本研究針對半導體測試設備代理商, 通常為了推展新設備, 必須製作昂貴的展示機放在客戶端試車; 展示機在展示期間對營業收入無貢獻, 展示期間有銷貨成本加上管銷費用的營運週轉金需求; 由於其客戶具備半導體產業高風險, 產品生命週期短, 毛利率維持不易的產業特性; 因此, 在達成損益二平的最低要求下, 毛利率的降低意味要做更大的營業額。此時因應毛利率降低時, 公司必須正確選擇舉債或是權益融資去因應不同的公司成長率, 即公司業務的擴張或是暫時萎縮。又由於公司資本額小, 借貸成本較大公司為高。本研究以實際數據逐步計算以幫助公司進行毛利率及資本結構相關之決策。 根據產業特性, 因應營業毛利率減少, 計算出要達成損益二平的最小營業收入以及最小營運週轉金, 資產增加的需求與毛利率及成長率之間的關係。資本結構應該如何地選擇, 應該要建立毛利率及成長率如何深響此一新創公司選擇舉債或是權益融資的分析重點。

In this study, for semiconductor test equipment agents, in order to promote the new equipments, company must make expensive demonstrate machines for consignment on the customers side; During the demonstration period there is the Operating working capital as sales costs plus operation cost; Due to the high risk of semiconductor industry, product life cycle is short, the profit margin is not easy to maintain; Therefore, reduced gross margins means to do larger revenue. In order to deal with the lower gross margin, the company must correct choice of debt or equity financing because of the company's growth rate varying by the business expansion or shrink. Due to the small amount of the company's capital, usually the borrowing cost is higher than the larger companies. In this study, based on the actual financial data, the following analysis will help companies to make capital structure decisions relating to the gross margin and growth. According to the characteristics of this industry, in response to the decrease in operating margins, calculate the minimum revenue for the breakeven point and the relationship in between gross margin, growth and assets increased. Capital structure change should be varying by gross margin and growth rate to decide on debt or equity financing.

第一章 研究動機……………………………………………………………….1
第一節、 目前許多半導體測試設備代理商的緩解之道…………….2
第二節、 本研究案例公司之背景介紹……………………………….3
第二章 文獻回顧……………………………………………………………….5
第三章 研究方法……………………………………………….………………7
第一節、 達成損益二平的最小營業收入……………….………….....7
第二節、 最小營運週轉金……………………………….………….....8
第三節、 期初資產, 資產增加與毛利率及成長率之間的關係….....17
壹、 期初資產的決定……………………………….............................17
貳、 資產的增加與營業收入的增加之間的比例關係………………18
第四節、 因應不同的毛利率及成長率, 資本結構的選擇………….20
壹、 三種成長率………………………………………………………21
一、 內部成長率…………………………………………………21
二、 維持成長率…………………………………………………25
三、 特定成長率…………………………………………………27
貳、 毛利率及成長率如何影響選擇舉債或是權益融資……………30
第四章 結論……………………………………………………………………39
參考文獻……………………………………………………………………..…..41
附錄………………………………………………………………………………43
附表1………………………………………………………………………….…43
附表2………………………………………………………………………….…46
附表3………………………………………………………………………….…46
附表4………………………………………………………………………….…46
附表5………………………………………………………………………….…47
附表6……………………………………………………………………….……47
附表7………………………………………………………………………….…48
附表8……………………………………………………………………….……49
附表9………………………………………………………………………….…50
附表10……………………………………………………………………….…..51
附表11…………………………………………………………………………...51
附表11-1…………………………………………………………………….…...52
附表11-2…………………………………………………………………….…...52
附表11-3…………………………………………………………………….…...53
附表11-4…………………………………………………………………….…...53
附表11-5…………………………………………………………………….…...54
附表12……………………………………………………………………….…..55

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