本研究主要探討2007年新頒布應收帳款質押政策的施行，對營運資金管理與企業績效間關係的影響，該新政策允許企業可以使用應收帳款作為融資擔保。係使用中國大陸深、滬A 股2004-2013 年1,234 家上市公司為研究對象的實證研究。結果顯示，營運資金管理效率與與企業績效表現的關係呈現顯著的負相關，而政策實施則對於營運資金管理效率與企業績效表現的關係呈現顯著的正向影響

This paper investigates the impact of the implementation of the new receivables pledge policy in 2007, which allows firms to use receivables as security for loans since 2007, on the association between working capital management and corporate performance based on the sample of Chinese listed companies during the 2004-2013. The empirical results show that working capital management is negatively related to corporate profitability and the implementation of the new policy has a positive effect on the relation between working capital management and corporate performance.

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