博碩士論文 105451021 詳細資訊




以作者查詢圖書館館藏 以作者查詢臺灣博碩士 以作者查詢全國書目 勘誤回報 、線上人數:54 、訪客IP:54.91.41.87
姓名 吳珮甄(Peichen Wu)  查詢紙本館藏   畢業系所 企業管理學系在職專班
論文名稱 政治連結對營運資金管理與公司獲利能力之影響-以中國國有上市公司為例
相關論文
★ 股權分置對中國上市公司現金股利發放之影響★ 所有權結構與政治連結對股利政策之影響—以中國國有企業為例
★ 董監事最低持股成數規定之研究★ 合格境外機構投資人制度對投資/現金流量敏感度之影響
★ 從股票價格區間探討股票買回活動之資訊內涵★ 跨境上市對於企業負債比率的影響:以中國跨港上市公司為例
★ 家族集團之盈餘管理行為★ 股權結構與投資效率:中國上市公司之多重大股東實證研究
★ 股權分置改革對中國上市公司現金持有的影響★ 手機按鍵生命週期探討企業轉型之路
★ 制度改革對於關係人交易的影響★ 股利宣告對股價超常報酬的影響-以台灣集團與非集團上市公司為例
★ 公司規模、股價、益本比、淨值市價比與股票超常報酬關係之實證研究★ 台灣股票上市公司營運資金管理相關議題之實證研究
★ 我國財務危機上市公司股權結構之探討★ 過度反應假說在台灣股票市場之實證研究
檔案 [Endnote RIS 格式]    [Bibtex 格式]    [相關文章]   [文章引用]   [完整記錄]   [館藏目錄]   至系統瀏覽論文 (2020-6-30以後開放)
摘要(中) 政治連結對營運資金管理與公司獲利能力之影響-以中國國有上市公司為例
摘 要
本研究為了解政治連結對營運資金管理與公司獲利能力之影響關係,採用2008年到2015年計2,311筆中國國有上市公司為研究對象,並以Tobin’s Q、Proxy’s Q、ROA、ROE、EPS為主要應變數;現金轉換循環(CCC)、政治連結(PC)做為自變數。本研究以現金轉換循環作為衡量企業營運資金管理之指標,分析方式採用Panel data analysis,結果發現營運資金管理對於企業的獲利能力具有正向影響,且營運資金管理具有最適宜之高點水準,可使該企業獲得最佳績效。在進一步增加政治連結作為自變數衡量以後,實證顯示其對於營運資金管理與公司績效具有強烈之負向影響效果。
摘要(英) The influence of political connection on working capital management and corporate performance for listed SOEs in China.

Abstract

This paper investigates the effects of political connection on working capital management and corporate performance. The sample consists of 2,311 observations which are listed SOEs in China for the period from 2008 to 2015. Panel data analysis is used to analyze the influences of CCC on corporate performance and PC on working capital management and corporate performance. The empirical results show that working capital management has positive effect on corporate performance and there is the optimum point for working capital management. Furthermore, the negative efforts is obvious while put political connection as independent variable.
關鍵字(中) ★ 營運資金管理
★ 現金轉換循環
★ 政治連結
關鍵字(英) ★ Working capital management
★ cash conversion cycle
★ political connection
論文目次 中文摘要---------------------------------------------------i
英文摘要---------------------------------------------------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研究架構與流程-----------------------------------------3
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之關係-----------------------5
2-2 政治連結對營運資金管理與公司績效之影響---------------7
第三章 研究方法---------------------------------------------9
3-1資料來源與樣本篩選--------------------------------------9
3-2 變數定義---------------------------------------------9
3-2-1 應變數衡量-------------------------------------9
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--------------------------------------16
第四章 實證結果--------------------------------------------19

4-1基本敘述性統計分析--------------------------------19
4-2 多變量分析結果----------------------------------23
第五章 結論與建議------------------------------------------29
5-1研究結論---------------------------------------------29
5-2研究限制與建議----------------------------------------30
參考文獻--------------------------------------------------31
參考文獻 王姵心,「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」,國立中央大學企業管理研究所碩士論文,2016年。

李詩將,「台灣上市公司所有權結構、資本結構與公司績效間相關性研究」,高雄第一科技大學金融營運所碩士論文,2000年。

李馨蘋、黃啟倫「股權結構、關係人交易與公司績效」,中華管理評論國際學報,第12卷2期,2009年5月。

林建煌,行銷管理,第六版,華泰文化事業有限公司,2015年8月。

洪榮華、陳香如、林慧珍,「公司治理機制對創新、多角化策略及公司績效之影響─研發密及產業之實證」,中山管理評論,第15卷第1期,2007年3月,頁37-60。

洪儒瑤、洪裕琨,「Tobin’s Q與內部人持股關係符合展望理論嗎?─行為財務觀點」,Journal of China Institute of Technology,第36卷,2007年6月。

