本文獻中，我們探討現金流不確定性及應收帳款調整速度之間之關聯性，而目標應收帳款是依以下變數估計，包括外部資金、公司規模、存貨、內部 資金、現金、應收帳款的產業平均及淨營運現金流量。本文獻更進一步以現 金流不確定性將樣本分五群，發現現金流不確定性最高之群有最快的應收帳 款調整速度落在 0.837，也就是說，此群需花費 4.6 個月以消弭與目標應收帳 款間一半之缺口，相反地，當企業面對最低的現金流量不確定性水準，企業 傾向於擁有最慢的應收帳款調整速度落在 0.562，此區間之樣本平均需花費 10 個月消弭一半的缺口。此外，美國 2000 年至 2017 年之上市公司，應收帳 款之平均調整速度為 0.681，代表此期間之美國上市公司平均大約花上 7.3 個 月以消弭實際應收帳款及目標應收帳款之一半之缺口。本文獻也以財務績效 及市場評價之角度做事後分析，包含財務績效的因子資產報酬率 (ROA)、股 東權益報酬率 (ROE) 及銷售報酬率 (ROS) 及市場評價因子 Tobin’Q，結果 顯示，較快的調整速度對於公司之財務績效不一定是一正向之訊息，然而， 對市場評價角度而言，可能是一有利之信號。

In the current study, we explore the link between cash flow volatility and the adjustment speed of accounts receivable. The target accounts receivable is estimated by a set of variables, including external fund, size, inventory, internal fund, cash, industry mean of accounts receivable, and net cash flow from operating activities. We indicate that when we divide cash flow volatility into five groups, firms with the highest cash flow volatility are inclined to face the fastest adjustment speed at 0.837. In other words, it takes 4.6 months to close half of the gap between ideal accounts receivable and actual accounts receivable. On the contrary, when firms are at the lowest cash flow volatility level, firms tend to possess the slowest adjustment speed at 0.562. It takes almost 10 months for lower cash flow volatility firms to close up half of the gap. In addition, the adjustment speed of listed manufacturing companies in the US from 2000 through 2017 is 0.681, which takes 7.3 months to close half of the gap on average. We also evaluate the financial performance and market valuation of firms by several indicators, including return on assets, return on equity, return on sales, and Tobin’Q, for post-hoc analysis in the current study. The findings reveal that faster adjustment speed may not be a positive signal to the financial performance of firms. However, it is supposed to be a beneficial sign in terms of the market valuation.

論文審定書...................................................................................................................... i
Acknowledgements....................................................................................................... ii
中文摘要........................................................................................................................ iii
Abstract......................................................................................................................... iv
Table of Contents.......................................................................................................... v
List of Figures.............................................................................................................. vii
List of Tables............................................................................................................... viii
1. Introduction.............................................................................................................1
2. Literature reviews.................................................................................................. 2
2.1 Accounts receivable management........................................................................ 2
2.2 Cash flow volatility.................................................................................................. 3
2.3 Hypothesis.........................................................................................................,..... 4
3. Data and sample.................................................................................................... 5
3.1 Data.......................................................................................................................... 5
3.2 Variables.................................................................................................................. 5
4. Methodology.......................................................................................................... 8
4.1 Partial adjustment model....................................................................................... 8
4.2 Fixed effects Model............................................................................................... 10
4.3 GMM (Generalized Method of Moments)............................................................ 10
5. Empirical results................................................................................................... 10
5.1 Mean Reversion of Accounts Receivable............................................................. 10
5.2 Summary statistics................................................................................................ 11
5.3 Trend....................................................................................................................... 12
5.4 Correlations............................................................................................................ 16
5.5 Determinants of accounts receivable................................................................... 17
5.6 Adjustment speed of accounts receivables......................................................... 19
5.7 Adjustment speed of accounts receivable for different level of cash flow
volatility................................................................................................................... 20
5.8 Post-hoc analysis in terms of financial performance and market valuation...... 22
6. Discussion............................................................................................................. 23
6.1 Theoretical implications........................................................................................ 23
6.2 Managerial implications........................................................................................ 24
7. Conclusion............................................................................................................ 24
References.................................................................................................................... 25

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