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研究生:鍾彥如
研究生(外文):YEN-JU CHUNG
論文名稱:公司治理、營運資金管理與公司績效關係之研究-以中國上市公司為例
指導教授:洪榮華洪榮華引用關係
學位類別:碩士
校院名稱:國立中央大學
系所名稱:企業管理學系在職專班
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:2013
畢業學年度:101
語文別:中文
論文頁數:45
中文關鍵詞:公司治理營運資金管理公司績效
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本研究探討中國上市公司的營運資金管理與公司治理對公司績效的影響,利用公司治理變數進行分析,藉以瞭解營運資金管理在不同公司治理變數下,對公司績效的影響。本研究以2003年至2011年中國上市公司共11,789個觀察值,進行實證分析。實證結果顯示,現金轉換週期與公司績效呈現非線性關係。加入公司治理變數後,發現內部人持股、大股東持股、第二大股東持股與外部董事比例在企業績效的表現上有不同程度的顯著影響,對於內部人持股率呈現負向的影響,對於大股東持股率呈現正向影響,對於第二大股東持股率呈現負向的影響,對於外部董事比例呈現正向。
This study investigates the effect of working capital management and corporate governance on firm performance in China. The sample contains the listed firms in China from 2003 to 2011 and includes 11,789 firm-year observations. The empirical results show that there is a nonmonotonic (concave) relationship between cash conversion cycle and firm profitability. When taking corporate governance into account, we find that the percentage of insider ownership and the second largest shareholding have negative effects on firm performance, however, the block holders and outside directors have positively effects on firm performance.
目錄
論文摘要 i
Abstract ii
誌謝 iii
目錄 iv
表目錄 v
第一章 緒論 1
第二章 文獻探討與假說建立 3
第一節 營運資金政策和公司績效之關係 3
第二節 公司治理對營運資金政策與公司績效關係之調節效果 5
第三章 研究方法 13
第一節 資料來源與樣本 13
第二節 研究設計 13
第三節 變數衡量 15
第四章 研究分析與實證 19
第一節 敘述性統計分析 19
第二節 單變量統計分析 20
第三節 迴歸分析 24
第四節 穩健性測試 29
第五章 結論與建議 31
參考文獻 33


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