臺灣博碩士論文加值系統

營運資金管理在公司的財務治扮演著重要的角色，近代的財務管理文獻多為研究公司長期的財務決策，例如:資本結構、投資活動與股利政策，並且大部分的研究都著重在已開發國家的最適營運資金管理，較少探討開發中國家。近年來東協五國 (印尼、泰國、菲律賓、馬來西亞、越南) 的經濟快速發展，邁向亞洲經濟成長核心的趨勢日趨明顯，故本研究採用2000-2012年的東協五國為樣本檢視現金週轉期，利用最小平方法及GMM模型來檢測東協五國是否存在最適現金轉換週期。研究結果發現泰國、印尼、馬來西亞的公司營運績效與最適現金週轉期為一倒U型曲線，亦及存最適現金週轉期，越南和菲律賓則不存在。此外，GMM模型得到的結果是各國偏離最適現金週轉期之調整速度都很低。
關鍵詞：營運資金管理、東協五國

Working capital management plays an important role in financial management. The literature of modern financial management has always focused on the study of long-term financial decisions, such as capital structure, capital budgeting, and dividend policy. Most studies have focused on developed countries optimal working capital management, and less developed countries to explore. In recent years, the economics of five ASEAN countries develop rapidly and the economic growth in Asia towards the core of the trend is increasingly obvious. In this study we use five ASEAN countries, including Indonesia, Thailand, Philippines, Malaysia, Vietnam, in 2000-2012 to examine the cash conversion cycle. In this study, we use the least squares method and GMM to detect whether the company has the optimal working capital in five ASEAN countries. Empirical results show that the firms of Thailand, Indonesia and Malaysia have the optimal cash conversion cycles while Vietnam and Philippines do not. In addition, the results from GMM show that the adjustment speeds are slow when their cash conversion cycles deviate the optimal ones.
Keywords: Working Capital Management, five ASEAN countries

第一章 緒論 1

第一節研究背景 1
第二節研究動機 4
第三節研究目的 6

第二章 文獻探討 7

第一節營運資金管理的重要性與決定因素 7
第二節營運資金管理與公司績效的關係 8

第三章 研究樣本與方法 10

第一節研究樣本 10
第二節變數定義 10
第三節研究方法與模型設定 14
第四節樣本之敘述統計量 19

第四章 實證結果 22

第五章 結論 31

參考文獻 32

附錄 …………………………………………………………………………………………………..36

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