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研究生:廖芸毅
研究生(外文):Liao Yun I
論文名稱:營運資金管理對財務績效之影響-台灣與韓國之比較
論文名稱(外文):Does Working Capital Management Affect Profitability of Firms? A Comparison of Taiwan and South Korea
指導教授:吳仰哲吳仰哲引用關係
指導教授(外文):Yang-Che Wu
口試委員:楊明晶簡正儀
口試委員(外文):Ming-Jing YangCheng-Yi Chien
口試日期:2014-08-14
學位類別:碩士
校院名稱:逢甲大學
系所名稱:財務金融學系碩士班
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2014
畢業學年度:102
語文別:英文
論文頁數:31
中文關鍵詞:營運資金管理財務績效
外文關鍵詞:Working Capital ManagementProfitability
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本研究以台灣、韓國上市上櫃企業為研究對象,主要研究目的是探討營運資金管理是否對台灣、韓國企業的財務績效造成影響並檢視兩國營運資金管理之情形與差異性。本研究實證結果顯示韓國在營運資金管理上相較於台灣有效率。此外,台灣企業可以藉由降低應收帳款天數、存貨天數到一個極小合理值來增加公司價值;韓國企業可以藉由降低應收帳款天數到一個極小合理值及以及增加應付帳款天數、存貨天數極大合理值來增加公司價值。
This paper examines the relationship of corporate profitability and working capital management made by domestic firms listing securities in Taiwan and South Korea for the period 2000-2013. We examine the differences of the impact of working capital management on firms’ profitability between Taiwan and South Korea. The efficiency of working capital management was better in South Korea than in Taiwan for our sample from 2000-2013. Moreover, we observed a significant negative relationship among profitability, number of days accounts receivable and inventory for Taiwanese firms. These results suggest that managers of Taiwan can create value for their shareholders by reducing the number of days accounts receivable and inventories to a reasonable minimum. For South Korea, we find that there is a negative relationship between profitability and the number of days accounts receivable. There is also a positive relationship among profitability, number of days inventory and payable. These results suggest that managers of South Korea can create value for their shareholders by reducing the number of days accounts receivable to a reasonable minimum and extending the number of days inventory and payable to a reasonable maximum.
Content
Chapter 1 Introduction
1.1 Research Motivations 1
1.2 Research Objectives
Chapter 2 Review of Related Literature
2.1 Working Capital Management
2.2 Measures of Working Capital Management
2.3 The Related Empirical Study
Chapter 3 Research Design
3.1 Data Selection and Variables
3.2 A Prior Expectations on the Model
Chapter 4 Empirical Results
4.1 Descriptive Statistics
4.2 Correlation Analysis
4.3 Regression Analysis
Chapter 5 Conclusions
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