臺灣博碩士論文加值系統

過去尚無文獻探討自由化對企業營運資金管理政策之影響，本研究以全球上市企業為研究樣本，研究期間為1990年至2014年，共計25年。實證結果發現，在自由化後，企業的應收帳款收款天數增加、存貨銷售天數減少、應付帳款延遲付款天數減少，表示雖然企業的收款速度下降、付款壓力增加，但是其銷售能力上升。就整體而言，淨營業週期在自由化後有顯著下降的趨勢，此結果顯示，在自由化後，企業的淨營業週期減少，即營運資金的回收速度上升。再者，自由化後，流動比率與速動比率皆有顯著降低的趨勢，表示企業的資產流動性在自由化後存在減弱的現象。本研究進一步研究發現，當樣本國家為已開發或金融發展程度高之國家，將加強自由化對淨營業週期之負向影響程度；換言之，自由化後企業的營運資金管理更有效率。另外，公司治理較差的國家，自由化對淨營業週期具有較大負向影響；此結果顯示自由化後企業的營運資金管理更為積極。綜上所述，在自由化後，企業的營運資金管理政策較為積極，此將有助於提升企業的短期償債能力。

The impact of liberalization on company working capital management policies has not previously been explored; therefore, this study applied listed companies worldwide as samples for the 25-year period of 1990¬–2014. The empirical findings indicate that after liberalization, a company’s days receivables outstanding are increased, whereas both days inventory outstanding and days payables outstanding are reduced. The results represent that an increase in sales ability, regardless of the implementation of a lengthened company collection period or pressure placed on firms regarding pay increases. Overall, the cash conversion cycle is significantly reduced after liberalization, indicating that a company’s cash conversion cycle is reduced after liberalization; in other words, a company’s collection period for working capital becomes shorter. Furthermore, both current ratio and quick ratio are decreased significantly after liberalization, evidencing the reduction of company liquidity. The evidence further indicates that developed countries or countries with highly financial development level increase the negative effect of liberalization on the cash conversion cycles; in other words, companies manage working capital more efficiently after liberalization. In addition, for countries with poor corporate governance, liberalization has a greater negative effect on cash conversion cycles; this finding shows that companies tend to be more active regarding working capital management after liberalization. In conclusion, firms tend to be more active concerning working capital management policies after liberalization, thereby enhancing their ability to liquidate short-term debts.

目錄
目錄I
表目錄II
第一章 緒論1
第一節 研究動機與目的1
第二節 研究架構3
第二章 文獻回顧3
第三章 研究方法5
第一節 資料來源與樣本選取 5
第二節 實證模型6
第三節 實證變數8
第四章 實證結果13
第一節 樣本分佈與敘述統計 13
第二節 迴歸分析23
第三節 延伸性檢測28
第五章 結論40
參考文獻42

表目錄
表4-1 以樣本國家分佈分營運資金管理變數之平均數14
表4-2 以樣本產業分佈分營運資金管理變數之平均數17
表4-3 在自由化前後下營運資金管理變數之平均數差異19
表4-4 營運資金管理變數與控制變數之敘述性統計20
表4-5 營運資金管理變數與控制變數之相關係數22
表4-6 自由化對淨營業週期之影響25
表4-7 自由化對流動比率與速動比率之影響27
表4-8 國家開發程度對自由化後的企業營運資金管理政策之影響30
表4-9 金融發展程度對自由化後的企業營運資金管理政策之影響33
表4-10 金融危機對自由化後的企業營運資金管理政策之影響36
表4-11 公司治理對自由化後的企業營運資金管理政策之影響39

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