English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 110658/141571 (78%)
Visitors : 47254824      Online Users : 895
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 企業管理學系 > 學位論文 >  Item 140.119/95041
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/95041


    Title: 國內上市公司營運資金供需對經營績效及融資政策影響之研究
    Authors: 呂, 佳 玲
    Contributors: 廖四郎
    黃思明

    呂 佳 玲
    Keywords: 營運資金
    融資政策
    Date: 2009
    Issue Date: 2016-05-09 14:48:26 (UTC+8)
    Abstract: 由國內外文獻可知 , 營運資金管理之主要研究議題包含信用政策、現金流量之流動性指標、營運資金管理相關變數之產業效果、現金轉換循環、營運資金融資政策等。其中,早期較著重於對企業信用政策及流動性指標的研究,而近期則較著重於對現金轉換循環進行管理之相關研究。過去研究只單獨考量企業營運資金供給面與需求面,本研究結合企業營運資金供給面與需求面,深入剖析同時考量營運資金供給與需求對於公司獲利能力及融資政策的影響。
    本研究以1998年至2007年上市公司為研究對象,依變數以此期間為主,而自變數及相關控制變數,係以落後一期為主,有相關資料始納入本研究之原始樣本。另外,排除金融服務業、營建業、其他產業及樣本公司在研究期間曾經下市者,根據上述的選樣過程,國內於1998年至2007年總計10年間,具有完整資料之上市公司共計264家,總計2640筆資料。樣本共計16個產業,其中資訊電子產業所佔比重最大,共計680筆,佔樣本的25.76%,其次為紡織人纖業,有360筆資料,其餘產業各佔10%以下。
    營運資金需求天數對長短期經營績效皆為負向影響,其中以對Tobin’s Q及ROE的影響較顯著;營運資金需求比率對短期經營績效皆為負向影響,其中以對ROE的影響較顯著;營運資金供給比率對短期經營績效皆為正向影響,且對三項短期經營績效皆非常顯著;營運資金缺口比率對短期經營績效皆為負向影響,且對三項短期經營績效皆非常顯著;營運資金供需比率對ROE的影響呈倒U型之非線性關係,亦即營運資金供需比率愈高對ROE有正向影響,但供需比率過高時,容易造成公司於營運資金管理上的無效率,反而對經營績效有負向影響。而營運資金需求比率、營運資金供給比率及營運資金缺口比率對長期經營績效的影響皆呈先正後負之倒U型非線性關係;營運資金供需比率則對長期經營績效有顯著正向影響。顯示本研究結合企業營運資金供給面與需求面,同時考量營運資金供給與需求對於公司獲利能力的影響,除了有助於提升模式的解釋能力,並且當企業營運資金缺口(淨營運資金需求)愈大時,愈容易發生流動性不足與資金週轉不靈的問題,使得企業經營的風險也相對提高,亦支持本研究假說2的推論。
    營運資金需求天數及營運資金需求比率對短期負債水準有顯著正向影響;營運資金供給比率對長期負債水準呈先正後負之倒U型非線性關係;營運資金缺口比率對總負債水準呈先負後正之正U型非線性關係,而對長期負債水準呈先正後負之倒U型非線性關係;營運資金供需比率對長期負債水準呈先正後負之倒U型非線性關係,而對短期負債水準呈先負後正之正U型非線性關係。
    融資順位理論指出,公司若需要籌措資金以進行新投資計畫,內部資金是投資資金的首要融資來源,倘若內部資金不足,再以債券融資,最後為發行新股(Myers and Majluf,1984)。本研究結合企業營運資金供給面與需求面,同時考量營運資金供給與需求對於公司融資政策的影響,由營運資金缺口比率及營運資金供需比率實證結果可知,支持融資順位理論及本研究假說3的推論。
    Reference: 一、 中英文期刊
    古永嘉、李鑑剛 (1998),「台灣股票市場報酬率之橫斷面與縱斷面混合分析」,輔仁管理評論,5(1),頁77-96。
    余尚武、吳旻謙 (1999),「我國企業財務管理之常見問題與因應對策」,經濟情事暨評論季刊,頁230-249。
    Baskin, J.(1989),“ An Empirical Investigation of the Pecking Order Hypothesis," Financial Management, 18, pp.26-35.
    Berger, P. G., E. Ofek, and D. L. Yermack(1997), “ Managerial Entrenchment and Capital Structure Decisions,”Journal of Finance, 52, pp.1411-1438.
    Besley, S., and J. S. Osteryoung(1985), "Survey of Current Practices in Establishing Trade Credit Limits," Financial Review, pp.70-81.
    Chen, S. S. and K. W. Ho (2000), “Corporate Diversification, Ownership Structure, and Firm Value: The Singapore Evidence,” International Review of Financial Analysis, 9, pp. 315-326.
    Churchill, N. C. and J. W. Mullins(2002),“How Fast Can Your Company Afford To Grow?”Harvard Business Review, May, pp.135-143.
    De Jong, A., and C. Veld, 2001, “ An Empirical Analysis of Incremental Capital Structure Decisions Under Managerial Entrenchment”, Journal of Banking and Finance 25, 1957-1895.
