進階搜尋


下載電子全文  
系統識別號 U0026-2505201817525500
論文名稱(中文) 營運資金及現金持有對公司獲利之影響-以台灣中小企業為例
論文名稱(英文) Working Capital, Cash Holdings, and Corporate Profitability – Evidence from SMEs in Taiwan
校院名稱 成功大學
系所名稱(中) 經營管理碩士學位學程(AMBA)
系所名稱(英) Advanced Master of Business Administration (AMBA)
學年度 106
學期 2
出版年 107
研究生(中文) 陳冠銘
研究生(英文) Kuan-Ming Chen
學號 rd6054034
學位類別 碩士
語文別 中文
論文頁數 32頁
口試委員 指導教授-林軒竹
口試委員-謝喻婷
口試委員-梁少懷
中文關鍵字 營運資金管理  現金持有水準  公司獲利  中小企業 
英文關鍵字 Working Capital Management  Cash Holdings  Profitability  SMEs 
學科別分類
中文摘要 營運資金的管理是公司理財中很重要的角色,尤其是對中小企業來說更為重要,財務主管常常花費很多時間在處理營運資金的管控,但有關營運資金的研究在台灣卻比較少人探討,因此本研究主要針對台灣中小企業的營運資金管理來進行實證研究,第一部份研究發現營運資金會與公司的獲利會呈現一個與過去研究不同的非線性關係(正U型),整體來說維持較低的營運資金對中小企業獲利較佳,而正U型的關係也就代表台灣的中小企業並不存在著最適反而是最不適的營運資金水準。

本研究第二部分有別於之前營運資金管理的文獻大多聚焦於現金轉換循環(CCC)或淨交易週期(NTC),我們另外加入現金持有水準與公司獲利的探討,實證發現中小企業的現金持有水準也會與公司的獲利呈現一個非線性的關係(倒U型),整體來說持有較多的現金對中小企業的獲利表現是較佳的,而且因為呈現倒U型的關係,我們可以進一步推得一個最適的現金持有水準。

最後為了更完整的了解營運資金管理,我們將現金持有加入營運資金的部份一起探討,實證發現現金持有及營運資金之間會有交互作用的效果產生,而此效果會影響各變數之間的變化。總結本研究結果,我們建議台灣的中小企業可視自身財務狀況來減少公司的營運資金且同時要增加現金持有的水準,藉由這樣管理營運資金可以增加公司的獲利,以達到極大化公司股東財富的目的。
英文摘要 Working capital management plays an important role in corporate finance, especially for small and medium-sized enterprises (SMEs). But the research about SMEs’ working capital management is comparably rare in Taiwan. This study investigates the relationship among working capital, cash holdings, and profitability. In the first part, unlike previous finding, we find out there is a different non-linear relationship (U shaped) between working capital and profitability in Taiwan’s SMEs, so, this suggests that instead of best working capital rate, there is a worst working capital rate for Taiwan’s SMEs. Overall, working capital has a negative effect on firms’ profitability. In the second part, cash holding level has been ignored in recent working capital studies like Cash Conversion Cycle (CCC) or Net Trading Cycle (NTC), but cash do affect firm’s profitability. Thus, we add cash holding level to our discussion, and also find a non-linear relationship (inverted-U shaped) between cash holding level and profitability, the inverted-U shaped relationship suggests that there has an optimal cash holding level. Overall, cash has a positive effect on profitability. In the last part, we further examine the interaction term between working capital and cash holding level, we find it do affect the relationship among working capital, cash holdings, and profitability. To sum up, this study suggest Taiwan’s SMEs should increase their cash holding level while decreasing their working capital, and by doing that, we can increase the profitability of the firm and maximize shareholder’s wealth.
論文目次 中文摘要.......................................i
Abstract......................................ii
誌謝............................................vi
目錄.............................................I
表目錄.........................................II
圖目錄........................................III
第一章 緒論..................................1
第一節 研究背景...........................1
第二節 研究動機與目的.................2
第三節 研究架構...........................3
第二章 文獻探討...........................4
第一節 營運資金管理....................4
第二節 現金持有...........................7
第三章 研究方法..........................11
第一節 樣本來源..........................11
第二節 變數定義..........................12
第三節 統計分析方法...................13
第四章 實證結果..........................17
第一節 敘述統計量.......................17
第二節 Pearson相關係數分析.......20
第三節 分析結果..........................21
第五章 結論與建議.......................27
第一節 結論與貢獻.......................27
第二節 研究限制與未來建議..........28
參考文獻.....................................30
參考文獻 中文文獻

江怡慧、林宛儒(2010)。營運資金管理政策對績效的影響-以台灣電子五強
為例。東亞論壇季刊,486,89-101。
蘇玄啟、羅仙法、施懿宸、李汶育(2016)。台灣上市公司的現金持有、現金
持有價值與公司生命週期:預防性動機假說之驗證。臺大管理論叢,26 (2),173-
210。
黃雅祺(2016)。營運資金管理是否提升公司價值?台灣上市公司之實證研
究(未出版之碩士論文)。國立臺灣大學財務金融學研究所。台北市。
葉政鑫(2009)。企業營運資金管理策略對經營績效影響(未出版之碩士論
文)。國立政治大學企業管理研究所。台北市。

