本研究主要探討公司治理與營運資金管理的關係，以2001-2011年之台灣742家上市上櫃公司為研究對象，包括：股權集中度、內部人持股比率、機構人持股比率、第二大股東的存在、董事會規模、獨立董事比率、董事長兼任總經理、家族企業及控制權與盈餘分配權之偏離程度等，藉以了解公司治理制度是否攸關營運資金管理。實證研究採一般最小平方法(Ordinary Least Squares；OLS)進行迴歸分析，結果顯示股權結構、董事會及家族企業之特性在營運資金管理上有不同地顯著影響－機構投資人持股率與獨立董事比率對營運資金水準呈現負向的顯著影響，董事長兼任總經理對營運資金水準呈現正向的顯著影響，董事會規模對營運資金水準呈現顯著的非線性關係；然而股權集中度、內部人持股比率、第二大股東的存在與家族企業之特性對於營運資金水準對營運資金管理的關係並無顯著影響。

This study investigates the effect of corporate governance on working capital management following the Cash Conversion Cycle (CCC). The sample consists of 742 listed companies from the TWSE/GTSM Listed Stock Exchanges for the period 2001 to 2011. We use Ordinary Least Squares (OLS) analysis and multiple regression analysis to evaluate the relationship between corporate governance and working capital management following the Cash Conversion Cycle. The empirical results show that the percentage of institutional ownership and outside directors have negative effects on CCC, board size exists non-linear relationship in CCC, and CEO duality has positive effect on CCC. However, other variables are not significant on CCC.

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