供應鏈金融的出現，是基於供應鏈成員裡的資金需求以及優化整體供應鏈效能需求，並試圖改善融資及資金成本問題。在供應鏈裡有著供需及依存關係的成員之間，源於擴大業務往來及厚實關係誘因，因著談判地位高低而處在友善或惡質程度不一的合作關係裡。供應商做為供應鏈裡的成員之一，若體質日益衰弱，勢必會影響到整體供應鏈的效能，長久下來，極可能也會影響到同在網鏈裡核心廠商的營運效能。依靠供應鏈成員間的友善協作，方能提高供應鏈運作效率。
本研究使用中國汽車產業同一供應鏈的六家企業，收集10年財務數據(2007~2016年)，以EVA模型分析實證後發現，核心廠商和供應商之間確實存在信貸、資金壓力移轉(壓迫)現象。營運資金及現金循環週期是最能觀察出核心廠商和供應商之間的互動及資金壓力移轉關係的關鍵項目。供應鏈上、下游廠商彼此的交易受到權力的影響，面對高談判地位成員可能的資金壓力移轉，其他成員亦有因應之道。
關鍵字：供應鏈金融、供應鏈、核心廠商、供應商、營運資金

Supply chain finance is based on the capital needs of supply chain and the requirement of supply chain efficiency optimization, and attempts to improve financing and capital costs. The interdependent relationship among members in the supply chain is derived from expansion of business contact and incentives of benefit. The supply chain members are in a subtle collaborate relationship with various degrees of negotiation power.
The overall effectiveness will be affected inevitably if the role of supplier is not strong. In a long term, it will most likely affect the operational efficiency of the core companies in the same network chain. The efficiency of the supply chain could be improved by friendly collaboration among the members of the supply chain.
This study investigated the EVA in financial performance of the six companies in the same supply chain in the Chinese automobile industry during a decade (2007~2016). We found that the credit and pressure capital transfer indeed existed between the core company and its suppliers. The working capital and cash conversion cycle are the key items observing the interaction and the pressure of the capital transfer between core companies and the suppliers. In the supply chain, the transactions of supplier and buyers are indeed affected by their power. Yet the less critical members in the supplier chain would have business strategies to cope with disadvantage situations in transaction.
Keywords: supply chain finance, supply chain, core companies, suppliers, working capital.

論文審定書 i
誌謝 ii
摘要 iii
Abstract iv
目錄 v
圖次 vii
表次 viii
第一章 概述 1
第一節 研究背景 1
第二節 研究動機 4
第三節 研究目的 6
第二章 文獻探討 7
第一節 供應鏈金融定義與發展 7
第二節 供應鏈上、下游廠商權力研究 10
第三節 EVA在供應鏈金融上的應用 12
第三章 研究方法 15
第一節 次級資料法、個案研究法 15
第二節 研究資料來源說明 16
第四章 汽車產業 17
第一節 特質 17
第二節 汽車產業鏈國家－中國，核心廠商及其供應廠商篩選標準 18
第五章 資料分析 25
第一節 資料來源 25
第二節 EVA模型分析 27
第三節 營運資金分析 33
第四節 現金循環週期分析 48
第六章 結論與建議 56
第一節 結論 56
第二節 管理意涵 60
第三節 研究建議 61
參考文獻 62

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