英文文獻

Almeida, H., Campello, M.,Weisbach, M.S. (2004). The cash flow sensitivity of
cash. The Journal of Finance, 59 (4), 1777–1804.
Audretsch, D. B., Elston, J. A. (1997). Financing the German mittelstand. Small
Business Economics, 9, 97–110.
Bates, T.W., Kahle, K.M., Stulz, R.M. (2009). Why do us firms hold so much more
cash than they used to? The Journal of Finance, 64 (5), 1985–2021.
Baños-Caballero, S.,García-Teruel,P.J.,Martínez-Solano,P. (2014).Working capital
management, corporate performance, and financial constraints. Journal of
Business Research, 67 (3), 332–338.
Blinder, A.S., Maccini, L.J. (1991). The resurgence of inventories research: what
have we learned? Journal of Economic Surveys, 5 (4), 291–328.
Deloof, M., Jegers, M. (1996). Trade credit, product quality, and intragroup trade:
some European evidence. Financial Management, 33–43.
Deloof, M. (2003). Does working capital management affect profitability of Belgian
firms? Journal of Business Finance & Accounting, 30 (3–4), 573–588.
Dong, H.P., Su, J.T. (2010). The relationship between working capital management
and profitability: a Vietnam case. International Research Journal of Finance and Economics, 49 (49), 62–71.
Dunn, P., Cheatham, L. (1993). Fundamentals of small business financial
management for start up, survival, growth, and changing economic circumstances. Finance, 19 (8), 1–13.
Fama, E.F. (1980). Agency problems and the theory of the firm. Journal of Political
Economy, 88 (2), 288–307.
Fazzari, S. M., Petersen, B. (1993). Working capital and fixed investment: New
evidence on financing constraints. Rand Journal of Economics, 24, 328–342.
García-Teruel, P.J., Martínez-Solano, P. (2007). Effects of working capital
management on SME profitability. International Journal of Managerial Finance, 3 (2), 164–177.
García-Teruel, P.J., Martínez-Solano, P., Baños-Caballero, S. (2012). How does
working capital management affect the profitability of Spanish SMEs. Small Business Economics, 39, 517–529.
Gitman, L.J. (1974). Corporate liquidity requirements: a simplified approach. The
Financial Review, 9, 79–88.
Grablowsky, B. J. (1984). Financial management of inventory. Journal of Small
Business Management, 22, 59–65.
Han, S., Qiu, J. (2007). Corporate precautionary cash holdings. Journal of Corporate
Finance, 13 (1), 43–57.
Irvine, P.J., Pontiff, J. (2009). Idiosyncratic return volatility, cash flows, and product
market competition. The Review of Financial Study, 22 (3), 1149–1177.
Jensen, M.C. (1986). Agency costs of free cash flow, corporate finance, and
takeovers. American Economic Review, 76 (2), 323–329.
Jensen, M.C. (1989). Eclipse of the public corporation. Harvard Business Review,
67 (5), 61–74.
Jose, M.L., Lancaster, C., Stevens, J.L., (1996). Corporate returns and cash
conversion cycles. Journal of Economics and Finance, 20 (1), 33–46.
Kargar, J., Blumenthal, R. A., (1994). Leverage impact on working capital in
small business. TMA Journal, 14, 46–53.
Keynes, J.M. (1934). The applied Theory of Money, vol. 2. Macmillan and Co.
Kim, C.S., Mauer, D.C., Sherman, A.E. (1998). The determinants of corporate
liquidity: theory and evidence. The Journal of Financial Quantitative Analysis, 33 (3), 335–359.
Kim, C.H., Bettis, R.A. (2014). Cash is surprisingly valuable as a strategic asset.
Strategic Management Journal, 35 (13), 2053–2063
Long, M.S., Malitz, I.B., Ravid, S.A. (1993). Trade credit, quality guarantees, and
product marketability. Financial Management, 22 (4), 117–127
Mun, S.G., Jang S. (2015). Working capital, cash holding, and profitability of
restaurant firms. International Journal of Hospitality Management, 48, 1–11
Opler, T., Pinkowitz, L., Stulz, R., Williamson, R. (1999). The determinants and
implications of corporate cash holdings. Journal of Financial Economics, 52 (1), 3–46.
Peel, M., Wilson, N. (1996). Working capital and financial management practices
in the small firm sector. International Small Business Journal, 14, 52–68
Peel, M. J., Wilson, N., Howorth, C. (2000). Late payment and credit management in the small firm sector: Some empirical evidence. International Small Business Journal, 18, 17–37.
Petersen, M., Rajan, R. (1997). Trade credit: Theories and evidence. Review of
Financial Studies, 10, 661–691
Scholtens, B. (1999). Analytical issues in external financing alternatives for SBEs.
Small Business Economics, 12, 137–148.
Shin, H.H., Soenen, L. (1998). Efficiency of working capital management and
corpo-rate profitability. Finance Practice and Education, 8, 37–45.
Smith, K. (1980). Profitability versus liquidity tradeoffs in working capital
management. In K. V. Smith (Ed.), Readings on the management of working capital (pp.549–562). St Paul, MN: West Publishing Company.
Tan J., Peng M.W. (2003). Organizational slack and firm performance during
economic transitions: two studies from an emerging economy. Strategic Management Journal, 24 (13), 1249–1263.
Wang, Y.J. (2002). Liquidity management, operating performance, and corporate
value: evidence from Japan and Taiwan. Journal of Multinational Finance Management, 12 (2), 159–169.
Walker, D. (1989). Financing the small firm. Small Business Economics, 1, 285–296.
Whited, T. M. (1992). Debt, liquidity constraints, and corporate investment: Evidence from panel data. Journal of Finance, 47, 1425–1460.
論文全文使用權限
  • 同意授權校內瀏覽/列印電子全文服務,於2018-09-05起公開。
  • 同意授權校外瀏覽/列印電子全文服務,於2018-09-05起公開。


  • 如您有疑問,請聯絡圖書館
    聯絡電話:(06)2757575#65773
    聯絡E-mail:etds@email.ncku.edu.tw