檢測供應鏈關係強度為基礎之經營能力──台灣股票上市服務業與製造業之差異分析

Comparative Operating Ability Analysis on Service and Manufacturing Industries' Supply Chain Relation Strengths - Evidences from Taiwan Listed Companies

本研究採用陳尚武等（2018）所提出以應付帳款付現天數與應收帳款收現天數兩項變數作為供應商關係強度與顧客關係強度之代理變數，進行探索此二變數是否由於服務業與製造業之營運活動固有的不同特徵，而對這兩個行業的四項營運能力指標（現金週轉率、營運資金週轉率、固定資產週轉率、總資產週轉率）產生不同的影響。迴歸分析結果表示，顧客關係強度愈強，製造業的現金週轉率和總資產週轉率就愈低，而服務業的四個營運能力指標則沒有顯著的影響。另一方面，供應商關係強度愈強，製造業之固定資產週轉率就愈高，但總資產週轉率愈低，而服務業的現金週轉率和總資產週轉率也就愈低。本研究結果發現，除非可以同步創造更高幅度的營業收入，否則因加強顧客關係而產生的應收賬款，及衍生的現金和固定資產的增加會使製造業的經營能力弱化。再者，由於供應商關係強化而導致的現金和存貨增加，也會損害製造業和服務業的經營能力。特別是服務業，可能必須積極考慮利用產生的現金進行有效率之行銷及促銷計劃來增加營業收入與降低存貨。

Armed with the arguments of Chen et al. (2018) this study employs days sales outstanding and days payable outstanding as the proxy variables for customer relationship strength and supplier relationship strength respectively, to explore whether these two strengths bring various impacts on service and manufacturing companies' operating ability, due to the inherently distinct characteristics of these two industries' operating activities. Our regression analysis findings show that the stronger the customer relationship is, the significantly lower cash turnover and the total assets turnover will be for manufacturing industry, while no significance on the four operating ability indicators is detected for service industry. On the other hand, the stronger the supplier relationship is, the significantly higher the fixed assets turnover but the lower total assets turnover will be for manufacturing industry, while significantly lower cash turnover and the total assets turnover are seen for service industry as well. Our study's findings highlight the increased account receivables, cash and fixed assets incurred for strengthening customer relationship will deteriorate manufacturing companies' operating ability unless much higher sales revenue could be generated synchronically. Moreover, the increased cash and inventories incurred from stronger supplier relationship will also harm the operating ability of both manufacturing and service companies. Especially service companies might have to heavily consider taking advantage of cash generated to boost sales revenue and lower inventory by effective marketing and promotion programs.