本研究旨在分析公司應付帳款與財務槓桿之間以及公司應付帳款與商譽之間的關係。本研究取自COMPUSTAT中，1987 - 2016年間公開交易的美國製造業公司，共計53,678個觀察值。本研究透過使用固定效果模型分析，發現財務槓桿與應付帳款之間存在正向關係。然而，比起投資級或垃圾級的公司而言，非評級公司結果更為顯著。另外，我們還發現商譽與上游的信用交易之間存在負向關係。

This study aims to analyze the relationship between firm’s accounts payable and financial leverage, and between firm’s accounts payable and goodwill. This research utilizes the data from COMPUSTAT and focuses on publicly traded U.S. manufacturing companies for the period 1987-2016 with 53,678 firm-year observations. By using fixed effect model, this study found that there exists a positive relationship between financial leverage and accounts payable overall. However, the results are more significant for non-rated firms rather than firms with investment or junk credit rating. We also find that there exists a negative association between goodwill and upstream trade credit.

目錄
論文審定書.........................................................................................................................i
誌謝................................................................................................................................. ii
中文摘要.......................................................................................................................iii
英文摘要........................................................................................................................iv
目錄 …............................................................................................................................. v
圖次 ........................................................................................................................... ⅶ
表次 ........................................................................................................................viii
一、前言..............................................................................................................................1
二、文獻探討……………..................................................................................................3
2.1 信用交易..............................................................................................................3
2.2 商譽......................................................................................................................7
2.3 財務槓桿..............................................................................................................8
三、研究假說建立..............................................................................................................9
3.1 公司商譽(GDWL)與應付帳款(AP)之間的關係...................................................9
3.2 財務槓桿(LEVb)與應付帳款(AP)之間的關係.................................................10
四、資料敘述與變數定義…….........................................................................................11
4.1 資料敘述.............................................................................................................11
4.2 應變數與自變數定義.........................................................................................12
4.3 控制變數定義.....................................................................................................12
五、研究方法....................................................................................................................15
六、實證結果及分析........................................................................................................16
6.1 敘述統計檢測.....................................................................................................16
6.2 各變數趨勢圖.....................................................................................................17
6.3 相關係數分析.....................................................................................................17
6.4 固定效果分析.....................................................................................................20
6.5 穩健性測試.........................................................................................................21
七、事後分析....................................................................................................................27
7.1 產品性質差異.....................................................................................................27
7.2 債信評等差異.....................................................................................................32
八、結論.............................................................................................................................33
參考文獻 ..........................................................................................................................34

圖次
圖1-1 信用交易關係圖......................................................................................................4
圖6-1 主要變數趨勢圖.....................................................................................................18
圖6-2 控制變數趨勢圖.....................................................................................................18

表目錄
表6-1 敘述統計表.............................................................................................................16
表6-2 相關係數表.............................................................................................................19
表6-3 應收帳款(AP)的固定效果模型結果.....................................................................21
表6-4 穩健性測試結果……….........................................................................................24
Panel A： 變數Lag一期之固定效果模型結果.....................................................24
Panel B：將變數LEVB改為LEVM之固定效果模型結果..................................25
Panel C：三階段最小平方法...............................................................................26
表7-1 事後分析之產品性質與信用評等固定效果模型結果.........................................28
表7-2 信用評等之三階段最小平方法…….....................................................................29
Panel A：投資級....................................................................................................29
Panel B：垃圾級....................................................................................................30
Panel C：無評級....................................................................................................31
表7-3 信用評等之敘述性統計…….................................................................................32

參考文獻
Ak, B. K., & Patatoukas, P. N. (2016). Customer‐base concentration and inventory efficiencies: Evidence from the manufacturing sector. Production and operations management, 25(2), 258-272.
Alphonse, P., Ducret, J., & Séverin, E. (2006). When trade credit facilitates access to bank finance: evidence from US small business data. In MFS (Istanbul) Meetings Paper.
Amemiya, T. (1977). The maximum likelihood and the nonlinear three-stage least squares estimator in the general nonlinear simultaneous equation model. Econometrica (pre-1986), 45(4), 955.
Amir, E., Harris, T. S., & Venuti, E. K. (1993). A comparison of the value-relevance of US versus non-US GAAP accounting measures using form 20-F reconciliations. Journal of Accounting Research, 31, 230-264.
