本研究之主要目的在探討台灣電子業與紡纖業上市公司資本結構的影響因素，及兩產業上市公司可能之最適資本結構範圍。經由理論與國內外學者專家之相關研究，並考量資料蒐集之限制，歸納出下列九項所欲研究之影響因素：獲利能力、營運風險、公司規模、資產抵押價值、股利發放率、成長性、非負債稅盾、企業產品獨特性、外界機構投資人持股比例，並驗證公司的融資行為是否符合融資順位理論。 　　本研究以台灣資訊電子業與紡纖業上市公司為研究對象，研究期間為民國七十九年至八十三年，二產業的樣本分別選取三十七與四十一家上市公司，主要的資料來源為「台灣經濟新報」上市公司財務報表資料庫、「台灣證券交易所上市證券發行公司財務資料彙編」、上市證券發行公司公開說明書。主要研究方法如下： 　　1. 首先使用簡單敘述統計分析，瞭解兩產業樣本在各研究變數上之屬性，作為後面實證分析之參考。 　　2. 利用相關分析與簡單迴歸分析，探討各影響因素與負債比率變動的相關性，並以F-test來檢定迴歸係數的顯著性。 　　3. 以橫斷面多元迴歸分析及逐步迴歸分析驗證影響資本結構的因素。本研究屬於對現有財務結構理論之實證工作。並以逐步迴歸分析建立本研究之最佳迴歸模式。 　　4. 運用單因子變異數分析檢定兩產業間財務結構與營運風險是否有顯著差異。 　　5. 運用集群分析將樣本公司劃分為高、低負債比率二群，接著以變異數分析探討兩群體間股東權益報酬率、權益風險。 　　6. 以問卷調查分析樣本廠商在籌措資金時，對於其資本結構所採取的作法為何？同時觀察廠商在融資作法與決策上，所考慮的影響因素為何。 　　實證結果顯示： 　　1. 電子業上市公司負債比率之最佳解釋變數為獲利能力、公司規模、資產抵押價值、股利發放率、非負債稅盾，紡纖業上市公司為獲利能力、營運風險、公司規模。 　　2. 兩產業上市公司間之負債比率與營運風險並無顯著差異。 　　3. 紡纖業上市公司財務結構較佳者其股東權益報酬率有較佳之表現，電子業上市公司高、低槓桿間之股東權益報酬率無顯著差異。 　　4. 由多項式趨勢線觀察出，電子業與紡纖業上市公司負債比率維持在0.3188至0.3859之間、0.3028至0.3227之間者，對應之ROE較高。 　　5. 在回收樣本中，有69.7%的公司偏好融資順位方式，只有45.45%選擇維持一目標資本結構。問卷結果顯示內部資金為最優先選擇，財務規劃準則比資本結構決策更重要，公司或個人所得稅及槓桿關聯成本並非樣本公司的管理者在決定融資組合時的主要考慮因素。

ABSTRACT Title: Working Capital Management in Telecommunication sector: A case study of VGC telecoms Author: Gbenga Segun Akinwande Supervisor: Anders Hederstierna Department: School of Management, Blekinge Institute of Technology Course: Master’s thesis in business administration, 15 credits (ECTS). Background and Problem Discussion: The efficient management of working capital is very vital for a business survival. This is premised on the fact having too much working capital signifies inefficiency, whereas too little cash at hand signifies that the survival of business is shaky. Purpose: The purpose of this research is to study the working capital management in the small and medium scale businesses, using VGC Telecoms Company as a case study, so as to establish factors influencing working capital performance; examine how cash management, inventory management and trade credit management affects working capital management; company effectiveness in converting working capital to ready money; how working capital management impacts on the problem of slow development and to offer recommendations on possible ways of improving working capital management Method: Literatures bordering on different areas of working capital management were reviewed. Thus, this research employed qualitative and quantitative analysis; and semi- structured questions were drafted based on the issues raised from the review of various literatures. In addition, materials from journal articles, textbooks, working papers and industry practitioners are put into consideration. The use of internet and e-mails to send out questions were explored where appropriate. Analysis on the company’s financial statement was carried out in order to verify my findings. Theory: In this research, the theory section looks at various concepts that come up when analyzing the consequences of working capital management for company value and the factors that influence a company’s working capital management performance. I have therefore chosen the most common concept for the theory section. I have also tried to create a theoretical understanding for the company’s sensitivity to a workable WCM policy Analysis: In the analysis of the research findings, I employed qualitative approach to the data analysis whereby the impacts of the poor WCM on the company were discussed in depth. Conclusion: The findings corroborate the postulation of Weston et al that a company’s investment in working capital is a substantial percentage of its total investment. In case of VGC Telecoms, it is as high as 65 percent. An inefficient and ineffective management of this investment will result in slow pace of development and ultimately to the business failure. The performances of the company in the different spheres of working capital management were scored as follows:- • Cash management – 65.4 percent • Inventory management - 78.6 percent • Trade credit management and financing decisions - 60.0 percent This is an average performance of 68 percent. That is, the company’s performance is above average. This is a good performance. The financial statements as interpreted reinforce the validity of this result. The liquidity ratios are high; the collection period is short; and the cash cycle is not quite expansive. This makes it possible to sustain sufficient cash flow for the smooth running of the business. The management of working capital impacts on liquidity, investment portfolio and profitability. All these three factors are decisive in the growth or failure of a business. Hence, good performances in working capital management affects these decisive factors favourably and thus, contribute to growth and success of the business.

