本研究探討中國上市公司的營運資金管理與公司治理對公司績效的影響，利用公司治理變數進行分析，藉以瞭解營運資金管理在不同公司治理變數下，對公司績效的影響。本研究以2003年至2011年中國上市公司共11,789個觀察值，進行實證分析。實證結果顯示，現金轉換週期與公司績效呈現非線性關係。加入公司治理變數後，發現內部人持股、大股東持股、第二大股東持股與外部董事比例在企業績效的表現上有不同程度的顯著影響，對於內部人持股率呈現負向的影響，對於大股東持股率呈現正向影響，對於第二大股東持股率呈現負向的影響，對於外部董事比例呈現正向。 This study investigates the effect of working capital management and corporate governance on firm performance in China. The sample contains the listed firms in China from 2003 to 2011 and includes 11,789 firm-year observations. The empirical results show that there is a nonmonotonic (concave) relationship between cash conversion cycle and firm profitability. When taking corporate governance into account, we find that the percentage of insider ownership and the second largest shareholding have negative effects on firm performance, however, the block holders and outside directors have positively effects on firm performance.
