研究生: |
吳金妃 CHING-FEI WU |
---|---|
論文名稱: |
非營利組織之融資策略個案研究 A Case Study of Financing Strategy on Non-Prot Organizations |
指導教授: |
劉代洋
Day-Yang Liu |
口試委員: |
陳俊男
Chun-Nan Chen 邱敬仁 CHING-REN CHIU |
學位類別: |
碩士 Master |
系所名稱: |
管理學院 - 財務金融研究所 Graduate Institute of Finance |
論文出版年: | 2018 |
畢業學年度: | 106 |
語文別: | 中文 |
論文頁數: | 71 |
中文關鍵詞: | 非營利組織 、融資決策 、融資順位理論 |
外文關鍵詞: | Non-profit organization, Financing decision, Financing order theory |
相關次數: | 點閱:422 下載:0 |
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非營利組織日益茁壯其發展越來越成熟,與社會的關係密不可分,影響也
越來越深遠,儼然已是現今社會不可或缺的重要角色。非營利組織除非有雄厚
的基金、存款孳息或自有產品收益支持,通常組織本身並無足夠的自主財源支
撐其運作和發展,主要仍需仰賴政府計畫財源的支持及民間計畫收入,才得以
維持其營運。
非營利組織受環境變遷的影響,正面臨著資源匱乏的衝擊,開闢財源,延續
組織的生命,已是非營利組織無法避免的趨勢。以目前國內的文獻而言,多著
重於非營利組織之績效評估及策略規劃等議題之研究, 鮮少對非營利組織之資
本結構及融資決策進行探究。
本研究採用個案研究方法,以國內一家公設財團法人為研究對象,探討個
案公司面對資金需求時所採用之融資策略,透過其籌資背景、過程以及運用得
宜的策略思維下,探究其產生的效益,經過此番深入的研究,得到研究結論如
下:
一、成功取得商機前必先取得資金
二、同業結盟策略
三、異業合作策略
四、銀行融資間接促成營收成長效益
五、融資決策兩大理論的驗證
Non-profit organizations are getting stronger and stronger. Their relationships with society are inextricably linked and their influence is becoming more and more profound. It is an important and indispensable role in society today. Non-profit organizations, unless they have abundant funds, deposits, or revenues from their own products, usually do not have sufficient financial resources to support their operations and development. They are mainly operated by depending on the government's planned financial resources and private project income.
Non-profit organizations are faced with the impact of environmental changes and are facing the impact of resource scarcity. Exploring financial resources and continuing the life of organizations is a trend that non-profit organizations cannot avoid. As far as the current domestic literature is concerned, many studies focused on issues such as performance evaluation and strategic planning of non-profit organizations, and rarely explore the capital structure and financing decisions of non-profit organizations.
This study applies a case study approach to a domestic public non-profit organization to look at its financing strategy when it needs more funding. To explore the benefit, the organization generates through its fund-raising background, processes and appropriate strategic thinking. Through this in-depth research, the research findings are as follows:
First, the organization must raise funds before successfully launching business opportunities.
Second, the organization can pursue strategic alliance strategy horizontally.
Third, the organization can pursue strategic alliance strategy vertically.
Fourth, it shows bank financing indirectly contributed to revenue growth.
Fifth, two major theories of financing decisions were verified.
