本文系考量當發生重大金融事件時，企業營運資金管理對財務績效影響之分析探討。研究對象以台灣股票上市之電子產業為主，事件背景為2008年秋天發生的金融海嘯，資料取自於台灣經濟新報資料庫之季報資料進行分析，期間為2005第三季至2010年第三季，研究結果發現重大金融事件的發生對企業營運資金管理於財務績效之關係確實有調節效果，即發生重大金融事件期間時，其營運資金管理較差，使得現金轉換循環的天數較非重大金融事件期間為長，且短期財務績效表現較差。其次，本研究發現當發生重大金融事件時，屬上游者次產業的電子公司，其財務績效均顯著較非上游者為低。本研究發現除延申現有關於營運資金管理相關之文獻外，對電子業之管理階層亦或具有營運上的啟發。 This paper analyzes the effect of major financial events on working capital management to enterprise financial performance. The research object is the electronic industry listed in Taiwan. Under the background of the financial tsunami in the autumn of 2008, the quarterly reports from the third quarter of 2005 to the third quarter of 2010 are adopted from the database of Taiwan Economic Journal for analysis. The results suggest that major financial events do have moderating effect on the relation between enterprise working capital and financial performance, which means when major financial events occur, the working capital management performs poor and the time for cash conversion cycle is longer that that during the period without major financial events. And the short-term financial performance performs poor. Besides, it is also found out that when the major financial events occur, the financial performance of electronics companies in the industries of upper reaches is significant and is poorer than that not in the upper reaches. The study contributes to the literature on working capital management as well as enlightens the management executives in electronic industry as to the operation.
