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。

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.

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