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

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姓名

蘇立強(Li-chiang Su) 查詢紙本館藏

畢業系所

企業管理學系在職專班

論文名稱

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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摘要(中)

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。

摘要(英)

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.

關鍵字(中)

★ 股權分置改革
★ 營運資金管理
★ 公司治理
★ 公司績效

關鍵字(英)

論文目次

目錄
摘要.................................................................................................................................i
Abstract..........................................................................................................................ii
誌謝..............................................................................................................................iii
目錄..............................................................................................................................iv
表目錄.. ........................................................................................................................v
第一章緒論..............................................................................................................1
第二章文獻探討與研究假說..................................................................................4
第一節營運資金管理和公司績效之間的關係........................................4
第二節中國股權分置改革對營運資金管理與公司績效關係的影響....5
第三章研究方法....................................................................................................10
第一節變數定義......................................................................................10
第二節研究設計......................................................................................18
第四章研究分析與實證結果..................................................................................19
第一節敘述性統計分析............................................................................19
第二節單變量統計分析............................................................................21
第三節迴歸分析........................................................................................25
第四節穩健性測試....................................................................................29
第五章結論與建議....................................................................................................34
參考文獻......................................................................................................................36

參考文獻

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指導教授

洪榮華

審核日期

2014-6-20

推文