本文為了解中國實施股權分置改革對公司治理與營運資金管理關係之影響，使用中國上市公司自1995年到2012年2578家企業之數據為研究對象，利用現金轉換週期作為主要應變數，而與公司治理相關的自變數包括：董事會規模、外部董事比例、董事長兼任總經理、股權集中度、內部人持股比率、國家持股比率、第二大股東持股比率及機構投資人持股比率。實證研究採複迴歸模型進行迴歸分析，結果顯示，股權分置改革對於董事會規模、外部董事比率、董事長兼任總經理、內部人持股、國家持股與機構人持股，在股改後均與現金轉換週期(CCC)呈現負向關係減緩的結果。而在股權集中度與第二大股東持股方面，則呈現負向影響。

This study investigates the effects of corporate governance on working capital management following the Split-Share Structure Reform in China. The sample consists of 2,578 listed companies in China for the period from 1995 to 2012. Ordinary Least Squares analysis and multiple regression analysis are used to evaluate the relation between corporate governance and working capital management following the Split-Share Structure Reform. The empirical results show that, following Split-share structure reform, board size, percentage of outside directors, CEO duality, inside ownership, state ownership and institutional ownership have positive effects on cash conversion cycle; however, concentration and second largest shareholding ratio have negative effects on cash conversion cycle.

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