公司治理與營運資金管理對公司績效關係之研究-以印尼市場為例

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賴明昕(Ming-Hsin Lai) 查詢紙本館藏

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企業管理學系

論文名稱

公司治理與營運資金管理對公司績效關係之研究-以印尼市場為例
(The effect of corporate governance on working capital management and firm′s performance: An empirical study)

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摘要(中)

本文主要探討公司治理與營運資金管理對公司績效影響，並以2012至2016年印尼的上市公司為樣本進行實證分析。本文以現金轉換週期為公司營運資金管理的指標，檢驗現金轉換週期與公司績效之間的關係，研究結果顯示，印尼上市公司之現金轉換週期與公司績效呈現反向關係，亦即印尼上市公司能透過縮短現金轉換週期的方式來提升公司的績效。公司治理效能方面，結果顯示董事會獨立董事比率與現金轉換週期和公司績效之間具有正向的調節效果。另外在探討伊斯蘭教義對公司管理實務方面，結果顯示遵循伊斯蘭教義之公司的公司績效較好，其餘變數則不受伊斯蘭教義的影響而有差異，顯示伊斯蘭教義對公司經營管理實務仍產生重大影響，然而教義透過何種管道影響公司績效仍有相當大的研究空間。

摘要(英)

This study investigates the effect of corporate governance on working capital and firm’s performance. The sample contains listed firms in Indonesia stock market from 2012 to 2016. We use cash conversion cycle as a proxy of working capital management, and exam the relationship of cash conversion cycle and firm’s performance, we find that the relationship is negatively correlated to each other. We exam corporate governance variables, and result show that board independence has a positively significant effect on cash conversion cycle and firm’s performance. Finally, we found that Sharia firms have better performance than non-Sharia firms. But other variables show that there is no different between Sharia firms and non-Sharia firms. Result shows that Islamic doctrine has a significant effect on firm’s management practices. However, there is a considerable room for research to exam how Islamic doctrine affects firm’s performance.

關鍵字(中)

★ 現金轉換週期
★ 公司治理
★ 公司績效
★ 印尼
★ 伊斯蘭教

關鍵字(英)

★ cash conversion cycle
★ corporate governance
★ firm′s performance
★ Indonesia
★ Islam

論文目次

摘要 i
Abstract ii
目錄 iii
表目錄 v
第一章緒論 1
1-1研究動機與目的 1
1-2研究架構 4
第二章文獻探討與假說建立 5
2-1營運資金管理與公司績效的關係 5
2-2公司治理對營運資金管理與公司績效之間的調節效果： 7
2-3公司治理對營運資金管理與公司績效的調節性受伊斯蘭教義所影響 10
第三章研究方法 12
3-1資料來源與樣本篩選 12
3-2研究方法與模型建立 12
3-2-1 研究方法 12
3-2-2 模型建立 13
3-3變數定義 14
3-3-1 依變數（dependent variable） 14
3-3-1 自變數（independent variable） 14
3-3-1 控制變數（control variable） 16
第四章實證結果與分析 18
4-1 基本敘述性統計分析 18
4-2 單變量統計分析 19
4-3 Pearson 績差相關分析 23
4-4 迴歸分析 25
4-5 穩健性分析 30
第五章　結論與建議 36
5-1 研究結論與管理意涵 36
5-2 研究限制與建議 37
參考文獻 38

參考文獻

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指導教授

洪榮華林翠蓉(Jung-Hua Hung Tsui-Jung Lin)

審核日期

2018-6-13

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