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    題名: 公司治理對營運資金管理與企業價值關係之調節作用
    其他題名: Relationship between working capital management and firm's value : corporate governance as moderating variable
    作者: 吳米琪;Wu, Mi-chi
    貢獻者: 淡江大學會計學系碩士班
    張寶光;Chang, Bao-guang
    關鍵詞: 公司治理;營運資金管理;現金轉換循環;corporate governance;Working Capital Management;cash conversion cycle;Tobin's Q
    日期: 2013
    上傳時間: 2014-01-23 14:06:16 (UTC+8)
    摘要: 本文探討公司治理對營運資金管理與企業價值關係之調節作用。本研究以2000年至2011年台灣354家上市電子業為研究對象,共3,065筆觀察值。本研究採用縱橫資料(Panel data)模型探討三者之關聯性。實證結果顯示,對整體而言,現金轉換循環與企業價值為負相關但不顯著,此可能是當企業價值若存在股價因素時,其現金轉換循環與企業價值之連結性會顯得較為薄弱。唯有在前10%之現金轉換循環與規模前50%的大企業,其現金轉換循環與企業價值呈顯著負相關,亦即說明當企業體質較健全時,營運資金管理效率愈好將對企業價值有顯著影響。此外,本文實證顯示股份盈餘偏離度對營運資金管理與企業價值之關係之調節效果呈負相關,其與預期方向一致,但未達統計顯著水準,因此,公司治理之調節效果是有限的。
    The study examines the impact of corporate governance on its working capital management and firm''s value. Using a sample of 352 listed electronic industry in Taiwan from 2000 to 2011 with 3,065 observations, the paper uses the Panel data model to examine the relationship between the three factors above. The empirical results show that on the whole, cash conversion cycle is negatively correlated to the Tobin''s Q, but this is not significant. Only the top 10% CCC and the top 50% SIZE have a significant negative correlation to the Tobin''s Q. This shows that when the company is in good financial health, more efficient working capital management will have a greater impact on the firm’s value. Furthermore, corporate governance has some impact on the negative correlation between working capital management and firm''s value, but this is not significant. Hence, Corporate Governance has limited impact on the relationship between working capital management and firm''s value.
    顯示於類別:[會計學系暨研究所] 學位論文

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