The share of corporate saving in total saving in South Africa has increased during the past four decades. In this dissertation various economic theories are examined in order to try to explain this change and to determine the possible implications of this change. The conclusion is that the relationship between the investment decision of companies and their savings decision is governed by the determinants of the financing choice of firms. These include cost, risk, control and availability. If, because of these factors, firms prefer to finance investment with retained earnings, there is a relationship between investment and the level of corporate saving. The degree to which the investment decision is dependent on the availability of internal financing will determine the importance of the level of corporate saving in a country. / Oor die afgelope vier dekades het die aandeel van maatskapybesparing in die totale besparing in Suid-Afika toegeneem. In hiersie vehandeling word veskillende ekonomiese teoriee ondersoek ten einde hierdie verandering te probeer veklaar en te probeer vasstel wat die implikasies van hierdie veandering is. Die gevolgtrekking waartoe gekom word, is dat die verband tussen die investeringsbeleid en die maatskappye se besparingsbesluit bepaal word deur faktore wat die finansieringskeuse van die firmas beinvloed, naamlik koste, risiko, beheer en beskikbaarheid. Indien hierdie faktore daartoe lei dat die maatskapye verkies om investering met terruggehoue bespaaring the finansier, is daar 'n verband tussen investering en die vlak van maatskappybesparing. Die mate waarin die investeringsbesluit afhanklik is van die beskikbaarheid van interne finansiering, sal bepaal hoe belangrik die vlak van maatskappybesparing in 'n land is. / Economics and Management Sciences / M.Com.

在經濟自由化、國際化的浪潮下，現代企業為加強其市場競爭力，勢必走向資金密集、技術密集為主的型態，因此企業的大型化、多元化以及專業化將成為未來的發展趨勢。另一方面，由於一般企業對於外部資金的倚賴甚深，因此融資決策為企業最重要的功能政策之一。故集團企業在融資上是否較非集團企業占優勢，即為本研究的主要目的。 　　本研究以上市公司為研究對象，以公開財務資料與問卷為資料來源，利用卡方分析、ｔ檢定、無母數統計與主成份分析等統計方法來比較集團企業在融資上是否較非集團企業占優勢，研究結果如下： 　　不論是集團企業或非集團企業，融資決策都占有重要的地位。一般企業多有專人或專責部門負責公司的融資活動，且多會編製融資計劃，也都認為融資決策應與總體策略和功能政策配合。 　　集團企業的的負債成本與加權平均資金成本明顯低於非集團企業；權益成本亦低於非集團企業，但僅獲統計上部分支持。 　　集團企業以抵押貸款與股票兩者為融資來源時，其取得資金的時間低於非集團企業，而在信用貸款、票券、公司債上並無顯著差異。但就一般而言，集團企業的融資彈性較非集團企業為佳。 　　若以資金成本與融資彈性來衡量融資上的競爭優勢，發現集團企業較非集團企業在融資上有優勢存在。

The share of corporate saving in total saving in South Africa has increased during the past four decades. In this dissertation various economic theories are examined in order to try to explain this change and to determine the possible implications of this change. The conclusion is that the relationship between the investment decision of companies and their savings decision is governed by the determinants of the financing choice of firms. These include cost, risk, control and availability. If, because of these factors, firms prefer to finance investment with retained earnings, there is a relationship between investment and the level of corporate saving. The degree to which the investment decision is dependent on the availability of internal financing will determine the importance of the level of corporate saving in a country. / Oor die afgelope vier dekades het die aandeel van maatskapybesparing in die totale besparing in Suid-Afika toegeneem. In hiersie vehandeling word veskillende ekonomiese teoriee ondersoek ten einde hierdie verandering te probeer veklaar en te probeer vasstel wat die implikasies van hierdie veandering is. Die gevolgtrekking waartoe gekom word, is dat die verband tussen die investeringsbeleid en die maatskappye se besparingsbesluit bepaal word deur faktore wat die finansieringskeuse van die firmas beinvloed, naamlik koste, risiko, beheer en beskikbaarheid. Indien hierdie faktore daartoe lei dat die maatskapye verkies om investering met terruggehoue bespaaring the finansier, is daar 'n verband tussen investering en die vlak van maatskappybesparing. Die mate waarin die investeringsbesluit afhanklik is van die beskikbaarheid van interne finansiering, sal bepaal hoe belangrik die vlak van maatskappybesparing in 'n land is. / Economics and Management Sciences / M.Com.