本研究旨在探討公司在不同景氣狀況及市場競爭情況下，其應收帳款調整速度的變化。本文藉由使用1990-2016年美國上市製造業公司的資料，證實公司的確存在一個最適合的應收帳款水準。具體而言，本文首先藉由自我迴歸模型確信當應收帳款偏離最適水準時，公司存在往最適應收帳款調整的行為，繼而以影響應收帳款的公司特色因子捕捉出最適應收帳款水準。透過結合部分調整模型與固定效果模型，本研究發現相較於景氣蓬勃時期，公司會在景氣蕭條時以較快的速度調整應收帳款。此外，相對於溫和的競爭環境，當公司處在較激烈的競爭環境時，也會以較快的速度調整應收帳款。

This study aims to analyze the speeds of adjustment for firm’s accounts receivable when companies are in different macroeconomic conditions and market competition status. By using the data of publicly traded U.S. manufacturing firms for the period 1990-2016, this study shows that there exists an optimal accounts receivable in the firm level. Specifically, this study first uses the autoregressive model to prove that firms tend to adjust their accounts receivable when they deviate from the target level. Following that, firm-specific variables are utilized to gauge the optimal level of accounts receivable. Combining partial adjustment model and fixed effect models, this study finds that firms have higher speed of adjustment for accounts receivable when they are in recession period rather than blooming period. Furthermore, the accounts receivable speeds of adjustment for firms facing intensive market competition is higher than that for firms under less competition environment.

目錄
論文審定書 i
誌謝 ii
中文摘要 iii
Abstract iv
目錄 v
圖次 vii
表次 viii
第一章、緒論 1
第二章、文獻探討 3
2.1應收帳款決策 3
2.2最適應收帳款 3
2.3假設建立 4
第三章、資料敘述 6
3.1資料 6
3.2總體變數 6
3.3模型變數 6
第四章、研究模型與方法 10
4.1部分調整模型 10
4.2迴歸係數估計方式—固定效果模型簡述 11
4.3迴歸係數估計方式—一般動差法(GMM)簡述 11
第五章、實證結果 12
5.1應收帳款的均值迴歸 12
5.2變數之敘述統計量 14
5.3變數趨勢 15
5.4變數相關係數 17
5.5應收帳款決定因子 19
5.6應收帳款調整速度 21
5.7景氣狀況與應收帳款調整速度關聯 22
5.7.1景氣狀況與應收帳款調整速度分析模型 22
5.7.2景氣狀況與應收帳款調整速度實證結果 22
5.8公司競爭程度與應收帳款調整速度關聯 24
5.8.1競爭程度與應收帳款調整速度分析模型 24
5.8.2競爭程度與應收帳款調整速度實證結果 25
第六章、穩健性測試 26
6.1需求不確定性 26
6.2不同公司信譽衡量 27
6.3不同估計方式衡量 29
第七章、研究貢獻 30
7.1理論上貢獻 30
7.2管理上貢獻 30
第八章、結論與研究限制 31
參考文獻 32

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