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.

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