一、 中文部分
1、 宋雪芳(2008),「企業籌資方式與動機」,國立暨南國際大學管理學院經
營管理碩士學位學程碩士在職專班碩士論文。
2、 許士軍(2001),「管理學」,台北:東華書局。
3、 張如君(2015),「生技業融資策略之個案研究」,國立臺灣科技大學財務
金融研究所碩士論文。
4、 張曉雯(2010),「台灣上市櫃公司辦理現金增資動機之探討」,朝陽科技
大學財務金融系碩士班碩士論文。
5、 陳金貴(1994),「美國非營利組織之人力資源管理」。台北:瑞興。
6、 陳忠俊(2004),「非營利組織募款方式及成效之研究-以慈濟基金會為例」,
長榮大學經營管理研究所碩士論文。
7、 馮燕(1993),「非營利組織的社會角色:兼論理念」,載於文教基金會研
討會論文集,台北:教育部社教司。
8、 馮燕(2000),「非營利組織的定義、功能與發展」。載於蕭新煌主編,非
營利部門:組織與運作。台北:巨流。頁:1-42。
9、 黃新福、盧偉斯(2006),「非營利組織與管理」,台北縣:空中大學。
10、 葉素珍(2011),「非營利組織募款模式之研究-以伊甸社會福利基金會為
例」,元智大學社會暨政策科學學系碩士論文。
11、 游菁惠(2014),「生技產業融資策略之個案研究」,國立台灣科技大學
財務金融研究所碩士論文。
12、 蔡依縈(2003),「非營利組織融資行為之研究─以私立大專院校為例」,
國立政治大學會計學系碩士班碩士論文。
13、 鄭師安(2011),「台灣生技企業特殊籌資工具之探索性研究」,國立政
治大學商管專業學院碩士論文。
14、 劉宜璇(2002),「非營利性運動組織財源籌募策略個案研究」,國立臺
灣師範大學體育研究所碩士論文。
15、 蕭雅婷(2013),「台灣筆記型電腦代工廠籌資策略之個案研究-以個案公
司為例」,國立台灣科技大學財務金融研究所碩士論文。
16、 謝清隆(2002),「非營利組織募款策略探討研究─以彰化縣服務性社團
為例」,大葉大學工業關係研究所碩士論文。
17、 蘇韋文(2016),「醫療企業財務籌資策略之個案研究」,國立台灣科技
大學財務金融研究所碩士論文。
二、 英文部分
1. Brennan, M.,and E. Sehwartz (1988),” The Case for Convertibles” , Jouranl of Applied Corporate Finance, pp.55-64.
2. Bowman, W. ( 1999), Chapter 11 for Nonprofit Organizations. In K. Shapiro and N. Peterman (eds.). Wiley Bankruptcy Law Update. New York: Wiley, 1999.
3. Bowman, W. (2002), The Uniqueness of Nonprofit Finance and the Decision to Borrow. Nonprofit management & Leadership, 12, 3: 293-311.
4. Claggett, E. T.(1991), ” Capital Structure: Convergent and Pecking Order Evidence”, Review of Financial Economics, pp.35-48.
5. Donaldson, G. (1961),Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity. Boston: Harvard Business School.
6. Fama, E. and French, K. (2002), ” Testing trade-off and pecking order predictions about dividends and debt”, Review of Financial Studies.
7. Fama, E. and French, K. (2005), ” Financing decisions: Who issues stock? ”, Journal of Financial Economics. Vol.76. Issue 3. June. pp.549-582.
8. Ghosh ,A. and Cai, F. (1999), ” Capital Structure:New evidence of optimality and pecking order theory”, American Business Review.
9. Lemmon, Michael L. and Jaime F. Zender (2010), ” Debt Capacity and Tests of Capital Structure Theories”, Journal of Financial and Quantitative Analysis, Vol.45, pp. 1161-1187.
10. Graham, John R. and Campbell R. Harvey (2001),” The theory and practice of corporate finance:Evidence from the field” , Journal of Financial Economics 60,pp.187-243.
11. Hansmann, H. (1980), The Role of Nonprofit Enterprise. Yale Law Journal, 89: 835-901.
12. Jensen, M. C., and Meckling, W. H. (1976), Theory of the Firm: Managerial Behavior, Agency Cost, and Ownership Structure. Journal of Financial Economics, 3: 305-360.
13. Kotler, P. (1982), Marketing for Nonprofit Organization,2nd: 12-15.
14. Miller, M. H., and Modigliani, E. (1961), Dividend Policy, Growth, and the Valuation of Shares. Journal of Business, 34 (4): 411-432.
15. Myers, S. C. and Majuf, N. S. (1984), Corporate financing and investment decisions when firms have information that investors do not have. Journal of finance economics: 187-221.
16. Salamon, L. (1999), America’s Nonprofit Sector: A Primer, 2nd ed.
17. Vanacker, T.R. and Manigart, S. (2010), ” Pecking order and debt capacity considerations of high-growth companies seeking financing”, Journal of Small Business Economics.
18. Wolf, T. (1990), Manageing A Nonprofit Organization, NY:Prentice Hall press.
三、 網站部分
1. 國家發展委員會網站,https://www.ndc.gov.tw/Default.aspx
2. 個案公司網站,http://www.cdri.org.tw/
3. 經濟部商業司-全國商工行政服務入口網站, https://serv.gcis.nat.gov.tw/jsm/publicdata/PublicShowV2.jsp