營運資金管理與公司治理分析-台灣上市櫃公司

An Analysis of Working Capital Management and Corporate Governance-Taiwan Listed Companies

陳瑋(Wei Chen)

指導教授 ： 游張松

共同指導教授 ： 陳聖賢(Sheng-Syan Chen)

國立臺灣大學/管理學院/商學研究所/碩士(2017年)

https://doi.org/10.6342/NTU201701034

摘要

本研究旨在探討台灣上市櫃公司營運金管理與公司控制型態及公司治理之 間的關係,依據國內外文獻中提及的理論、實證結果和筆者的推論建立假說來 驗證之。本研究以2014年台灣上市櫃公司1409家上市櫃公司為樣本,用多元迴 歸進行實證分析。實證結果顯示:採用金字塔控制型態的控制公司,其營運資 金較非金字塔型態者低,為負向關係。推測採用金字塔型態的公司可挪用被控 制公司的資源來調節自身的營運資金。其次,董事會中董監博士學歷佔比越高 的公司營運資金較低,亦為負向關係。代表董監中博士越多者越有能力增進營 運資金的管理。最後,公股控制的公司其營運資金較非公股公司低,具負向關 係。關於現金轉換週期部份,則未發現統計上顯著的公司治理變數。
本研究亦針對台灣ICT資訊與通信科技產業中三個子產業:手機電腦代工 業、晶圓製造業和電信服務業,分析營運資金管理之各個面向。結果發現:電 腦手機代工業、晶圓製造業的營運資金皆較電信服務業需求大,與製造業和服 務業本質差異有關係。淨營業週期以晶圓製造業的週期最長,且產業間變異大。 淨營業週期則是淨營業週期與獲利能力之關係並非負向關係,而是此三個產業 各有其適合的淨營業週期。在董監事部分,ICT產業的董監事中碩博士之比率 與酬勞較全部產業水準高,但有財務會計經歷背景的人數比率相對低。

關鍵字

營運資金 ； 公司控制結構 ； 公司治理 ； 公司績效 ； 代工業 ； 晶圓製造 ； 電信服務業

並列摘要

This paper aims to discuss the relationships between working capital management and corporate control type and corporate governance for Taiwan listed companies. The results are proven through the hypothesis based on previous researches, empirical studies and editor’ assumptions. This paper uses Taiwan’s listed company data in 2014 and apply multiple regression method to get the results. The results show that the companies which have pyramid ownership structure have less working capital than the ones without. A negative relationship is found. The companies which have pyramid ownership structure may mitigate its own working capital by appropriate its subsidiaries’ resources. Second, the boards whose members have a higher percentage of doctor degree have less working capital. A negative relationship is found. This means that the boards with more doctors have more ability to improve its working capital management. Last, the companies owned by government have less working capital which confirms a negative relationship. As for cash conversion cycle, there are no statistically significant corporate governance variables found.
This paper also analyzes different aspects of working capital management of three industries in ICT industry: Personal computer and cell phone OEM, wafer foundry, and telecommunication. The results show that OEM and wafer foundry require more working capital than telecommunication which is due to the difference between manufacture and service industry. Wafer foundry have longest cash conversion cycle among the three and bigger inner industry variance. The relationship between cash conversion cycle and profitability is not always negative but each industry has its own suitable level. As for board characteristics, these three industries have more directors with master and doctor degree compared to the average industry level. However, they tend to have less directors with finance and accounting background.

並列關鍵字

Working capital ； corporate control type ； corporate governance ； corporate performance ； OEM ； wafer foundry ； telecommunication

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