全球電子產業已步入市場高原期，成長逐漸趨緩，電子產品由過去PC 時代標準化
規格，轉變為行動裝置強調的客製化規格，另因為新興市場的興貣，電子產品低價化與
產品週期短化成為趨勢，電子產品汰換速度持續加快。在面對微冺時代的來臨、產業環
境的快速變遷、同業的激烈競爭、政府政策的改變，企業必頇不斷的調整經營模式與方
向以保持產品創新維繫競爭優勢，並且必頇在眾多的籌資工具中，評估分析採行最佳的
籌資策略，使企業可以取得低成本之資金，並維持適當的資本結構。
本研究採用質化研究之個案研究方法，以電子零組件公司為研究對象，在客戶產品
更迭快速，設計變更頻繁使得開發初期需投入較多的成本，否則難以承受開發階段的相
關支出及耗損。在此情況下，個案公司如何擬定籌資策略並執行之研究。本研究之研究
結論如下：

一、為配合客戶導入新材料及新技術，擴大營運規模，維持公司的成長率，維持穩健的
財務結構及台灣的資本市場資金充沛為個案公司的籌資動機。

二、個案公司對資金的偏好大致符合融資順位理論。

三、個案公司以保有財務彈性為籌措資金的主要考慮因素之一。

四、個案公司面對籌資工具的選擇，各籌資工具申請的便冺性亦為主要考慮因素之一

五、除總體經濟環境，公司業績是否穩定成長也會影響籌資工具的選擇。

六、個案公司籌資達成的效益，第一階段為擴大營運規模，增強公司競爭力。第二階段
為改善財務結構，充實營運資金，增加公司長期競爭力。

The global electronics industry has entered a market plateau phase where growth has been gradually slowing down and electronic products have evolved from standardized specifications of past PC times into customized specifications so emphasized by mobile
devices. In addition, due to the rise of a new market with trends in lower pricing of electronic products and shorter product life cycles, replacement rates have been ever-increasing. Faced
with the dawn of the low profit era, rapid changes in industry environment, intense competition within the industry and changes in governmental policies, businesses must continue to adjust their business model and orientation to maintain product innovativeness to ensure a competitive edge, and the best financing strategies from various financing tools must be assessed, analyzed and adopted in order for businesses to achieve low cost capital and
maintain an appropriate capital structure.
This study adopts case studies using the qualitative research method, with electronic components companies as the subjects of study. With rapid alternating of customer products
and frequent changes in design, higher costs must be invested in the preliminary development phase to support relevant expenses and losses arising from the developmental stage. This study looks into how individual companies formulate and implement financing strategies under these circumstances. The conclusions of this study are as follows:
1. Financing motivations of the case companies include coordinating with new materials and new technologies of the customers, expanding the scale of business operation, maintaining a stable financial structure as well as the abundant capital in Taiwan’s capital market.
2. Capital preferences of the case companies are substantially in line with the pecking order theory.
3. Maintaining financial flexibility in financing is one of the main factors of consideration for the case companies.
4. Convenience in applying various financing tools is also one of the main factors of consideration when the case companies are selecting financing tools.
5. In addition to the overall economic environment, stable growth of company results also affect the selection of financing tools
6. For case companies achieving financing benefits, the first stage involves expanding the scale of business operation to strengthen the company’s competitiveness; the second stage
involves including the financial structure and replenishing its working capital to enhance the company’s long-term competitiveness.

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2.王素娥(2013)，「中小企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，台北市。
3.李昀佑(2008)，「國內企業融資決策之個案研究」，國立臺灣科技大學財務金融研究所碩士論文，台北市。
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5.林珊戎(2010)，「技術取得類型與融資策略之研究」，長榮管理學院經營管理研究所碩士論文，台南市。
6.林偉鴻(2003)，「台灣生技醫藥產業融資策略之探討-自由現金流量觀點」，國立中山大學財務管理研究所碩士論文，高雄市。
7.洪永昌(2004)，「企業生命週期與融資策略」，國立臺灣科技大學財務金融研究所碩士論文，台北市。
8.陳世儒 (2011) 「全坤建設股份有限公司之融資策略」，國立臺灣科技大學財務金融研究所碩士論文，台北市。
9.陳在淳(2005)，「我國上櫃電子公司融資策略之研究」，大葉大學事業經營研究所碩士論文，彰化市。
10.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，台北市。
11.張碧容(2003)，「IC 設計公司資本市場籌資決策探討」，國立交通大學管理科 學學程碩士班碩士論文，新竹市。
12.游菁惠(2014)，「生技產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，台北市。
13.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」，國立臺灣科技大學財務金融研究所碩士論文，台北市。
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16.葉憲宏(2003)，「經濟景氣波動與現金增資決策對企業舉債融資影響之研究： 臺灣股票上市公司之實證」，中華管理評論。
17.曾昭玲、卓佳蓁(2011)，「企業融資決策與經濟附加價值之關聯性 研究以台灣半導體產業為例」，會計評論第53期
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20.謝劍平(2009)，「財務管理：新觀念與本土化」，五版，智勝出版社，台北市。
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三、網站部分
1.個案公司網站，http://www.jarlly.com
2.公開資訊觀測站，http://mops.twse.com.tw/mops/web/index
3.兆豐國際商業銀行，https://wwwfile.megabank.com.tw
4.資策會 (MIC)，http://mic.iii.org.tw/aisp
5.工業技術研究院，https://www.itri.org.tw
6.台灣經濟研究院產經資料庫，http://tie.tier.org.tw
7.電子時報，http://www.digitimes.com.tw
8.MBAtics，http://www.mbatics.com