本研究主要探討公司治理與營運資金管理關係之研究，使用中國自2002年到2011年2615家上市公司之數據為研究目標，利用營運資金轉換週期作為主要應變數探討，自變數區分為股權結構與董事會特徵兩大構面探討，變數包括：股權集中度、大股東持股率、內部人持股率、國內外機構投資人持股率、董事會規模、外部董事比例、董事長兼任經理人。實證採用Ordinary Least Squares 模型進行迴歸分析，結果顯示股權集中度、內部人持股率、大股東持股率、國內機構人持股率、董事會規模與營運資金管理關係有不同程度的顯著影響，股權集中度、國內機構人持股率對現金轉換週期呈現正向影響，大股東持股率、董事會規模對現金轉換週期呈現負向影響，然而內部人持股率一開始先是正向影響，其持股到達一定比例後，開始呈負向影響。

The study investigates the effects of corporate governance onworking capital management. The sample consists of 2,615listed companies in China for the period from 2002 to 2011. Ordinary Least Squares analysis is used to evaluate the relationship between corporate governance and working capital management.The empirical results show that ownership concentration and domestic institution ownership have positive effects on cash conversion cycle; however, blockholdingand board size have negative effects on cash conversion cycle.

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