本文係採用我國航運業公司之對營運資金動性及財務績效之影響進行實證與分析。資料庫係採用1997-2010年間自公開資訊觀測站及經濟新報所截取之資料進行分析。發現散裝與貨櫃不同的商業模式對航運業公司財務績效之影響、散裝與貨櫃不同的商業模式對航運業公司營運資金流動性的影響均甚為顯著。散裝與貨櫃不同的商業模式對航運業公司經由營運資金流動性而對財務績效的間接影響甚為微弱，在四種企業財務績效中，只有股東權益報酬率的迴歸結果有發現到顯著的間接效果，至於其他三種財務績效指標均無此現象。 景氣循環變數對散裝與貨櫃不同的商業模式與航運業公司財務績效關係之調節效果方面僅在非谷底與非谷峰期間，其商業模式對長短期財務績效方具顯著之影響。 This paper adopt the aviation company in Taiwan to clarify and research the working capital liquidity and financial performance index. The data base from the MOPS and TEJ from 1997 to 2010. We found that the working capital liquidity effect is obviously between two business model of liner and tramp. The indirect effect by working capital liquidity is weak. Among four financial performance index only the ROE appear the indirect effect obviously, as for the others are not. The adjust effect of business cycle of financial performance index only present between the bottom and peak not matter long-term or short-term represent its obviously.
