit. The American Economic Review, 94(3), 569-590.
Cao, M., & Zhang, Q. (2011). Supply chain collaboration: Impact on collaborative advantage and firm performance. Journal of Operations Management, 29(3), 163-180.
Cheng, H., Su, Y., Yan, J., Wang, X., & Li, M. (2019). The Incentive Model in Supply Chain with Trade Credit and Default Risk. Complexity in Manufactring Processes and Systems, 2019(6), 1-11
Chirinko, R. S., & Fazzari, S. M. (1994). Economic fluctuations, market power, and returns to scale: Evidence from firm‐level data. Journal of Applied Econometrics, 9(1), 47-69.
Cole, R. H. (1968). Consumer and Commercial Credit Management. Journal of Marketing, 40(3), 131-132
Danese, P. (2013). Supplier integration and company performance: A configurational view. Omega, 41(6), 1029-1041.
Dass, N., Kale, J. R., & Nanda, V. (2015). Trade credit, relationship-specific investment, and product market power. Review of Finance, 19(5), 1867-1923.
Datta, S., Iskandar-Datta, M., & Singh, V. (2013). Product market power, industry structure, and corporate earnings management. Journal of Banking & Finance, 37(8), 3273-3285.
De Loecker, J., Eeckhout, J., & Unger, G. (2020). The rise of market power and themacroeconomic implications. The Quarterly Journal of Economics, 135(2),561-644.
DeAngelo, L. E. (1981). Auditor independence, ‘low balling’ and disclosure regulation.Journal of Accounting and Economics, 3 (2), 113-127.
DeAngelo, L. E. (1981). Auditor size and audit quality. Journal of Accounting and Economics, 3 (3), 183-199.
Delannay, A.-F., & Weill, L. (2004). The determinants of trade credit in transition countries. Economic Change and Restructuring, 37(3-4), 173-193.
Devos, E., Kadapakkam, P.-R., & Krishnamurthy, S. (2008). How do mergers create value? A comparison of taxes, market power, and efficiency improvements as explanations for synergies. Review of Financial Studies, 22(3), 1179-1211.
Doidge, C., Karolyi, G. A., & Stulz, R. M. (2013). The US left behind? Financial globalization and the rise of IPOs outside the US. Journal of Financial Economics, 110(3), 546-573.
Elzinga, K. G., & Mills, D. E. (2011). The lerner index of monopoly power: Origins and uses. The American Economic Review, 101(3), 558-564.
Emery, G. W. (1984). A pure financial explanation for trade credit. Journal of Financial and Quantitative Analysis, 19(3), 271-285.
Fabbri, D., & Klapper, L.F. (2009). Trade credit and the supply chain.Mimeo, University of Maryland.
Fabbri, D., & Klapper, L.F. (2016). Bargaining power and trade credit. Journal of Corporate Finance, 41, 66-80.
Fahlenbrach, R., & Stulz, R. M. (2011). Bank CEO incentives and the credit crisis.Journal of Financial Economics, 99(1), 11-26.
Fairchild, A. (2005). Intelligent matching: integrating efficiencies in the financial supply chain. Supply Chain Management: An International Journal, 10(4), 244-248.
Faulkender, M., & Wang, R. (2006). Corporatefinancial policy and the value of cash.The Journal of Finance, 61(4), 1957-1990.
Ferrando, A. & Mulier, K. (2013). Do firms use the trade credit channel to managegrowth?.Journal of Banking & Finance, 37(8) ,3035-3046.
Ferri, G., ＆ Liu, Li-G. (2010). Honor thy creditors before thy shareholders: Are the profits of Chinese state-owned enterprises real? Asian Economic Papers, Vol. 9(3), 50-71.
Ferris, J.S. (1981). A transactions theory of trade credit use. The Quarterly Journal of Economics, 96(2), 243-270.
Fisman, R., &Love, I. (2003). Trade credit, financial intermediary development, and industry growth. The Journal of finance, 58, 353-374.
Flynn, B. B., Huo, B., & Zhao, X. (2010). The impact of supply chain integration on performance: A contingency and configuration approach. Journal of Operations Management, 28(1), 58-71.
