本研究樣本為2009至2015年台灣證交所上市公司，本研究欲探討營運資金的管理對公司績效是否會有顯著的影響，應變數為公司績效與價值變數。而就自變數方面而言，主要探討與營運資金有關的變數，除此之外，亦納入股權結構變數、公司財報變數以及一些控制變數的資料。本研究從實證結果得到以下發現：其一、在現金控管面方面除稅前息前盈餘對公司績效影響較顯著外，流動比率有些許之負向顯著影響。顯示有效之營運資金管理直接影響公司獲利，並顯示在公司經營績效上面。其二、 董監事持股、經理人持股具正向顯著關係，較能控制掌握公司之政策，對公司政策較能積極落實並加強有效之管理。 其三、董事會規模及董監事質押比率呈現負向顯著關係，顯示董事會規模越大及董監質押比越高，將因董監無心公司營運及意見不一致而影響公司之決策。 This study investigates whether firm performance variables including ROE, ROA, and firm would be affected by the variables closely related working capital management after incorporating board structure, financial statements, and other controlling variables, and derives the following important findings as follows. First, this study reveals that EBIT is significantly related with firm performance, but current ratio is somewhat negatively related with firm performance, indicating higher current ratio might not be regarded as better working capital management due to that idle current assets might not enhance firm performance. Second, the firms with higher directors’ holding ratio and mangers’ holding ratio would have positive impacts on firm performance, indicating that these firms are inclined to have effective business management including wording capital management. Third, the higher board size and directors’ pledge ratio regarded as inferior corporate governance would not have better firm performance.
