股權分置改革對公司治理、營運資金管理與公司績效關係之影響-以中國上市公司為例;The moderating effect of split-share structure reform on the relation among corporate governance, working capital management and corporate performance for Chinese listed firms

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題名:	股權分置改革對公司治理、營運資金管理與公司績效關係之影響-以中國上市公司為例;The moderating effect of split-share structure reform on the relation among corporate governance, working capital management and corporate performance for Chinese listed firms
作者:	蘇立強;Su,Li-chiang
貢獻者:	企業管理學系在職專班
關鍵詞:	股權分置改革;營運資金管理;公司治理;公司績效
日期:	2014-06-20
上傳時間:	2014-08-11 18:19:30 (UTC+8)
出版者:	國立中央大學
摘要:	本研究主要探討股權分置改革對公司治理、營運資金管理與公司績效關係之研究，使用中國大陸自1995 年到2012 年2,572 家上市公司之數據為研究目標，利用資產報酬率作為主要應變數探討，主要自變數為股權分置改革與現金轉換週期，將自變數區分為股權結構和董事會特徵兩個構面探討，變數包括：國有持股比率、內部人持股率、大股東持股率、股權集中度、機構人持股率、董事會規模，外部董事比例和領導結構。採用Ordinary Least Squares 模型進行實證迴歸分析，結果顯示股權分置改革後，中國上市公司的公司治理機制對績效有明顯的助益，尤其在股權集中度和機構人持股率呈顯著正向影響。然而，此一改善並非透過營運資金管理決策此一途徑達成。;This study investigates the moderating effects of split-share structure reform on the relation among corporate governance, working capital management and corporate performance for Chinese listed firms. The sample consists of 2,572 listed companies in China for the period from 1995 to 2012. The major dependent variable is cash conversion cycle, and independent variables are categorized into ownership structure and board characteristics. Ordinary Least Square analysis is used to evaluate the relation among corporate governance, working capital management and corporate performance. The empirical results show that corporate governance of Chinese listed firms positively affects corporate performance, especially for ownership concentration and institutional ownership. However, split-share structure reform does not influence corporate performance through the channel of the interaction between corporate governance and working capital management decisions.
顯示於類別:	[企業管理學系碩士在職專班] 博碩士論文

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