過去研究營運資金融資政策與企業獲利關係的研究不多，又考慮到權衡理論後仍無法得到與理論相符的結論。然營運資金的管理攸關企業的生存與獲利，本研究根據營運資金融資政策之定義修改過去衡量指標；加上企業營運上的風險通常受許多內在營運特性及外在環境因素有關，因此本研究探討營運資金融資政策對企業長短期績效的影響方向，並以不同現金轉換循環及景氣因素為基礎，進一步了解較積極的營運資金融資政策對企業長短期績效的影響方向。本文以2000至2011年台灣之上市電子產業為研究對象，以縱橫資料迴歸分析進行實證，因電子業公司數量龐大、且上中下游不同流程之產業特性、結構明顯不同，為深入瞭解電子業之營運資金融資政策對績效之影響，本研究將樣本區分上中下游使結果更加精確。實證結果發現，整體而言，營運資金融資政策與股東權益報酬率、淨利率呈顯著負相關、再以不同現金轉換循環及景氣因素後，現金轉換循環越速度越快，營運資金融資政策與資產報酬率呈顯著正相關；景氣越活絡，營運資金融資政策與資產報酬率呈顯著正相關。

There are little research about working capital financing policy and profitability. Even after taking into the trade-off theory can’t be consistent with the theoretical conclusions. In the study, we modify the measure based on the definition of WCFP. And in different cash conversion cycle and the change of the environment, to investigate more aggressive working capital financing policy on performance. The article have used panel data for the period of 2000-2011 to estimate the impact of working capital financing policy on long-term and short-term performance from Taiwanese electronic listed firms. And make sample distinction between the upper, middle and to lower stream of industry. The results show that there are a statistical significant negative relationship between working capital financing policy and return on equity、return on sales for overall. In the view of different cash conversion cycle, the more cash conversion cycle is shorter, the more working capital financing policy is a significant positive correlation with return on assets,; In the view of different environment changed, the more environment is active, the more working capital financing policy is a significant positive correlation with return on assets.

目錄
中文摘要I
圖目錄IV
表目錄V
第壹章 緒論1
第一節 研究背景與動機1
第二節 研究問題與目的2
第三節 研究架構3
第四節 研究流程4
第貳章 文獻探討5
第一節 營運資金融資政策之特性	5
第二節 影響營運資金融資政策之其他因素10
第三節	文獻評述15
第參章 研究方法17
第一節 研究架構與假說17
第二節 變數定義與衡量20
第三節 統計方法與實證模型25
第四節 樣本選取與資料來源29
第肆章 實證結果與分析30
第一節 基本資料分析30
第二節 敘述統計分析31
第三節 相關係數矩陣34
第四節 迴歸分析37
第伍章 研究結論與意涵51
第一節 研究結果51
第二節 管理意涵52
第三節 研究限制與建議53
參考文獻55

圖目錄
圖2-1-1積極的營運資金融資政策7
圖2-1-2保守的營運資金融資政策7
圖3-1-1研究架構17

表目錄
表2-1-1營運資金政策對企業績效之影響10
表3-2-1 變數之定義25
表4-1-1 樣本篩選過程30
表4-1-2 樣本年度分布彙總表31
表4-1-3 本電子業上中下游分布彙總表31
表4-2-1 敘述性統計表32
表4-2-2 積極/保守之營運資金融資政策平均數34
表4-3-1 相關係數矩陣36
表4-4-1 營運資金融資政策與ROA、ROE、ROS之迴歸結果38
表4-4-2 營運資金融資政策與ROA(以報酬高低區分)之迴歸結果40
表4-4-3 營運資金融資政策與ROE(以報酬高低區分)之迴歸結果40
表4-4-4 營運資金融資政策與ROS(以報酬高低區分)之迴歸結果42
表4-4-5 營運資金融資政策與ROA(以現金轉換循環長短區分)之迴歸結果44
表4-4-6 營運資金融資政策與ROE(以現金轉換循環長短區分)之迴歸結果45
表4-4-7 營運資金融資政策與ROS(以現金轉換循環長短區分)之迴歸結果46
表4-4-8 營運資金融資政策與ROA(以景氣好壞區分)之迴歸結果48
表4-4-9 營運資金融資政策與ROE(以景氣好壞區分)之迴歸結果49
表4-4-10營運資金融資政策與ROS(以景氣好壞區分)之迴歸結果50

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