| Summary: | 碩士 === 淡江大學 === 會計學系碩士在職專班 === 100 === This paper investigates the degree of vertical integration on the impact of working capital management and financial performance - an example for Textile Industrythe. First, the data span 2001-2010 were analyzed, the data announced by TWSE Market Observation Post System and Taiwan Economic Journal database. The study found that the degree of vertical integration does have a significant effect on financial performance through the the company''s working capital management. Second, it also found the upstream textile industry have better management of working capital because they can monopolize the raw material , so we found that the upstream textile industry could shorten the cash conversion days significantly. Finally, we believe the length of financial performance can’t directly influence by the degree of vertical integration of the textile company in Taiwan, on the other hand, the working capital management plays a mediating role between the vertical integration of the textile industry and the length of financial performance, so the degree of vertical integration could affect the length of financial performance indirectly through the working capital management. This study in addition to extend the existing degree of vertical integration of the knowledge of the literature, it also can provide the management of the textile industry some significantly edification.
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