The Empirical Study on Trade Credit of Supply Chain and Bank Loan-The Case of Taiwan Semiconductor Industry

• Main Authors: HSU, CHENG-HSIU, 徐晟修
• Other Authors: KO, CHIUNG-FENG
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/kdrf2p

碩士 === 東吳大學 === 會計學系 === 105 === The research results show that the semiconductor supply chain has a long-term stable cooperative relationship. When the enterprise is difficult to get investment from the financial institutions, the enterprise obtains the trade financing from supply chain partners instead of the commercial credit from financial institutions. The integrity of the upper and lower professional division of labor system has been Taiwan's semiconductor industry's biggest characteristic feature, which has laid Taiwan's leading position in the global electronic semiconductor. In this study, we will further extend the current variables to the dynamic values, and try to discuss the effect of short-term financing from financial institutions on the supply chain trade financing from another aspect. The IC design industry, professional foundry, IC packaging and testing industry, the three groups of groups of trade financing to establish the relationship between the link, to further test the IC design industry trade financing effect is from which link. The results show that the IC design industry in the semiconductor supply chain is the financing demanders, and that professional foundry, IC packaging and testing industry mostly play the role of the core business. When the IC design industry is facing a credit crunch, the static model of trade financing effect mainly from the foundry, and the dynamic model of trade financing mainly from IC packaging and testing industry. In view of the fact that the explanatory power of the dynamic model is not valuable practical functional, the research is based on the study of the horizontal extension. According to the further incremental test, the working capital, accounts receivable and accounts payable dynamic model for the merger and the overall consideration, we want to use the simultaneous equation to detect the causal relationship between the above three. The empirical results show that the dynamic model of accounts receivable and the dynami models of accounts payable are interaction. At the same time, it should be seen that the effect of trade financing in the semiconductor supply chain will be affected by a link to another link, leading to the spread of the effect to the whole supply chain. In addition, compared with the dynamic model of accounts receivable and accounts payable dynamic model, the simultaneous equation of the interpretation ability have significantly improved.