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系統識別號 U0026-0805201518015600
論文名稱(中文) 現金轉換循環對企業未來的績效及企業價值之影響-以台灣上市企業為例
論文名稱(英文) Cash Conversion Cycle, Firm Performance and Stock Value Evidence from Taiwan Listed Companies
校院名稱 成功大學
系所名稱(中) 財務金融研究所碩士在職專班
系所名稱(英) Graduate Institute of Finance (on the job class)
學年度 103
學期 2
出版年 104
研究生(中文) 熊庠平
研究生(英文) Shyang-Ping Hsiung
學號 R87011469
學位類別 碩士
語文別 中文
論文頁數 33頁
口試委員 指導教授-陳政芳
口試委員-楊朝旭
口試委員-黃炳勳
口試委員-許永聲
中文關鍵字 營運資金效率  企業價值  營運資金管理。 
英文關鍵字 working capital efficiency  firm value  working capital management 
學科別分類
中文摘要 本研究探討營運資金效率改善對企業未來績效與企業價值的影響。本文以8,707家台灣上市企業作為測試樣本,發現提高營運資金效率的確有助於提升企業未來的績效表現,但其效果並未達統計顯著性。其次,本文發現當企業營運資金效率改善後,會顯著提升企業的市場價值,顯示市場較早反應企業營運資金效率的改善。最後,本研究發現對於財務槓桿程度較高的企業而言,並不會因其本身財務上受限,而使得營運資金效率提升所產生的效果更佳。本文實證結果可提供實務界作為營運資金管理之參考。
英文摘要 This study investigates the impact of working capital efficiency on firm performance and firm value. By sampling 8,707 publicly listed firms in Taiwan, it is found that although the efficiency of a firm’s working capital management has positive impact on firm performance; its influence fails to reach the statistically significant level. Secondly, it is also found that the improvement of the working capital efficiency will significantly enhance the value of the firm, suggesting that the market responds to the improvement of working capital efficiency earlier. Finally, this study does not reveal that the impact of working capital efficiency on firm’s value is more profound for the firms having limited debt capacity. The results provide some implications for the working capital management of firms.
論文目次 目錄
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 2
第三節 研究流程 3
第四節 研究架構 4
第二章 文獻探討 5
第一節 相關文獻 5
第二節 假說發展 6
第三章 發展研究方法 8
第一節 如何衡量營運資金效率 8
第二節 研究模型設計與變數說明 9
第三節 資料來源與樣本選取 15
第四章 實證結果分析 16
第一節 敘述性統計 16
第二節 假設驗證 20
第五章 結論與建議 26
第一節 結論 26
第二節 限制與建議 28
參考文獻 30
附錄一:變數定義 32
參考文獻 一、中文文獻
周行一(2001),有效管理你的營運資金,世界經理文摘,p184,pp.128-133。
謝劍平(1998),經理人財務錦囊,台北:智勝文化事業有限公司。
二、英文文獻
Blumenthal, R.A. and J. Kargar (1994), “Leverage impact on working capital in small
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Daniel, K.D., and S. Titman (1997), “Evidence on the Characteristics of Cross-Sectional
Variation in Common Stock Returns”, Journal of Finance, 52, pp.1-33.
Deloof, M.(2003), “Does Working Capital Management Affect Profitability of Belgian
Firms?”, Journal of Business Finance & Accounting, Apr2003, Vol. 30 Issue 3/4,
pp.573-587.
Fama, Eugene F., and Kenneth R. French (1993), “Common risk factors in the returns on stocks and bonds”, Journal of Financial Economics 33,pp.3-56.
Fama, Eugene F., and Kenneth R. French (1996), “Multifactor explanations of asset pricing
anomalies” ,Journal of Finance 51,pp.55-84.
Faulkender, M. and R. Wang, “Corporate Financial Policy and the Value of Cash”,Journal of Finance, Aug 2006, Vol. 61 Issue 4, pp.1957-1990.
Filbeck, G., T. M. Krueger and Preece, D. (2007), “CFO Magazine’ Working Capital
Survey: Do Selected Firms Work for Shareholders?” ,Quarterly Journal of Business & Economics, Vol. 46, No 2, pp.5-22.
Grinblatt, M. and T.J. Moskowitz (2004), “Predicting stock price movements from past
returns: the role of consistency and tax-loss selling” ,Journal of Financial Economics Vol. 71, Issue 3.
Greg, Filbeck and Thomas M. Krueger (2005),“An Analysis of Working Capital Management Results across Industries”,Mid-American Journal of Business, 20(2),pp.11-18.
Garcia-teruel, Pedro Juan and Pedro Martinez-solano (2007),“ Effects of Working Capital Management on SME Profitability”,International Journal of Managerial Finance, 3,pp.164-177.
Kaplan, S.N. and Luigi Zingales (1997), “Do Investment-Cash Flow Sensitivities Provide
Useful Measures of Financing Constraints?” ,Quarterly Journal of Economics , Vol. 112, No.1, pp.169-215.
Lancaster, C., J. Stevens and J. Jennings (1998), “Corporate liquidity and the significance
of earnings versus cash flow” ,Journal of Applied Business Research, Vol. 14,No.4.
Lazaridis, Ioannis and Dimitrios Tryofonidis (2006),“ Relationship between Working Capital Management and Profitability of Listed Companies in the Athens Stock Exchange”,Journal of Financial Management and Analysis, 19(1),pp.26-35.
Luo ,Meg Mi ,Johnny Jiung-Yee Lee and Yuhchang Hwang (2008), “Cash Conversion Cycle, Firm Performance and Stock Value” ,Current Draft: December, 2008,pp.1-27.
Rajan, R.G. and M.A. Peterson (1997), “Trade credit: theories and evidence”, The Review
of Financial Studies, Vol. 10, No. 3, pp. 661-691.
Smith,K.V. (1980),“Profitability Versus Liquidity Trade-offs in Working Capital Management”,Management of Working Capital[M]. St Paul: West Publishing Company , pp.549- 562.
Soenen, L.A. (1993), “Cash Conversion Cycle and Corporate Profitability” ,Journal of
Cash Management, 13,4, pp53-57.
Shin, H.H. and L.A., Soenen (1998), “Efficiency of Working Capital Management and
Corporate Profitability” ,Financial Practice & Education Vol. 8 Issue 2, pp.37-45.
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