在面對買方市場及外部競爭的壓力下，在暫時無法改變的情況下，台灣電子廠商可以從內部經營管理方向來尋求改善。亦即，善用營運資金 (Working Capital) 管理政策有助經營績效的提昇。由於營運資金管理涉及應收帳款管理、應付帳款管理、存貨管理、短期貸款管理及現金管理等多目標的決策，因此，本文以淨最小平方法 (Partial Least Squares；PLS) 結合路徑分析，來探討台灣「電子五強」的營運資金管理政策對於公司績效的影響。研究結果顯示，在11個假設中，電子五哥中，有四家皆有半數的假設獲得支持；此表示在暫時無法改變買方市場的情況下，台灣電子五哥採取延後付款給供應商的策略來增加公司的現金和營運資金，以求更多的獲利或績效；本文之研究結果可供廠商在經營管理上之參考。

Facing with buyer’s market and outside competition, under no further change status, Taiwan’s Big Five can improve performance by inner operation management. That is, working capital management maybe helpful to raise performance. In views of the working capital management involve account receivable policy, inventory policy, loan policy, account payable policy and cash management policy. It’s a Multi-Criteria Decision Making problem. In this paper, we present a partial least squares (PLS) path model developed to investigate the relationship between working capital policy and performance by Taiwan’s Top-Five of Electronic Industry. The main purpose of the study is to answer the question, “Does the working capital policy matter?” Using data on Taiwanese system manufacturing firms for the years 1998/03 to 2009/03, we found significant evidence supporting the hypothesis. Our study result provides another viewpoint for the firm manager to raise their performance.