所有權結構與政治連結對中國上市公司營運資金管理之影響

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姓名

王姵心(Pei-Shin Wang) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

所有權結構與政治連結對中國上市公司營運資金管理之影響
(The influences of ownership structure and political connection on the working capital management for Chinese listed firms)

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本電子論文使用權限為同意立即開放。
已達開放權限電子全文僅授權使用者為學術研究之目的，進行個人非營利性質之檢索、閱讀、列印。
請遵守中華民國著作權法之相關規定，切勿任意重製、散佈、改作、轉貼、播送，以免觸法。

摘要(中)

本文為了解中國各所有權結構與政治連結對公司營運資金管理之影響，使用自2008年到2014年10,635個中國上市公司作為研究對象，利用現金轉換循環(CCC)作為主要應變數，將政治連結作為控制變數。實證研究採迴歸模型進行分析。可以發現國有企業之營運資金管理具有效率；政治連結對於家族企業以及國外法人之營運資金管理具有顯著影響，若此二企業具有政治連結，其營運資金管理效率就較差；然而發現國內法人本身的營運資金管理效率較其他所有權差，即使建立政治連結後，對企業並無顯著影響或改變。

摘要(英)

This study investigates the effects of political connection on the working capital management in Chinese listed firms that separated from four types of ownership structures. The sample consists of 10,635 observations in China for the period from 2008 to 2014. Ordinary Least Squares analysis is used to analyze the influence of political connection on cash conversion cycle (CCC) that evaluates the efficiency of working capital in firms with different ownership structures. The empirical results indicate that SOEs have significantly negative effect on CCC, and family firms and foreign firms have significantly positive effect on CCC. These results show that family firms and foreign firms manage their working capital inefficient when they build political connection. Domestic firms have positive effect on CCC and it implies that these firms have inefficient working capital management. Even if they build the political connection, the working capital management may not be improved efficiently.

關鍵字(中)

★ 政治連結
★ 所有權結構
★ 營運資金管理
★ 現金轉換循環

關鍵字(英)

★ Political conncetion
★ Ownership structure
★ Working capital management
★ Cash conversion cycle

論文目次

中文摘要 -------------------------------------------------------------------------------- i
英文摘要 -------------------------------------------------------------------------------- ii
目錄 -------------------------------------------------------------------------------------- iii
表目錄 ----------------------------------------------------------------------------------- v
一、緒論 -------------------------------------------------------------------------------- 1
1-1研究動機與目的 ------------------------------------------------------------- 1
1-2研究架構 ---------------------------------------------------------------------- 2
二、文獻探討與假說建立 ----------------------------------------------------------- 3
2-1中國企業營運資金之運用 ------------------------------------------------- 3
2-1-1中國企業持有營運資金之水準 ----------------------------------- 4
2-1-2中國國有企業之營運資金管理 ----------------------------------- 5
2-2中國政治連結與非國有企業營運資金之影響-------------------------- 6
2-2-1中國政治連結對家族企業營運資金之影響 -------------------- 7
2-2-2中國政治連結對國外法人營運資金之影響 -------------------- 7
2-2-3中國政治連結對國內法人營運資金之影響 -------------------- 8
三、研究方法 ------------------------------------------------------------------------- 10
3-1資料來源與樣本篩選 ------------------------------------------------------ 10
3-2變數衡量 --------------------------------------------------------------------- 10
3-2-1應變數衡量------------------------------------------------------------ 10
3-2-2自變數衡量------------------------------------------------------------ 11
3-2-3控制變數衡量--------------------------------------------------------- 12
3-2-4研究模型--------------------------------------------------------------- 13
四、實證結果 ------------------------------------------------------------------------- 15
4-1基本敘述性統計分析 ------------------------------------------------------ 15
4-2多變量分析結果------------------------------------------------------------- 20
4-2-1國有企業之營運資金管理----------------------------------------- 20
4-2-2中國政治連結對家族企業營運資金之影響-------------------- 22
4-2-3中國政治連結對國外法人營運資金之影響-------------------- 24
4-2-4中國政治連結對國內法人營運資金之影響-------------------- 26
4-3穩健性測試 ----------------------------------------------------------------- 28
五、結論 ------------------------------------------------------------------------------ 30
5-1研究結論 -------------------------------------------------------------------- 30
5-2研究限制與建議 ----------------------------------------------------------- 30
六、參考文獻 ------------------------------------------------------------------------ 32

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指導教授

洪榮華(Jung-Hua Hung)

審核日期

2016-6-20

推文