本研究探討屬與非屬集團之企業其營運資金管理對公司財務績效之影響。以國內上市公司做為樣本，本研究採用台灣經濟新報資料庫之界定方式，將樣本公司分為屬集團者與非屬集團者，研究期間從2002年起至2011年止共10年。主要實證發現有三，首先，相較於非集團之企業，屬集團企業之營運資金管理績效與長短期財務績效均呈現兩極化發展。其次，營運資金管理對財務績效之影響受到企業是否屬於集團之調節，其調節效果於財務績效較極端之樣本最為顯著。最後，無論樣本是否屬於電子或非電子業，其實證結果均甚為類似。本研究結果除可供企業管理當局做為是否朝向集團化運作之決策參酌外，亦對現有集團企業績效管理之文獻做了延伸。 The study analyzed the effect of working capital management on financial performance respectively in enterprises affiliated or not affiliated to groups. With listed enterprises in Taiwan as the sample, the study defines the sample enterprises into the ones affiliated to groups and the ones not affiliated to groups according to the database of Taiwan Economic Journal. The ten years research period ranges from 2002 to 2011. Three empirical results are found out as follows. First, compared with enterprises not affiliated to groups, the working capital management performance and long-term and short-term financial performance of group enterprises suggest a polarized development. Second, the effect of working capital management on financial performance is adjusted according to enterprises affiliated or not affiliated to groups, and the extreme sample of its moderating effect on financial performance is the most prominent. Finally, whether the sample belongs to electronic or non-electronic categories, their empirical results are similar. The results can not only give references for enterprise administrative authorities in making decisions on group operation but also make contributions to the literature on group enterprise performance management.