系統識別號 | U0002-0307201708550000 |
---|---|
DOI | 10.6846/TKU.2017.00047 |
論文名稱(中文) | 營運資金管理對公司績效的影響 |
論文名稱(英文) | The Effect of Working Capital Management on Firm Performance |
第三語言論文名稱 | |
校院名稱 | 淡江大學 |
系所名稱(中文) | 管理科學學系企業經營碩士在職專班 |
系所名稱(英文) | Executive Master's Program of Business Administration (EMBA) in Management Sciences |
外國學位學校名稱 | |
外國學位學院名稱 | |
外國學位研究所名稱 | |
學年度 | 105 |
學期 | 2 |
出版年 | 106 |
研究生(中文) | 連文濱 |
研究生(英文) | Wen-Pin Lien |
學號 | 704620193 |
學位類別 | 碩士 |
語言別 | 繁體中文 |
第二語言別 | 英文 |
口試日期 | 2017-06-12 |
論文頁數 | 36頁 |
口試委員 |
指導教授
-
倪衍森(ysniysni@gmail.com)
委員 - 曹銳勤 委員 - 黃寶玉 |
關鍵字(中) |
股權結構 營運資金管理 財務比率 公司價值 |
關鍵字(英) |
Board structure working capital management financial statement variables ratio firm value |
第三語言關鍵字 | |
學科別分類 | |
中文摘要 |
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。 |
英文摘要 |
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. |
第三語言摘要 | |
論文目次 |
目錄 中文摘要 I ABSTRACT Ⅱ 目錄 Ⅲ 圖目錄 V 表目錄 VI 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 5 第三節 研究流程 7 第四節 研究架構 8 第二章 文獻探討 9 第一節 公司績效與價值之相關文獻 9 第二節 與營運資金管理有關的文獻 10 第三節 營運資金管理與公司績效相關的文獻 11 第三章 研究假說與方法 15 第一節 研究資料與變數 15 第二節 研究假說與模型 19 第三節 研究方法 20 第四章 實證結果 23 第一節 敘述統計量分析 23 第二節 多元迴歸模型分析 25 第三節 Petersen 迴歸模型分析 27 第五章 結論與建議 30 第一節 研究結論 30 第二節 管理與財務意涵 31 第三節 研究限制與建議 33 參考文獻 34 圖目錄 圖1.1 研究流程圖 7 表目錄 表4-1 敘述統計量 23 表4-2 共線性VIF檢驗 24 表4-3 多元迴歸模型 25 表4-4 Petersen迴歸模型 27 |
參考文獻 |
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