本文為了解中國各所有權結構與政治連結對公司營運資金管理之影響，使用自2008年到2014年10,635個中國上市公司作為研究對象，利用現金轉換循環(CCC)作為主要應變數，將政治連結作為控制變數。實證研究採迴歸模型進行分析。可以發現國有企業之營運資金管理具有效率；政治連結對於家族企業以及國外法人之營運資金管理具有顯著影響，若此二企業具有政治連結，其營運資金管理效率就較差；然而發現國內法人本身的營運資金管理效率較其他所有權差，即使建立政治連結後，對企業並無顯著影響或改變。

This study investigates the effects of political connection on the working capital management in Chinese listed firms that separated from four types of ownership structures. The sample consists of 10,635 observations in China for the period from 2008 to 2014. Ordinary Least Squares analysis is used to analyze the influence of political connection on cash conversion cycle (CCC) that evaluates the efficiency of working capital in firms with different ownership structures. The empirical results indicate that SOEs have significantly negative effect on CCC, and family firms and foreign firms have significantly positive effect on CCC. These results show that family firms and foreign firms manage their working capital inefficient when they build political connection. Domestic firms have positive effect on CCC and it implies that these firms have inefficient working capital management. Even if they build the political connection, the working capital management may not be improved efficiently.

1. Ayyagari, Meghana, Demirguc-Kunt, Asli, Maksimovic and Vojislav, “Financing of firms in developing countries: lessons from research.” , Policy Research Working Paper Series Vol 6036. The World Bank, 2012.
2. Bertrand et al., “Mixing family with business: a study of Thai business groups and the families behind them” Journal of Financial Economics, Vol 88(3), pp 466–498, 2008.
3. Bhattacharya, H., “Working Capital Management: Strategies and Techniques”, Prentice Hall, New Delhi. 2011.
4. Boubakri Narjess, Dionne Georges and Triki, Thouraya, “Consolidation and value creation in the insurance industry: The role of governance”, Journal of Banking and Finance, Vol 32(1), pp.56–68, 2008.
5. Charumilind, Chutatong, Kali, Raja, Wiwattanakantang, Yupana, “Connected Lending: Thailand before the Financial Crisis”, Journal of Business, Vol 79 (1), pp.181-218, 2006.
6. 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.
7. Cuñat, V., “Trade credit: suppliers as debt collectors and insurance providers”, Review of Financial Studies, Vol 20(2), pp.491–527, 2007.
8. Cull, R., Xu, L., “Bureaucrats, state banks, and the efficiency of credit allocation: the experience of Chinese state-owned enterprises.” , Journal of Comparative Economics, Vol 28, pp 1–31, 2000.
9. Deloof, M., “Does working capital management affect profitability of Belgian firms ” , Journal of Business Finance & Accounting, Vol 30, pp.573–587, 2003.
10. Faccio, M., Masulis, R.W. and McConnell, J.J., “Political connections and corporate bailouts”, Journal of Finance, Vol 61(6), pp.2597–2635, 2006.
11. Feng-Cheng Fu, Chu-Ping C. Vijverberg, Yong-Sheng Chen, “Productivity and efficiency of state-owned enterprises in China”, Journal of Productivity Analysis, Vol 29, pp.249–259, 2008.
12. Fuxiu Jiang1, Kenneth A. Kim, “Corporate governance in China: A modern perspective”, Journal of Corporate Finance, Vol 32, pp.190–216, 2015.
13. Garcia-Teruel, P. J., Martinez-Solano, P., “Effects of working capital management on SME profitability”, International Journal of Managerial Finance, Vol 3(2), pp.164–177, 2007.
14. Gerhard Kling, Salima Y. Paul, Eleimon Gonis, “Cash holding, trade credit and access to short-term bank finance” International Review of Financial Analysis, Vol 32 , pp.123–131, 2014.
15. Howorth C., Westhead P., “The focus of working capital management in UK small firms” Management Accounting Research, Vol 14, pp.94–111, 2003.
16. Juliano Ribeiro de Almeida, William Eid Jr., “Access to finance, working capital management and company value: Evidences from Brazilian companies listed on BM&FBOVESPA”, Journal of Business Research, Vol 67, pp 924-934, 2014.
17. Julio Pindado, Ignacio Requejo, Chabela de la Torre, “Family control and investment–cash flow sensitivity: Empirical evidence from the Euro zone” , Journal of Corporate Finance, Vol 17, pp.1389–1409, 2011.
18. Khwaja, A. and Mian, A., “Do lenders favor politically connected firms? Rent provision in an emerging financial market”, Quarterly Journal of Economics, Vol 120(4), pp.1371–1411, 2005.
19. Kieschnick, R., LaPlante, M., & Moussawi, R., “Working capital management and shareholder wealth”, Review of Finance, Vol 17, pp.1827–1852, 2013.
20. 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.