紀信義、翁慈青、廖芝嫻、黃馨儀,「董事及高階主管政治連結與公司績效之關聯性」,臺大管理論叢,第27卷第2期,2017年6月,頁1-34。

翁淑育,「台灣上市公司股權結構、核心代理問題與公司價值之研究」,輔仁大學金融研究所碩士論文,2000年。

黃德舜,企業財務分析-企業價值的創造及評估,台北:華泰文化事業公司,1998年。

葉銀華,公司治理:全球觀點、台灣體驗,第二版,滄海圖書資訊股份有限公司,2016年12月。

劉思言,「台灣股票上市公司營運資金管理相關議題之實證研究─產業效果分析與受東南亞金融風暴影響之探討」,國立中央大學企業管理研究所碩士論文,2000年。

蕭育仁、陳柏碩「政治關聯與銀行放貸資金成本:全球實證」,國立東華大學財務金融學系研究所碩士論文,2014年。

鍾彥如,「公司治理、營運資金管理與公司績效關係之研究─以中國上市公司為例」,國立中央大學企業管理研究所碩士論文,2013年。

蘇立強,「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」,國立中央大學企業管理研究所碩士論文,2014年。

Agrawal, A., and Knoeber, C. R. , “Do some outside directors play a political role?” The Journal of Law and Economics , 44 (1), 2001.

Bhabra, H., Liu, T., & Tirtiroglu, D., “Capital structure choice in a nascent market: Evidence from listed firms in China”, Financial Management, Vol. 37, No. 2, pp.341-364, 2008.

Blinder, A.S. and Maccini, L.J., “The resurgence of inventory research: what have we learned?”, Journal of Economic Survey, Vol. 5, pp. 291-328, 1991.

Brainard, W. C. and J. Tobin, “Pitfalls in Financial Model Building”,
American Economic Review, vol.58, pp.99-122, 1968.

Caballero, S., Teruel, P.J. and Solano , “How do market imperfections affect working capital management?”, working paper, The University of Murcia, Murcia, 2010.

Chen, G., Firth, M., and Xu, L. “Does the type of ownership control matter? Evidence from China’s listed companies”, Journal of Banking and Finance, vol.33, pp.171–181, 2009.

Chiou, J. R., L. Cheng, and H. W. Wu, “The determinants of working capital management”, Journal of American Academy of Business, vol.10, pp.149–155, 2006.

Chung, K. H. and S. W. Pruitt, “A Simple Approximation of Tobin’s Q”, Financial Management, vol.23 no.3,pp. 70-74, 1994.

Deloof, M., “Does working capital management affect profitability of Belgian firms?”, Journal of Business Finance & Accounting, Vol. 30 Nos 3/4, pp. 573-88, 2003.

Elyas Elyasiani and Ling Zhang, “CEO entrenchment and corporate liquidity management”, Journal of Banking & Finance, vol.54, pp.115-128, 2015.

Faccio, M., Masulis, R. W., McConnell, J. J., “Political connections and
corporate bailouts.” The Journal of Finance, vol.61 (6), pp.2597-2635, 2006.


Faccio, M. (2006). “Politically connected firms.” The American Economic Review, vol. 96 (1), pp.369-386, 2006

Fan, J. P., T. J. Wong. and T. Zhang, “Politically Connected CEOs, Corporate Governance and Post-IPO Performance of China’s Newly Partially Privatized Firms,” Journal of Financial Economics, vol.84 (2), pp.330-357, 2007.

Farris, T. and Hutchison, P., “Cash-to-cash: the new supply chain management metric”, International Journal of Physical Distribution& Logistics Management, Vol. 32 (4), pp. 288-298, 2002.

Fisher, F. M. and McGowon J. J., “On the Misuse of Accounting Rate of
Return to Infer Monopoly Profit”, American Economic Review, vol. 73(1), pp. 82-97, 1983.

Frye, T. and Shleifer, A. “The invisible hand and the grabbing hand”, American Economic Review, vol. 87(2), pp.354–358, 1997.

Giannetti, M. and Ongena, S., “Financial integration and firm performance: Evidence from foreign bank entry in emerging markets”, Review of Finance, vol. 13(2), pp.181–223, 2009.

