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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/8605
標題: | 考量產品存續期限與通路權力下之融通倉模式 Considering the Duration of Products and the Power of Firms in Channel to the Effect on Financing Warehouse |
作者: | Hsin-Ying Sung 宋欣穎 |
指導教授: | 郭瑞祥 |
關鍵字: | 存貨融資,融通倉, financing inventory,financing house,duration of products, |
出版年 : | 2010 |
學位: | 碩士 |
摘要: | 中小企業為台灣經濟發展之動力,然而融資問題卻限制其發展。融通倉的出現為中小企業提供一個新的融資選擇。融通倉結合物流與金流的新商業模型,企業可以將其擁有的存貨、原料等動產,交給第三方物流商保管,銀行評估動產的特性與價值後,提供中小企業所需之貸款。第三方物流商除了提供倉儲服務外,亦須提供銀行所需資訊與監管動產流動之情形。
由於融通倉為新興商業模式,相關研究較少且大多為質性研究。此外,由於融通倉之融資標的為中小企業之存貨,各產業之存貨其存續期限略有不同,例如:農產品的存貨存續期限較長,工業產品的存貨存續期限較短。不同的存貨存續期限對於銀行貸款額度將造成重大影響;此外,為了刺激經濟發展,政府立法通過《創新產業條例》降低企業營業所得稅率,稅率降低後將造成企業營運策略的變化。考量上述因子後,本研究企圖建立一數量模型,同時加入金流與物流限制,加上存貨存續期限與企業營業所得稅率等因子,探討融通倉模式之適用環境。接著,利用實驗設計,本研究分別針對企業在通路之影響力、銀行對於融通倉之態度、企業營業所得稅率這三項因子對於融通倉模式之效果進行分析。 根據本模型之結果可知,在商品進價漲幅高於售價漲幅之情境下,存貨存續期限愈長,融通倉模式能對企業發揮較大的效用。此外,透過實驗設計可知,在三種情境下將提升企業採用融通倉模式進行融資。首先,當企業在通路影響力愈低時,因為企業無法要求顧客早點付款,導致企業容易面對資金不足的情形,融資需求大增;第二,當銀行對於融通倉之態度愈保守時,銀行提供較低的貸款額度,使得企業無法在前期囤貨而導致訂購成本較高,融資總額提高;最後,當企業營業所得稅率愈高時,將導致企業的營運資金下降,提高企業的融資需求。 Small and medium enterprises (SMEs) are the driving force of the economic growth in Taiwan. However, without sufficient collateral, such as real estate and negotiable securities, it confines the development of SMEs. Now the appearance of financing warehouse offers an alternative for SMEs to fiance. Financing warehouse is a new business model which combines fund flows and product flows. In the model of financing warehouse, firms can hand over their personal properties, such as manufacturing material and inventory to third-party logistic companies. After assessing the characterisrics and the value of personal properties, banks will provide the loans firms need. Except for providing logistics service, third-party logistic companies also share the information of personal properties with banks, and monitor the conditions of product flows. Due to the brand-new model, there are few relevant literature discussed, and most of them are qualitative research. Moreover, there are some differences between the duration of products in different industries. For example, agricultural products have shorter duration while industrial products have longer one. The duration of products plays an important role on banks’ policy in deciding the line of credit to the firms. In order to stimulate the growth of economics, the government passes the Industrial Innovation Acts, reducing the tax rate of corperate income taxes, which may have influence on operation strategy of companies. Therefore, this research attempts to conduct a quantitve model, considering the limitations of both fund flows and product flows sides, and the effects of duration of products and corporate income taxes, to investigate the suitable environment of financing warehouse. Through experiment design, the research unveils the effects of three factors: the influential power of the firm in its channel, the attitude held by banks toward financing warehouse, and the tax rate of corporate income taxes. According to the result, financing warehouse can be more effective for firms when the rising-scope of commodity purchasing price is higher than that of selling price, and the products have longer duration. In addtion, the result of experiment design shows that firms will have more motivation to adopt the new bussiness model under three conditions. First, a firm has lower power in its channel. Since the power of the firm in its channel is low, it needs abundant of fund to avoid capital shortage because having no power to ask customers to pay accounts receivables earlier. Second, the more conservative attitude held by banks toward financing warehouse, the lower the line of credit banks will permit. Lower line of credit makes firms can’t have sufficient fund to buy products, so the ordering cost in the planning period is high. Finally, the tax rate of corporate income taxes is high. Firms have financing demand becaues high tax rate makes inroads into their cash flows. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/8605 |
全文授權: | 同意授權(全球公開) |
顯示於系所單位: | 商學研究所 |
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