Antras, P., & Foley, F. C. (2011). Regional trade integration and multinational firm strategies (pp. 208-235). Oxford, New York: Oxford University Press.
Atanasova, C. V., & Wilson, N. (2004). Disequilibrium in the UK corporate loan market. Journal of Banking & Finance, 28(3), 595-614.
Bae, K. H., & Wang, J. (2015). Why do firms in customer–supplier relationships hold more cash?. International Review of Finance, 15(4), 489-520.
Basmann, R. L. (1957). A generalized classical method of linear estimation of coefficients in a structural equation. Econometrica: Journal of the Econometric Society, 77-83.
Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to?. The Journal of Finance, 64(5), 1985-2021.
Besanko, D., Dranove, D., Shanley, M., & Schaefer, S. (2013). Economics of Strategy. 6th. Hoboken.
Biais, B., & Gollier, C. (1997). Trade credit and credit rationing. The Review of Financial Studies, 10(4), 903-937.
Blasio, G. D. (2005). Does trade credit substitute bank credit? Evidence from firm‐level data. Economic Notes, 34(1), 85-112.
Bodie, Z., Kane, A., & Marcus, A. J. (2013). Essentials of investments: McGraw-Hill/Irwin.
Bougheas, S., Mateut, S., & Mizen, P. (2009). Corporate trade credit and inventories: New evidence of a trade-off from accounts payable and receivable. Journal of Banking & Finance, 33(2), 300-307.
Brechling, F. P., & Lipsey, R. G. (1963). Trade credit and monetary policy. The Economic Journal, 73(292), 618-641.
Burkart, M., & Ellingsen, T. J. A. E. R. (2004). In-kind finance: A theory of trade credit. American Economic Review, 94(3), 569-590.
Cao, M., & Zhang, Q. (2011). Supply chain collaboration: Impact on collaborative advantage and firm performance. Journal of Operations Management, 29(3), 163-180.
Chauvin, K. W., & Hirschey, M. (1994). Goodwill, profitability, and the market value of the firm. Journal of Accounting and Public Policy, 13(2), 159-180.
Chen, H., Frank, M. Z., & Wu, O. Q. (2005). What actually happened to the inventories of American companies between 1981 and 2000?. Management Science, 51(7), 1015-1031.
Choi, W. G., & Kim, Y. (2005). Trade credit and the effect of macro-financial shocks: Evidence from US panel data. Journal of Financial and Quantitative Analysis, 40(4), 897-925.
Chung, K. H., & Zhang, H. (2011). Corporate governance and institutional ownership. Journal of Financial and Quantitative Analysis, 46(1), 247-273.
Cook, L. D. (1999). Trade credit and bank finance: Financing small firms in Russia. Journal of Business Venturing, 14(5-6), 493-518.
Danielson, M. G., & Scott, J. A. (2000). Additional evidence on the use of trade credit by small firms: the role of trade credit discounts. Available at SSRN 236260.
Danielson, M. G., & Scott, J. A. (2004). Bank loan availability and trade credit demand. Financial Review, 39(4), 579-600.
Dass, N., Kale, J. R., & Nanda, V. (2014). Trade credit, relationship-specific investment, and product market power. Review of Finance, 19(5), 1867-1923.
Doidge, C., Karolyi, G. A., & Stulz, R. M. (2013). The US left behind? Financial globalization and the rise of IPOs outside the US. Journal of Financial Economics, 110(3), 546-573.
Duca, J. V. (1986). Trade credit and credit rationing: a theoretical model (No. 94). Board of Governors of the Federal Reserve System (US).
Elliehausen, G. E., & Wolken, J. D. (1993). The demand for trade credit: an investigation of motives for trade credit use by small businesses. Fed. Res. Bull., 79, 929.
Emery, G. W. (1984). A pure financial explanation for trade credit. Journal of Financial and Quantitative Analysis, 19(3), 271-285.
Emery, G. W. (1987). An optimal financial response to variable demand. Journal of Financial and Quantitative Analysis, 22(2), 209-225.
Fabbri, D., & Klapper, L. F. (2016). Bargaining power and trade credit. Journal of Corporate Finance, 41, 66-80.
