The Financial Relevance for an Integrated Supply Chain – A Case Study on China Steel Corporation

• Main Authors: Yi-han Lin, 林意涵
• Other Authors: Chin,Chang-Chiang
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/yey78a

碩士 === 國立中山大學 === 財務管理學系研究所 === 106 === This study intends to infer the potential risks of supply chain finance through the financial correlations of integrated supply chain. Using regression analysis and impulse response function to verify the risks faced by upstream and downstream companies due to information asymmetry. When financing institutions loan funds, it’s necessary to understand the risks of the financed parties and take corresponding measures. Since information asymmetry has always been a key issue in the development of supply chain finance, the financing party doesn’t know whether the financed party will use fund properly and what kind of default risks the financing party will face. Therefore, using the difference of corporate profits to predict the source of risk is the main subject of this study. The main factors that caused the change in EVA were the operating revenues, currency capital, and accounts payables in the working capital of the supplier - Sea & Land Integrated Corporation. Therefore, this study speculates that this is the main source of risk when Sea & Land is exposed to external shocks. The results confirm that the integrated financial relationships in the supply chain can predict the source of supply chain finance risks. The most important is the operational status of the core enterprise China Steel Corporation, the risks faced by the upstream and downstream companies will be greatly reduced. In that case, Taiwan’s steel supply chain has more competitive advantages than other industries. Financing institutions are more confident in lending, which can reduce the cost of capital and the agency problem.