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.

目錄
中文摘要	II
英文摘要	III
表目錄	V
圖目錄	VI
第壹章 緒論	1
第一節 研究背景	1
第二節 研究目的	2
第三節 研究流程	3
第貳章 文獻探討	4
第一節 營運資金管理概述	4
第二節 公司治理概述	9
第三節 營運資金管理對企業價值的影響	13
第四節 公司治理與企業價值之關係	21
第五節 文獻評述	23
第參章 研究設計	25
第一節 研究架構	25
第二節 研究假說	26
第三節 研究方法	27
第四節 實證模型	29
第五節 研究樣本	33
第肆章 實證結果分析	35
第一節 敘述統計與相關分析	35
第二節 迴歸分析結果	38
第伍章 研究結論與管理意涵	46
第一節 研究結論	46
第二節 管理意涵	48
第三節 研究限制	49
參考文獻	50
附錄一	58
 
表目錄
表2-1-1 營運資金管理決定因素之文獻彙總	7
表2-2-1 亞洲公司治理評等表	12
表2-3-1 營運資金管理與企業績效文獻彙總	18
表3-4-1 變數之操作性定義	32
表3-5-1 樣本篩選彙總表	34
表3-5-2 產業期間分配表	34
表4-1-1 敘述性統計表	36
表4-1-2 相關係數分析表	38
表4-2-1 現金轉換循環與企業價值之迴歸結果	40
表4-2-2 現金轉換循環與企業價值之迴歸結果	42
表4-2-3 現金轉換循環、股權偏離差與企業價值之迴歸結果	44
表4-2-4 現金轉換循環與ROA、ROE、ROS之迴歸結果	45

圖目錄
圖1-1 本研究流程圖	3
圖3-1 本研究架構圖	26

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網路文獻
1.社團法人中華公司治理協會，引用自http://www.cga.org.tw/default.aspx。
2.周慧瑜，工程財務管理，引用自http://www.cyut.edu.tw/~ce/department/department/hwaiuj/3436-03.pdf。
3.郭恭克，現金轉換循環，引用自http://tigercsia3.pixnet.net/blog/post/6822775。