    Deloof, M.(2003), " Does Working Capital Management Affect Profitability of Beligian Firms?" Journal of Business Finance & Accounting, 30, 8, pp.573-587
    Eduardo, M. and Seay, S.(2002),"Teaching Short Term Financial Management : A Classroom Exercise Linking Working Capital Management Efficiency to Firm Profitability," Journal of Accounting an Finance Research , 10, 2, pp.60-65
    Elijelly, M. A.(2004)," Liquidity-Profitability Tradeoff: An Empirical Investment in An Emerging Areas,"International Journal of Commerce & Management, 14, 2, pp.48-61 .
    Emery, G. W.(1984)," Measuring Short-Term Liquidity," Journal of Cash Management, 4, 4, pp.25-32 .
    Fama, E. F. and K. R. French(2002),“ Testing Trade-off and Pecking Roder Predictions about Dividends and Debt,”The Review of Financial Studies, 15, pp. 1-33.
    Filbeck, G. and Krueger, T. M.(2005),"An Analysis of Working Capital Management Results Across Industries,"Mid-American Journal of Business, 20, 2, pp.11-18.
    Gitman, L. J.(1985)," Financial Activities of Major U.S. Firms: Survey and Analysis of Fortune`s 1000," Financial Management, pp.57-65.
    Gitman, L. J., E. A. Moses and I.T. White(1979), "An Assessment of Corporate Cash Management Practices, "Financial Management, pp.32-41.
    Hair, R. B., Anderson, R. E., Tatham, R. L. and Black, W. C., 1995, Multivariate Data Analysis with Readings, NY:Macmillan.
    Hawawini, G., C. Viallet and A. Vora(1996)," Industry Influence on Corporate Working Capital Decision,"Sloan Management Review, 27, 4, pp. 15-24 .
    Hess, D. W.(1987)," Relevance of Small Business Courses to Management Needs," Journal of Small Business Management, pp.26-34, .
    Hill, N., R. Wood and D. Sorenson(1981)," Factors Influencing Corporate Credit Policy: A Survey, "Journal of Cash Management, 1, 2 .
    Hovakimian, A., T. Opler and S. Titman(2001), “ The Debt- Equity Choice,” Journal of Financial and Quantitative Analysis, 36, pp.1-24.
    Kargar, J. and A. B. Rober(1994),"Leverage Impact on Working Capital in Small Business," TMA Journal, Novermber/December, pp.46-53.
    Khanna, T. and K. Palepu (2000),“Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups,”Journal of Finance, 55, pp. 867-891.
    Lancaster, C.(1998), "Corporate Liquidity and The Significance of Earnings Versus Cash Flow, " Journal of Applied Business Research, 14, 4, pp. 27-38.
    Lancaster, C.(1998), "Corporate Returns and Cash Conversion Cycles," Journal of Economics and Finance, 20, 1, pp. 35-48.
    Lazaridis, I. and T. Dimitrios(2006), "Relationship Between Working Capital Management and Profitability on Listed Companies In The Athens Stock Exchange," Journal of Financial Management and Analysis, 19, 1,pp. 26-35.