21. Li, H., Meng, L., Wang, Q. and Zhou, L., “Political connections, financing and firm performance: evidence from Chinese private entrepreneurs”, Journal of Development Economics, Vol 87(2), pp. 283–99, 2008.
22. Magnus Dahlquist and Goran Robertsson, “ Direct foreign ownership, institutional investors, and firm characteristics”, Journal of Financial Economics ,Vol 59, pp.413-440, 2001.
23. Matthew D. Hill, G. Wayne Kelly, and Michael J. Highfield, “Net Operating Working Capital Behavior: A First Look”, Financial Management, pp.783–805, 2010.
24. Mario Daniele Amore, Alessandro Minichilli , Guido Corbetta, “How do managerial successions shape corporate financial policies in family firms”, Journal of Corporate Finance, Vol 17, pp.1016–1027, 2011.
25. Massimiliano Stacchini and Petra Degasperi, “Trust, family businesses and financial intermediation” , Journal of Corporate Finance, Vol 33, pp.293–316, 2015.
26. Mohammad, A., “Working capital management and corporate profitability: evidence from Iran”, World Applied Sciences Journal, Vol 12 (7), pp.1093–1099, 2011.
27. Morten Bennedsena, Joseph P.H. Fanb, Ming Jianc and Yin-Hua Yeh, “The family business map: Framework, selective survey, and evidence from Chinese family firm succession”, Journal of Corporate Finance, Vol 33, pp. 212–226, 2015.
28. Mosa, A., Iraj, S.A., Maryam, G., “Studying the relationship between working capital management and profitability at Tehran stock exchange: a case study of food industry”, Research Journal of Applied Sciences, Vol 4 (13), pp.1868–1874, 2012.
29. Natasha Agarwal, Chris Milner, Alejandro Riaño, “Credit constraints and spillovers from foreign firms in China”, Journal of Banking and Finance, Vol 48, pp.261–275, 2014.
30. Nianhang Xu, , Qingbo Yuan, Xuanyu Jiang , Kam C. Chan, “Founder's political connections, second generation involvement, and family firm performance: Evidence from China” Journal of Corporate Finance, Vol 33, pp. 243–259, 2015.
31. Opler, T. Pinkowitz, R. Stulz, R. Williamson,“The determinants and implications of corporate cash holdings”, Journal of Financial Economics, Vol 52, pp.3–46, 1999.
32. Petersen, M., and R. Rajan, “Trade credit: theories and evidence”, Review of Financial Studies, Vol 10, pp.661–691, 1997.
33. Poncet, S., SteingressW. and Vandenbussche, H., “Financial constraints in China: firm-level evidence”, China Economic Review, Vol 21, pp. 411–422, 2010.
34. Robert Cull, Wei Li, Bo Sunc, Lixin Colin Xu, “Government connections and financial constraints: Evidence from a large representative sample of Chinese firms” , Journal of Corporate Finance, Vol 32, pp.271–294, 2015.
35. Sai Ding , Alessandra Guariglia and John Knight, “Investment and financing constraints in China: Does working capital management make a difference”, Journal of Banking and Finance, Vol 37, pp.1490–1507, 2013.
36. Shin, H.H. and Soenen, L., “Efficiency of working capital management and corporate profitability”, Financial Practice and Education, Vol 8(2) , pp.37–45, 1998.
37. Sonia Baños-Caballero, Pedro J. García-Teruel, Pedro Martínez-Solano, “Working capital management, corporate performance, and financial constraints” , Journal of business research, Vol 67, pp.332–338, 2014.
38. Sufi, A., “Bank line of credit in corporate finance: an empirical analysis.”, Review of Finance Studies, Vol 22, pp.1057-1088, 2009.
39. Tsung-Te Lin, Jian-Hsin Chou, “Trade credit and bank loan: Evidence from Chinese firms”, International Review of Economics and Finance, Vol 36, pp.17–29, 2015.
40. Ukaegbu Ben, “The significance of working capital management in determining firm profitability: Evidence from developing economies in Africa”, Research in International Business and Finance, Vol 31, pp.1-16, 2014.
41. Wenfeng Wu, Oliver M. Rui, Chongfeng Wu, “Trade credit, cash holdings, and financial deepening: Evidence from a transitional economy”, Journal of Banking and Finance, Vol 36, pp.2868-2883, 2012.
42. William, Barkat and Zuobao, “State ownership, soft-budget constraints, and cash holdings: evidence from China’s privatized firms”, Journal of banking and finance, Vol 48, pp.276-291, 2014.
43. Yun, H., “The choice of corporate liquidity and corporate governance”, Review of Finance Studies, Vol 22, pp.1447-1475, 2009.
44. Zhen Song, Duan Liu, Shou Chen, “A Decision Engineering Method to Identify the Competitive Effects of Working Capital: A Neural Network Model”, Systems Engineering Procedia, Vol 5, pp.326–333, 2012.