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URN etd-0129118-163134 Statistics This thesis had been viewed 199 times. Download 0 times. Author Shu-Chin Hsieh Author's Email Address No Public. Department Management Business Administration Year 2017 Semester 1 Degree Master Type of Document Master's Thesis Language zh-TW.Big5 Chinese Page Count 43 Title THE IMPACT OF WORKING CAPITAL MANAGEMENT ON BUSINESS PERFORMANCE– EVIDENCE FROM SEMICONDUCTOR COMPONENT DISTRIBUTOR Keyword Semiconductor Component Distributor Cash Conversion Cycle Panel Data Analysis Working Capital Management Working Capital Management Panel Data Analysis Cash Conversion Cycle Semiconductor Component Distributor Abstract The working capital is the foundation of the corporation and it is also the key for corporation to operate continuously. Therefore, working capital management is another important emphasis besides business development for corporation. It can avoid company go bankrupt due to insufficient funds. The semiconductor component distributors have small capital, but high revenue, low gross profit, and high inventory level characteristics. The working capital cost is one of the largest expenses in semiconductor component distributors, and it relies on the bank financing. The profit of semiconductor component distributors is controlled by vendor suppliers which is different than other industries. Hence, to improve the quality of working capital management will be helpful on the operating performance.
This research investigates the working capital management of semiconductor component distributors in Taiwan, and the study period is from 2000 to 2016. This study examines the determinants of Cash Conversion Cycle (CCC) and whether the company performance is affected by working capital management. By using the regression model and Panel Data Analysis, the results show that cash flow, and company size have positive influences on CCC. Nevertheless, growth opportunities, fixed assets ratio, and ROA have negative influences on CCC. Furthermore, CCC and investment ratio have negative influence on operating performance. In quarterly data analysis, the results show CCC has negative influence on operating performance. The business performance will decrease when the company increases the CCC. The company size has positive influence on operating performance. The larger scale of the company has higher performance.
Advisor Committee Ruey-Shii Chen - advisor
Chia-Chi Wang - co-chair
Tai-Wei Zhang - co-chair
Files Date of Defense 2017-12-25 Date of Submission 2018-01-30