Fahlenbrach, R., & Stulz, R. M. (2011). Bank CEO incentives and the credit crisis. Journal of Financial Economics, 99(1), 11-26.
Fan, J. P., Wong, T. J., & Zhang, T. (2007). Politically connected CEOs, corporate governance, and Post-IPO performance of China's newly partially privatized firms. Journal of Financial Economics, 84(2), 330-357.
Ferrando, A., & Mulier, K. (2013). Do firms use the trade credit channel to manage growth?. Journal of Banking & Finance, 37(8), 3035-3046.
Ferris, J. S. (1981). A transactions theory of trade credit use. The Quarterly Journal of Economics, 96(2), 243-270.
Flannery, M. J., & Rangan, K. P. (2006). Partial adjustment toward target capital structures. Journal of Financial Economics, 79(3), 469-506.
Foley, C. F., Hartzell, J. C., Titman, S., & Twite, G. (2007). Why do firms hold so much cash? A tax-based explanation. Journal of Financial Economics, 86(3), 579-607.
Frank, M., & Maksimovic, V. (1998). Trade credit, collateral, and adverse selection. Unpublished Manuscript, University of Maryland.
Frank, M. Z., & Maksimovic, V. (2004). Trade credit, collateral, and adverse selection. University of Maryland, College Park. USA, working paper MD 20742.
Gallant, A. R., & Jorgenson, D. W. (1979). Statistical inference for a system of simultaneous, non-linear, implicit equations in the context of instrumental variable estimation. Journal of Econometrics, 11(2-3), 275-302.
Ge, Y., & Qiu, J. (2007). Financial development, bank discrimination and trade credit. Journal of Banking & Finance, 31(2), 513-530.
Giannetti, M., Burkart, M., & Ellingsen, T. (2011). What you sell is what you lend? Explaining trade credit contracts. The Review of Financial Studies, 24(4), 1261-1298.
Godfrey, J., & Koh, P. S. (2001). The relevance to firm valuation of capitalising intangible assets in total and by category. Australian Accounting Review, 11(24), 39-48.
Guariglia, A., & Mateut, S. (2006). Credit channel, trade credit channel, and inventory investment: Evidence from a panel of UK firms. Journal of Banking & Finance, 30(10), 2835-2856.
Habib, M. A., & Ljungqvist, A. P. (2001). Underpricing and entrepreneurial wealth losses in IPOs: Theory and evidence. The Review of Financial Studies, 14(2), 433-458.
Hausman, J. A. (1983). Specification and estimation of simultaneous equation models. Handbook of econometrics, 1, 391-448.
Herbst, A. F. (1974). Some empirical evidence on the determinants of trade credit at the industry level of aggregation. Journal of Financial and Quantitative Analysis, 9(3), 377-394.
Huang, H., Shi, X., & Zhang, S. (2011). Counter-cyclical substitution between trade credit and bank credit. Journal of Banking & Finance, 35(8), 1859-1878.
Itzkowitz, J. (2013). Customers and cash: How relationships affect suppliers' cash holdings. Journal of Corporate Finance, 19, 159-180.
Jaffee, D. M. (1971). Credit rationing and the commercial loan market.
Jaffee, D. M., & Modigliani, F. (1969). A theory and test of credit rationing. The American Economic Review, 59(5), 850-872.
Jennings, R., Robinson, J., Thompson, R. B., & Duvall, L. (1996). The relation between accounting goodwill numbers and equity values. Journal of Business Finance & Accounting, 23(4), 513-533.
Jhang, S. S., Ogden, J., &Lin, W.(2018). The Determinants of Target Inventory and the Speeds of Partial Adjustment. Manuscript.
Jhang, S. -S., Ogden, J. P., & Suresh, N. C. (2018). Operational and financial configurations contingent on market power status. Omega, forthcoming.
Kelejian, H. H., & Prucha, I. R. (1998). A generalized spatial two-stage least squares procedure for estimating a spatial autoregressive model with autoregressive disturbances. The Journal of Real Estate Finance and Economics, 17(1), 99-121.
Kim, Y., Li, H., & Li, S. (2014). Corporate social responsibility and stock price crash risk. Journal of Banking & Finance, 43, 1-13.
