臺灣博碩士論文加值系統

中國大陸市場有著世界上最多的國營銀行與國營企業。因而國營銀行的貸款決策和借款企業的投資與營運決策往往會受到很多並非出於企業價值最大化和市場化因素的影響。本文研究了中國大陸國營銀行貸款與上市企業營運資金管理的關係。我們主要有四個發現：第一，國營銀行貸款與企業的營運資金呈現顯著的正相關關係。由於債務融資可以直接補充企業的營運資金需求，無緊迫還款需求的國營銀行貸款無法對企業的營運資金管理施加監管和約束，並有可能進一步惡化企業營運資金管理的效率。第二，我們發現國營企業本身的性質可以改善營運資金管理，但由於其與國營銀行的政策性連結，會進一步惡化銀行貸款對企業營運資金管理的負面影響。第三，交叉上市企業由於其上市目的本身就在於可以更加容易的獲得銀行貸款，因而其銀行貸款依然無法有效監管其營運資金管理，但由於更多的資訊披露以及關聯交易的要求，國營企業與國營銀行政策性連結導致其對營運資金管理的進一步惡化在交叉上市企業中不會再出現。第四，在營運資金對公司價值的影響上，我們的研究驗證了以前的文獻，發現營運資金的增多會顯著降低企業價值。

The mainland China market has the largest number of state-owned banks and state-owned enterprises in the world. Therefore, the decision-making of state-owned banks and the investment and operational decisions of borrowing companies are often affected by many factors that are not due to the maximization of corporate value and marketization. This paper examines the relationship between state-owned bank loans in China and the management of working capital of listed companies. First, state-owned bank loans have a significant positive correlation with the working capital of enterprises. Since debt financing can directly supplement the working capital needs of enterprises, state-owned bank loans without urgent repayment requirements cannot impose supervision and restrictions on the management of working capital of enterprises, and may further deteriorate the efficiency of enterprise working capital management. Second, we find that the nature of state-owned enterprises can improve working capital management, but because of its policy links with state-owned banks, it will further worsen the negative impact of bank loans on corporate working capital management. Third, cross-listed companies’ listing purposes are more likely to be obtaining more bank loans rather than of improving corporate governance, so the bank loans they have are still unable to effectively regulate their working capital management. But due to regulations from more information disclosure and related transactions, the policy-linked connection between state-owned enterprises and state-owned banks has led to further deterioration of their working capital management, which will no longer appear in cross-listed companies. Fourth, in terms of the impact of working capital on company value, our research validates previous literature and finds that an increase in working capital will significantly reduce corporate value.

第一章 緒論 1
1.研究背景及動機 1
2.研究目的 4
3.研究架構及流程 4
第二章 文獻回顧 6
第三章 研究方法 9
1.研究假說 9
2.樣本與研究期間 12
3.變量 12
4.模型建立 16
5.敘述性統計 18
第四章 實證結果 23
1.銀行貸款與營運資金管理 23
2.國營企業 26
3.交叉上市 28
4.營運資金管理與企業市場表現 28
5.台灣上市公司樣本檢驗 29
第五章 結論 32
第六章 參考資料 34

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