Foley, C. F., Hartzell, J. C., Titman, S., & Twite, G. (2007). Why do firms hold so much cash? A tax-based explanation. Journal of Financial Economics, 86(3), 579-607.
Frohlich, M. T., & Westbrook, R. (2001). Arcs of integration: an international study of supply chain strategies. Journal of Operations Management, 19, 185-200.
Frohlich, M. T., & Westbrook, R. (2002). Demand chain management in manufacturing and services: web-based integration, drivers and performance. Journal of Operations Management, 20(6), 729-745.
Fu, X. (Maggie)., Lin, Y. (Rebecca)., & Molyneux, P. (2014). Bank competition and financial stability in Asia Pacific. Journal of Banking & Finance, 38, 64-77.
Ge, Y., & Qiu, J. (2007). Financial development, bank discrimination and trade credit. Journal of Banking & Finance, 31(2), 513-530.
Giannetti, M., Bukart, M.,& Ellingsen, T. (2011). What you sell is what you lend? Explaining trade credit contracts. Review of Financial Studies, 24, 1261-1298.
Gofman, M. (2013). Profitability, trade credit and institutional structure of production. Available at http://gofman.info/TC/Supplier-Customer%20Network.pdf. Accessed on 04/25/18.
Grullon, G., & Michaely, R. (2007). Corporate Payout Policy and Product Market Competition. In AFA 2008 New Orleans meetings paper.
Gupta, S., & Dutta, K. (2011). Modeling of financial supply chain. European Journal of Operational Research, 211(1), 47-56.
Herfindahl, Orris C. (1950). Concentration in the US Steel lnduslry. Unpublished PhD dissertation.
Hirschman, Albert. (1945). National Power and the Structure of Foreign Trade. Berkeley , University of California Press.
Jhang, S.-S. S., Lin, W. T., & Fang, I.-Hsuan. (2020). How does firms’ integrated market power affect upstream trade credit and institutional ownership? Evidence from Taiwan. Asia Pacific Management Review, 25(2), 75-86.
Jhang, S.-S. S., Ogden, J. P., & Suresh, N. C. (2019). Operational and financial configurations contingent on market power status. Omega, 88, 91-109.
Ketchen, D. J., Rebarick, W., Hutt, G. T. M., & Meyer, D. (2008). Best value supply chains: A key competitive weapon for the 21st century. Business Horizons, 51(3), 235-243.
Kim, S.-J., & Shin, H. S. (2012). Sustaining production chains through financial linkages. The American Economic Review, 102(3), 402-406.
Krattenmaker, T. G., Lande, R. H., & Salop, S. C. (1987). Monopoly power and market power in antitrust law.The Georgetown Law Journal,76,241-269
Kutner, M. H., Nachtsheim, C. J., Neter, J., & Wasserman, W. (2004). Applied linear regression models.Technometrics, 4, 563-568.
Lee, C.H., & Rhee, B.D. (2011). Trade credit for supply chain coordination. European Journal of Operational Research, 214(1), 136-146.
Lee, H. L., Padmanabhan, V., & Whang, S. (1997). Information distortion in a supply chain: The bullwhip effect. Management Science, 43(4), 546-558.
Lerner, A. (1934). The concept of monopoly and the measurement of monopoly power. The Review of Economic Studies, 157-175.
Long, M. S., Malitz, I. B., & Ravid, S. A. (1993). Trade credit, quality guarantees, and product marketability. Financial Management, 22(4), 117-127
Ma, Z.-J., Zhang, N., Dai, Y., & Hu, S. (2016). Managing channel profits of different cooperative models in closed-loop supply chains. Omega, 59, 251-262.
Marotta, G. (2005), Is trade credit more expensive than bank loans? Evidence from Italian firm-level data. Applied Economics ,37, 403-416.
Matthew D. Hill., G. Wayne Kelly., & G. Brandon Lockhart. (2012). Shareholder returns from supplying trade credit. Financial Management, 41(1), 255-280.
McMillan, J., & C. Woodruff. (1999). Interfirm relationships and informal credit in Vietnam. The Quarterly Journal of Economics, 114, 1285-1320.
McMullen,D.A. (1996).Audi committee performance:An investigation of the consequences associated with audit committees. Auditing ,Vol.15(1), 87-103.
