本研究以台灣半導體業作為研究產業，探討企業的貿易信貸條件與供應鏈相
關之議題。並將研究問題分為三個部分，首先探討銀行可貸資金額度對於企業貿
易信貸使用比例之影響，是否存在規模差異，再進一步利用貿易信貸相關變數，
觀察企業使用供應鏈金融的程度對於經營效率的影響，最後則係探討台灣半導體
業之貿易信貸收付款條件是否存在議價力歧視。
實證結果發現，可貸資金額度對於企業之貿易信貸使用量確實存在規模差異，
兩者於大規模公司樣本呈現互補性關係假設，於小公司樣本卻無法觀察到任何相
關性。而供應鏈間的信貸交易確實能讓企業利於資金運用，解決短期資金需求，
以提升營運績效。在議價力歧視的觀察下，傳統市場議價力理論及供應鏈夥伴關
係理論的相悖現象則同時存在於半導體產業內。
雖然供應鏈中的廠商會因規模和經營狀況差異而產生不同的貿易績效，但在
協同合作和確保私益的並存情況下，供應鏈金融確實仍對於半導體業公司之經營
有重要的影響，不論規模大小，企業均可以藉由整合生產的協作方式受惠。

This study discussed the relationship between companies’ trade credit conditions
and the supply chain system in Taiwan semiconductor industry. Dividing the research
purpose into three parts, firstly, defining the main factors which may affect the
decision-making of trade credit strategy. Further, taking the trade credit usage
volumes as a related variable of supply chain and observing its influence on the
degree of operating performance. Finally, exploring whether the exist of bargaining
power discrimination on the trade credit conditions and payments in Taiwan
semiconductor industry is observable.
Results showed that the usage of trade credit is indeed related to the company
scale. And the supply chain finance can really make companies more profitable and
solve capital shortage in short-run, so as to improve operating performance. Beyond
the analysis of bargaining power discrimination, traditional bargaining power theory
and the supply chain partnership theory are lived with both. Although differences in
scale and operating conditions will lead to differ trading performance, supply chain
finance does have a really significant impact on the operating based on the premise of
synergy and ensuring private benefits. Regardless of the market scale, companies can
truly earn profit through the collaborative approach of integrated production.

論文審定書.......................................................... i
中文摘要........................................................... ii
英文摘要.......................................................... iii
目錄............................................................... iv
圖次................................................................ v
表次............................................................... vi
第一章 緒論......................................................... 1
第一節 研究背景................................................. 1
第二節 研究動機................................................. 5
第三節 研究目的................................................. 7
第二章 文獻探討..................................................... 8
第一節 供應鏈管理與貿易信貸..................................... 8
第二節 半導體產業現況.......................................... 12
第三章 研究方法.................................................... 17
第一節 觀念架構................................................ 17
第二節 研究問題................................................ 18
第三節 資料來源................................................ 21
第四節 研究模型與變數定義...................................... 22
第四章 實證結果.................................................... 26
第一節 敘述統計................................................ 26
第二節 共線性檢定.............................................. 27
第三節 實證結果................................................ 32
第五章 結論與建議.................................................. 41
第一節 研究結論................................................ 41
第二節 研究限制與建議.......................................... 42
參考文獻........................................................... 43

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