Goldman, E., Rocholl, J., and So, J. “Do politically connected boards affect firm value?”, The Review of Financial Studies, vol. 22 (6), pp.2331-2360, 2009.

Jensen, M. C., and Meckling, W. H. “Theory of the firm: Managerial behavior, agency cost and ownership structure.” Journal of Financial Economics, vol. 3(4), pp. 305-360, 1976.

Jose, M., Lancaster, C. and Stevens, J., “Corporate returns and cash conversion cycles”, Journal of Economics and Finance, vol. 20 (1), pp. 33-46, 1996.

Li, H., Meng, L., Wang, Q., and Zhou, L. A. “Political connections, financing and firm performance: Evidence from Chinese private firms.”, Journal of Development Economics, vol. 87 (2), pp.283-299, 2008.

Liangbo Ma, Shiguang Ma, Gary Tian, “Political connections, founder-managers, and their impact on tunneling in China′s listed firms”, Pacific-Basin Finance Journal, vol 24, pp.312–339, 2013.

Lindenberg, E. B. and S. A. Ross, “Tobin’s Q Ratio and Industrial Organization,” The Journal of Business, vol. 54(1), pp. 1-32, 1981.

Lyroudi, K. and Lazaridis, J., “The cash conversion cycle and liquidity analysis of the food industry in Greece”, working paper, SSRN Paper Collection, available at: http://papers.ssrn.com/paper.taf?abstract_id¼236175 (accessed March 2011), 2000.





Megginson, W. L. and Netter, J. M., “From state to market: A survey of empirical studies on privatization”, Journal of Economic Literature, vol. 39,pp. 321–389, 2001.

Morck, R., A. Shleifer, and R.Vishny, “Management Ownership and Market
Valuation: An Empirical Analysis”, Journal of Financial Economics, vol.20., pp. 293-315, 1988.

Moss, J. and Stine, B., “Cash conversion cycle and firm size: a study of retail firms”, Managerial Finance, vol. 19 (8), pp. 25-35, 1993.

Myers, S. C., “Determinants of corporate borrowing”, Journal of Financial Economics, vol. 5, pp. 147–175, 1977.

Niskanen, J., and M. Niskanen, “The determinants of corporate trade credit policies in a bank-dominated financial environment: the case of Finnish small firms”, European Financial Management, vol. 12, pp. 81–102, 2006.

Petersen, M., and R. Rajan, “Trade credit: theories and evidence”, The Review of Financial Studies, vol. 10(3), pp. 661–691,1997.

S. Ban˜ os-Caballero, P. J. Garcı´a-Teruel, P. Martı´nez-Solano, “Working capital management in SMEs”, Accounting and Finance, vol. 50(3), pp. 511-527, 2010.

Sapienza, P., “The effects of government ownership on bank lending”, Journal of Financial Economics, vol. 72(2), pp. 357–384, 2004.



Shin, H. and Soenen, L., “Efficiency of working capital and corporate profitability”, Financial Practice and Education, vol. 8(2), pp. 37-45, 1998.

Shleifer, A., and Vishny, R.W., “The Grabbing Hand: Government Pathologies and their Cures”, Harvard University Press, Cambridge, Massachusetts, 1998.

Shleifer, A., and Vishny, R. W., “The Grabbing Hand: Government Pathologies and Their Cures”. Cambridge, MA: Harvard University Press, 2002.

Smith, J.K., “Trade credit and informational asymmetry”, Journal of Finance, vol. 42, pp. 863-72, 1987.

Stephen A. Ross, Randolph W. Westerfield and Bradford D. Jordan. Fundamentals of corporate finance 11th, 2016.

Thomas, S.P., and R.L. Williams, “Perceived stress, trait anger, modes of anger expression, and health status of college men and women”, Nursing Research, vol. 40(5), pp. 303-307, 1991.













Wang, Y.J., “Liquidity management, operating performance, and corporate value: evidence from Japan and Taiwan”, Journal of Multinational Financial Management, vol. 12, pp. 159-169, 2002.
指導教授 洪榮華(Jung-Hua Hung) 審核日期 2018-6-14
推文 facebook   plurk   twitter   funp   google   live   udn   HD   myshare   reddit   netvibes   friend   youpush   delicious   baidu   
網路書籤 Google bookmarks   del.icio.us   hemidemi   myshare   

若有論文相關問題,請聯絡國立中央大學圖書館推廣服務組 TEL:(03)422-7151轉57407,或E-mail聯絡  - 隱私權政策聲明