Mitra, S., & Singhal, V. (2008). Supply chain integration and shareholder value: Evidence from consortium based industry exchanges. Journal of Operations Management, 26(1), 96-114.
Molina, C. A., & Preve, L. A. (2012). An empirical analysis of the effect of financial distress on trade credit. Financial Management, 41(1), 187-205.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
Narasimhan, R., & Kim, S. W. (2002). Effect of supply chain integration on the relationship between diversification and performance: Evidence from Japanese and Korean firms. Journal of Operations Management, 20(3), 303-323.
Ng, C. K., Smith, J. K., & Smith, R. L. (1999). Evidence on the determinants of credit terms used in interfirm trade. The Journal of Finance, 54(3), 1109-1129.
Ogden, J. P., Jen, F. C., & O'Connor, P. F. (2003). Advance Corporate Finance, Policy Strategies. New Jersey : Prentice Hall.
Oliver, H., & Hirschman, A. (1946). National power and the structure of foreign trade. Southern Economic Journal, 12(3), 304.
Palmrose, Z. V. (1988). 1987 Competitive manuscript co-winner: An analysis of auditor litigation and audit service quality. The Accounting Review ,63 (1),55-73.
Pavic, I., Galetic, F., & Piplica, D. (2016). Similarities and differences between the CR and HHI as an indicator of market concentration and market power. British Journal of Economics, Management & Trade, 13(1), 1-8.
Petersen, M., & Rajan, R., (1997). Trade credit: theories and evidence. Review of financial studies, 10, 661-691.
Popescu, D. G., & Seshadri, S. (2013). Demand uncertainty and excess supply in commodity contracting. Management Science, 59(9), 2135-2152.
Prajogo, D., & Olhager, J. (2012). Supply chain integration and performance: The effects of long-term relationships, information technology and sharing, and logistics integration. International Journal of Production Economics, 135(1), 514-522.
Rajan, R. & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. Journal of Finance, 50(5), 1421-1460.
Ren, Z. J., Cohen, M. A., Ho, T. H., &Terwiesch, C. (2010). Information sharing in a long-term supply chain relationship: The role of customer review strategy. Operations Research, 58(1), 81-93.
Rumyantsev, S., & Netessine, S. (2007). What can be learned from classical inventory models? A cross-industry exploratory investigation. Manufacturing & Service Operations Management, 9(4), 409-429.
Schwartz, K. B., & K, Menon. (1985). Auditor switches by failing firms. The Accounting Review ,60 (2), 248-261.
Schwartz, R. A. (1974). An economic model of trade credit. Journal of Financial and Quantitative Analysis, 9(4), 643-657.
Shenoy, J., & Williams, R.( 2017). Trade credit and the joint effects of supplier and customer financial characteristics. Journal of Financial Intermediation, 29, 68-80.
Smith Jr, C. W., and Watts, R. L.(1992).The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics, 32(3), 263-292.
Smith, J. K. (1987). Trade credit and informational asymmetry. The Journal of Finance, 42(4), 863-872.
Stavins, J. (2001). Price discrimination in the airline market: The effect of market concentration. Review of Economics and Statistics, 83(1), 200-202.
Terwiesch, C., Ren, Z. J., Ho, T. H., & Cohen, M. A. (2005). An empirical analysis of forecast sharing in the semiconductor equipment supply chain. Management Science, 51(2), 208-220.
Vitezić, N., Vuko, T., & Mörec, B. (2012). Does financial performance have an impact on corporate sustainability and CSR disclosure? A case of Croatian companies. Journal of Business Management, 5, 40-47.
Wagner, S. M. (2008). Cost management practices for supply chain management: an exploratory analysis. International Journal of Services and Operations Management, 4(3), 296-320.
Williams, J. T. (1995). Financial and industrial structure with agency. Review of Financial Studies, 8(2), 431-474.
Wu,W., Firth, M., & Rui, O. M. (2014). Trust and the provision of trade credit. Journal of Banking & Finance, 39, 146-159.
Xosé H. Vázquez., Antonio Sartal., & Luis M. Lozano-Lozano. (2016). Watch the working capital of tier-two suppliers: a financial perspective of supply chain collaboration in the automotive industry. Supply Chain Management: An International Journal, 21(3), 321-333.