Lee, Y. W., & Stowe, J. D. (1993). Product risk, asymmetric information, and trade credit. Journal of Financial and Quantitative Analysis, 28(2), 285-300.
Li, D., Moshirian, F., Pham, P. K., & Zein, J. (2006). When financial institutions are large shareholders: The role of macro corporate governance environments. The Journal of Finance, 61(6), 2975-3007.
Li, K., Amel-Zadeh, A., & Meeks, G. (2010). The impairment of purchased goodwill: effects on market value. Available at SSRN 930979.
Long, M. S., Malitz, I. B., & Ravid, S. A. (1993). Trade credit, quality guarantees, and product marketability. Financial Management, 117-127.
Longhofer, S. D., & Santos, J. A. (2003). The paradox of priority. Financial Management, 69-81.
Mateut, S., Bougheas, S., & Mizen, P. (2006). Trade credit, bank lending and monetary policy transmission. European Economic Review, 50(3), 603-629.
McCarthy, M. G., & Schneider, D. K. (1995). Market perception of goodwill: some empirical evidence. Accounting and Business Research, 26(1), 69-81.
Meltzer, A. H. (1960). Mercantile credit, monetary policy, and size of firms. The Review of Economics and Statistics, 429-437.
Molina, C. A., & Preve, L. A. (2012). An empirical analysis of the effect of financial distress on trade credit. Financial Management, 41(1), 187-205.
Myers, J. N., Myers, L. A., & Omer, T. C. (2003). Exploring the term of the auditor-client relationship and the quality of earnings: A case for mandatory auditor rotation?. The Accounting Review, 78(3), 779-799.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574-592.
Neter, J., Kutner, M. H., Nachtsheim, C. J., & Wasserman, W. (1996). Applied Linear Statistical Models (Vol. 4, p. 318). Chicago: Irwin.
Ng, C. K., Smith, J. K., & Smith, R. L. (1999). Evidence on the determinants of credit terms used in interfirm trade. The Journal of Finance, 54(3), 1109-1129.
Nilsen, J. H. (2002). Trade credit and the bank lending channel. Journal of Money, Credit and Banking, 226-253.
Ono, M. (2001). Determinants of trade credit in the Japanese manufacturing sector. Journal of the Japanese and International Economies, 15(2), 160-177.
Petersen, M. A., & Rajan, R. G. (1994). The benefits of lending relationships: Evidence from small business data. The Journal of Finance, 49(1), 3-37.
Petersen, M. A., & Rajan, R. G. (1997). Trade credit: theories and evidence. The Review of Financial Studies, 10(3), 661-691.
Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421-1460.
Rauch, J. E. (1999). Networks versus markets in international trade. Journal of International Economics, 48(1), 7-35.
Rumyantsev, S., & Netessine, S. (2007). What can be learned from classical inventory models? A cross-industry exploratory investigation. Manufacturing & Service Operations Management, 9(4), 409-429.
Schwartz, R. A. (1974). An economic model of trade credit. Journal of Financial and Quantitative Analysis, 9(4), 643-657.
Smith, J. K. (1987). Trade credit and informational asymmetry. The Journal of Finance, 42(4), 863-872.
Summers, B., & Wilson, N. (2002). An empirical investigation of trade credit demand. International Journal of the Economics of Business, 9(2), 257-270.
Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1-19.
Titman, S. (1984). The effect of capital structure on a firm's liquidation decision. Journal of Financial Economics, 13(1), 137-151.
Wilson, N., & Summers, B. (2002). Trade credit terms offered by small firms: survey evidence and empirical analysis. Journal of Business Finance & Accounting, 29(3‐4), 317-351.
Yang, S. A., & Birge, J. R. (2017). Trade credit, risk sharing, and inventory financing portfolios. Management Science, 64(8), 3667-3689.
Zellner, A., & Theil, H. (1992). Three-stage least squares: simultaneous estimation of simultaneous equations. In Henri Theil’s Contributions to Economics and Econometrics (pp. 147-178). Springer, Dordrecht.
李卉民，2003，無形資產價值對衡量相對經營效率及其變遷的影響，
中央大學企業管理研究所碩士論文。
郭婉如，2009，商譽決定因素及其價值攸關性之研究，
國立成功大學會計學研究所碩士論文。
黃志典，2008，全球跨國併購趨勢(金融案例評析)