本研嘗試使用應收帳款收現天數及應付帳款付現天數兩項財務變數，來做為顧客關係強度及供應商關係強度的代理變數，探討其強弱程度對企業的存貨銷售天數、速動比率、及現金流量比率等三項重要的短期償債能力是否造成優化或弱化的影響。研究結果顯示，企業的下游顧客關係強度越強，會造成現金流量比率的顯著弱化，卻也的確會如一般預期的使銷貨更為順暢，因而存貨銷售天數會顯著變短。此存貨銷售天數變短的結果單純觀之，固然可喜，惟因為顧客關係強，應收帳款收現天數長，其銷貨暢旺反而助長了應收帳款的膨脹，弱化了現金的流動性。上述正反兩股力量的交互影響或可解釋為何在實證結果中，速動比率雖然變弱卻不顯著的原因了。此外，上游供應商關係的強度越強時，會因為過度的進貨導致存貨銷售天數更長，也會造成如速動比率與現金流量比率兩項短期償債能力指標的顯著弱化。因此，由本研究的結果，清楚地瞭解到，維繫強化供應鏈關係必須有充裕堅強的資金能力為後盾，才有可能在追求強效供應鏈關係這樣的長期競爭能力的同時，亦能兼顧企業的短期資金週轉順暢。

This study aims to employ two financial indicators, days sales outstanding and days payable outstanding, as the proxy variables for customer relationship strength and supplier relationship strength respectively to explore whether these two strengths have impacts on companies’ short term liquidity. Our regression analysis findings show that the stronger the customer relationship is, the significantly weaker the cash flow ratio and the significantly shorter the days sales of inventory will be. However, the combined effect of shorter days sales of inventory and longer days sales outstanding results in insignificantly lower quick ratio. On the other hand, our findings also show that the stronger the supplier relationship is, the significantly longer the days sales of inventory will be, due to the excessive purchases. This current liability expanded effect will also inevitably weaken both quick ratio and cash flow ratio. As such, our research findings highlight the crucial role of capital adequacy for companies which pursue stronger customer and supplier relationships to build up their sustainable competitive advantage.