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研究生:詹子洋
研究生(外文):Chan, Tzu-Yang
論文名稱:營運資⾦管理對公司績效之關聯性研究 –以公司治理為調節變數
論文名稱(外文):Effects of Working Capital Management with Enterprises’ Performances – Using Corporate Governance as A Moderator
指導教授:朱博湧朱博湧引用關係
指導教授(外文):Chu, Po-Young
口試委員:鍾惠民楊國彬
口試委員(外文):Chung, Hui-MinYang, Kuo-Pin
口試日期:2019-05-30
學位類別:碩士
校院名稱:國立交通大學
系所名稱:管理科學系所
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:2019
畢業學年度:107
語文別:中文
論文頁數:49
中文關鍵詞:現金循環週期公司治理獲利能力公司成長公司風險
外文關鍵詞:cash conversion cyclecorporate governanceprrofitabilitygrowthrisk
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營運資金管理對大多數企業而言,是維持基本營運狀況必須的管理項目,然而多數文獻僅探討公司績效的獲利能力面。本文將進一步探討營運資金管理與公司績效之獲利能力、成長、風險面關係,以2013年至2017年台灣電子業、傳統產業的上市上櫃公司為樣本,並搭配公司治理評鑑因子作為調節變數。研究結果顯示,在獲利能力面上,現金循環週期長短對獲利能力高低呈現顯著負相關,而公司治理與獲利能力並無顯著相關;至於公司成長面,現金循環週期與其呈顯著負相關,而公司治理好壞對公司成長不僅呈顯著正相關,並且對現金循環週期與公司成長之間具有顯著的調節效果;最後,公司風險面,現金循環週期與公司治理間並無呈顯著相關。從管理意涵來看,表現好的公司治理企業嚴格監控資金使用狀況及掌握長期營運方針,加上營運資金管理有效率,使公司管理決策者可以聚焦長期性的發展,進而促進公司成長。
For most companies, working capital management(WCM) is crucial to keep the operations smoothly. However, most research just described the relationship between the profitability of corporate performance and working capital management. As a result, this research will include more aspects like corporate growth and corporate rick to explore whether WCM would influence these dependent variables.
We chose the data of electronic and traditional industries in Taiwan from 2013 to 2017. These sample are listed firms in Taiwan stock market. Furthermore, we also incorporate the Corporate Governance factor as a moderator.
According to the results in profitability, the cash conversion cycle(CCC) took a significant negative relationship with ROE, but corporate governance didn’t significant influence ROE. Significantly, in corporate growth, the CCC was negatively correlated to its sales growth. We further took corporate governance to associate with sales growth. It turned out that corporate governance certainly

positively affects corporate growth. In addition, there is moderator effect of corporate governance between the CCC and corporate growth. In corporate risk, it didn’t exist significant relationship between risk and the CCC.
中文摘要.........................................................................................i
ABSTRACT.....................................................................................ii
誌謝...............................................................................................iv
目錄...............................................................................................vi
圖目錄... ........................................................................................ix
表目錄............................................................................................x
第一章、 緒論..............................................................................1
1.1 研究動機與目的.......................................................................1
1.2 研究架構.................................................................................7
第二章、 文獻探討與假說建立......................................................9
2.1 營運資金管理與獲利能力之關聯...............................................9
2.2 營運資金管理與公司成長之關聯..............................................13
2.3 營運資金管理與公司風險之關聯..............................................16
第三章、 研究假說及方法.............................................................19
3.1 研究樣本...................................................................................19
3.2 研究方法與建立模型.................................................................20
3.2.1 研究方法................................................................................20
3.2.2 建立模型............................................... ................................20
3.2.2.1 獲利能力面..........................................................................20
3.2.2.2 公司成長面..........................................................................22
3.2.2.3 公司風險面..........................................................................23
3.3 變數定義...................................................................................24
3.3.1 依變數....................................................................................24
3.3.2 自變數....................................................................................24
3.3.3 調節變數................................................................................25
3.3.4 控制變數................................................................................25
3.3.4.1 獲利能力面...........................................................................25
3.3.4.2 公司成長.面.........................................................................26
3.3.4.2 公司風險面..........................................................................26
第四章、 實證結果與分析.............................................................29
4.1 敘述性分析................................................................................29
4.2 Pearson相關性分析...................................................................33
4.3 Panel回歸分析..........................................................................35
4.3.1獲利能力面..............................................................................35
4.3.2公司成長面..............................................................................38
4.3.3公司風險面..............................................................................40
第五章、 總結...............................................................................43
5.1 管理意涵....................................................................................43
5.2 後續研究建議.............................................................................45
第六章、 參考文獻...........................................................................46
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