本研究探討財務困境與總體經濟事件對交易信用之影響，首先發現企業陷入財務困境時會增加交易信用並作為其他融資管道之替代品；再加入企業特性因子－規模分析則發現大規模企業陷入財務困境後交易信用增加幅度較其他企業少；另一方面加入總體經濟事件分析，研究結果發現全球金融危機與量化寬鬆政策皆會增強財務困境對交易信用政策之影響，使陷入財務困境之企業額外再增加交易信用，然而量化寬鬆政策會增強財務困境企業之交易信用與其他融資管道的替代關係，反之全球金融危機則無此現象。

This paper studies the effects of financial distress and macroeconomic events on the trade credit policy. We find that firms in financial distress used a significantly larger amount of trade credit to substitute for alternative sources of financing. Considering the size effect, we also find the larger firms tended to use less amount of trade credit when in distress. On the other hand, we take macroeconomic events into account. The results of this study also show that both of global financial crisis and quantitative easing policy enhanced the effect of financial distress on trade credit policy and caused distressed firms extend much more days to repay their trade credit. However, quantitative easing policy may boost the substitution between trade credit and other sources of financing of distressed firms, but global financial crisis may not lead to the same result.

論文審定書 i
摘要 ii
Abstract iii
目錄 iv
圖次 v
表次 vi
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 4
第三節 章節結構 6
第二章 文獻回顧與假說建立 7
第一節 財務困境對企業交易信用政策之影響 7
第二節 企業特性對交易信用政策之影響 8
第三節 總體經濟因素對交易信用政策之影響 9
第三章 研究方法 12
第一節 實證模型 12
第二節 變數定義 14
第三節 資料來源及樣本選擇 16
第四章 實證結果與分析 17
第一節 敘述性統計 17
第二節 迴歸結果分析 19
第五章 結論與建議 37
參考文獻 40

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