    Myers, S. C. and N. S. Majluf, 1984, “Corporate Financing and Investment Decision when Firms have Information that Investors do not have,” Journal of Financial Economics, 13, 187-221.
    Michael, J. P., and W. Nicholas(1996), "Working Capital and Financial Management Practices in the Small Firm Sector," Journal of International Small Business , 14, pp. 52-68.
    MacKie-Mason, J. K., 1990, “ Do Taxes Affect Corporate Financing Decisions?”, The Journal of Finance 45, pp.1471-1493.
    Shin, H.H. and L.A. Soenen, (1998), "Efficiency of Working Capital Management and Corporate Profitability," Financial Practice and Education, 8, 2, pp.37-45 .
    Shin, H.H. and L.A. Soenen(2000), " Liquidity Management or Profitability – Is There Room for Both?" AFP Excahnge, 20, 2, pp. 46-49.
    Shulman, J. M.(1985), "An Integrative Approach to Working Capital Management, " Journal of Cash Management, pp. 64- 68 .
    Shulman, J. M.(1986), "Analyzing Corporate Solvency," Journal of Cash Management, pp. 35-39 .
    Soenen, L.A.(1993), "Cash Conversion Cycle and Corporate Profitability," Journal of Cash Management, 13, 4, pp.53-57.
    Titman, S. and R. Wessels(1988), “ The Determinants of Capital Structure Choice,”Journal of Finance , 43,pp. 1-19.
    Wilkinson, B. R., S. F. Cahan, and G. Jones, 2001, “ Strategies and Dividend Imputation: The Effect of Foreign and Domestic Ownership on Average Effective Tax Rates,”Journal of International Accounting, Auditing & Taxation, 10(2), 157-175.
    二、其他
    吳依純 (2003),景氣變動下企業營運資金管理政策與財務績效之研究,中國文化大學國際企業管理研究所碩士論文。
    吳涵雯(2002),景氣變動對營運資金管理之影響與相關議題之研究,國立成功大學會計系博士論文。
    呂豫文 (1992),營運資金融資政策之實證研究,淡江大學管理科學研究所碩士論文。
    林炯垚 (1998),財務管理─理論與實際,修訂版,新陸書局。
    邱紋星 (1992),上市公司現金流量及其財務特性分析之研究,淡江大學管理科學研究所碩士論文。
    施雅惠 (1992),製造業營運資金管理之研究,國立政治大學企業管理研究所碩士論文。
    柯光庭(2004),從營運資金模式探討銀行短期授信風險—以系統動力學方法,國立中山大學財務管理學系研究所碩士論文。
    莊淨琳(1991),國內企業歷年之淨營運資金投資與流動性資產最適水準之研究,國立中山大學財務金融研究所碩士論文。
    莊朝發(1990),企業存貨週轉率與應收帳款週轉率影響因素之探討以國內上市公司為例,國立中興大學企業管理研究所碩士論文。
    陳明志 (1999),傳統產業與高科技產業之營運資金管理與績效關係之比較研究,政治大學企業管理研究所碩士論文。
    陳隆麒(2004),當代財務管理,二版,華泰書局。
    陳緯恬(2006),從營運資金管理效率探討公司獲利情形,國立彰化師範大學商業教育學系碩士論文。
    黃小雲(2001),我國企業營運資金管理相關議題之實證研究—產業效果、流動性及短期融資之探討,國立成功大學會計系碩士論文。
    黃志成 (1990),流動資產與負債結構之決策研究,淡江大學管理科學研究所碩士論文。
    黃俊堯 (1996 ),上市公司融資順位型態與經營績效關係之研究,國立政治大學企業管理研究所碩士論文。
    詹慶忠 (1993),製造業營運資金管理之研究,淡江大學管理科學研究所碩士論文。
    劉思言 (1999),台灣股票上市公司營運資金管理相關議題之實證研究─產業效果分析與受東南亞金融風暴影響之探討,國立中央大學企業管理研究所碩士論文。
    蕭敦鴻 (1983),股票上市公司短期融資之研究,國立政治大學企業管理研究所碩士論文。
    薛伊町 (1990),資訊電子業營運資金管理之研究,國立政治大學企業管理研究所碩士論文。
    Description: 博士
    國立政治大學
    企業管理學系
    92355509
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0923555091
    Data Type: thesis
    Appears in Collections:[企業管理學系] 學位論文

    Files in This Item:

    There are no files associated with this item.



    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback