The Investigation of the Impact of Supply Chain Finance on the Semiconductor Industry

• Main Authors: Wu, You-Hsuan, 吳宥萱
• Other Authors: Ko, Chiung-Feng
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/34800150905985191023

碩士 === 東吳大學 === 會計學系 === 103 === The main purpose of this study is to figure out the effect of supply chain finance on future cash flows, R&D expenditures, profitability, market share on the Semiconductor Industry. In order to verify whether the suppliers benefit on ROE (return on equity) for providing financing to customers, this study also verifies clients with higher accounts receivable, whether suppliers have incentive to provide customer credit transactions. At the same time, this paper examines the semiconductor industry’s implications of supply chain finance via regression approach. The result indicates a direct and an economically significant relation between shareholder wealth and trade receivables. Additional evidence indicates a higher value of receivables for suppliers with stronger motives relating to operating and contracting costs. Overall, the result suggests the importance of supplier financing in enhancing equity value and that the market value impact of receivables depends upon the perceived benefits conferred by this form of financing. Inclusion, this paper suggests the suppliers of semiconductor industry may be able to improve firm value via increasing revenues and operating cash flows by resolving customers’ liquidity constraints. Also, supply chain finance can increase the shareholder’s wealth at the same time.