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研究生:Altantungalag Sandag
研究生(外文):Altantungalag Sandag
論文名稱:現金轉換循環與獲利能力之關聯性-臺灣上市(櫃)公司實證分析
論文名稱(外文):Relationship between Profitability and Cash Conversion Cycle: An Empirical Analysis of Listed Companies in Taiwan
指導教授:張眾卓張眾卓引用關係
指導教授(外文):Chang, Chong-Chuo
口試委員:王韻怡蔡豐澤張眾卓
口試委員(外文):Wang, Yun-YiTsai, Feng-TseChang, Chong-Chuo
口試日期:2012-07-17
學位類別:碩士
校院名稱:亞洲大學
系所名稱:經營管理學系碩士班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2012
畢業學年度:100
語文別:英文
論文頁數:38
中文關鍵詞:現金轉換循環企業獲利能力總資產報酬率
外文關鍵詞:Cash conversion cycleCorporate ProfitabilityROA
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營運資金管理扮演企業成敗之重要角色,有效率的營運資金管理策略有助於提高企業的價值。本文主要目的係採用1981年至2010年臺灣上市、上櫃企業為研究樣本,透過Pearson相關係數分析與多元迴歸模型,探究企業現金轉換循環、現金轉換循環組成因子與獲利能力之關聯性。
本研究的實證結果發現,應收帳款收款天數、存貨銷售天數、現金轉換循環皆對總資產報酬率具有負向顯著的影響;而應付帳款延遲付款天數則對總資產報酬率存在正向顯著的影響。由此可得知,縮短現金轉換循環有助於提高企業的獲利,故管理當局可透過有效率的營運資金管理以創造企業的利潤。

Working capital management (WCM) plays an important role for the success or failure of a firm. In business, efficient WCM is an integral part of the overall corporate strategy to create profitability. The purpose of this study is to establish a relationship that is statistically significant between cash conversion cycle (CCC), its components, and profitability. In addition, we analyze empirical evidence of the effects of WCM on the profitability of a sample of Taiwanese public companies for the period covering 1981 to 2010. This relationship was analyzed by using a multiple regression model and Pearson correlation analysis. Empirical findings show that the periods of accounts receivables and inventory, and the CCC negatively affect return on assets (ROA). Moreover, the accounts payable period positively affects ROA. Therefore, shortening the CCC improves corporate profitability. Finally, managers can create profits for their companies by employing a well-designed and implemented WCM.

OUTLINE OF CONTENTS
ACKNOWLEDGEMENT I
ABSTRACT II
CHINESE ABSTRACT……………………………………………………………………..IV
OUTLINE OF CONTENTS V
LIST OF TABLES VI
LIST OF FIGURES VII
1. INTRODUCTION 1
1.1. RESEARCH BACKGROUND 1
1.2. RESEARCH MOTIVATION 4
1.3. RESEARCH OBJECTIVES 5
1.4. RESEARCH FLOWCHART 6
1.5. STRUCTURE OF THE THESIS 6
2. LITERATURE REVIEW 8
3. METHODOLOGY 15
3.1. DATA COLLECTION 15
3.2. MEASURES 15
3.2.1. Dependent variable 16
3.2.2. Independent variable 17
3.2.3. Control variables 19
3.2.4. Regression model 19
3.3. RESEARCH HYPOTHESES 20
4. RESULTS 22
4.1. DESCRIPTIVE ANALYSIS 22
4.2. CORRELATION ANALYSIS 24
4.3. REGRESSION ANALYSIS 27
4.3.1. Regression analysis for the components of CCC affects ROA 27
4.3.2. Regression analysis for the CCC affects ROA 31
5. CONCLUSION 33
REFERENCES 35

LIST OF TABLES

Table 3.1. Definition of independent variables………………………………………17
Table 3.2. Definition of control variables……………………………………………19
Table 4.1. Descriptive statistics………………………………………………………23
Table 4.2. Correlation Coefficient……………………………………………………26

LIST OF FIGURES

Figure 1.1. Research flowchart……………………………………………………......6
Figure 3.1. Research framework……………………………………………………..21


REFERENCES

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