本研究主要探討公司治理與現金轉換週期與現金持有量之關係，使用中國大陸自 2000年到 2014 年共 2,783 家上市公司之數據為研究樣本， 利用現金持有量作為應變數，主要自變數為現金轉換週期和公司治理之董事會特徵，利用公司治理變數進行分析，藉以瞭解現金轉換週期在不同公司治理變數下，對現金持有量的影響。運用Panel Data模型中的固定與隨機效果模型來進行實證分析，結果發現，現金轉換週期與現金持有量成負相關；加入公司治理變數後，顯示公司治理機制對現金持有量有明顯的助益，使得現金持有量減少，尤其是在外部獨立董事比例和董事會規模呈顯著正向影響。然而，此一改善並非透過營運資金管理決策所達成的。

This study investigates the relationship among corporate governance, cash conversion cycle and cash holdings. The sample consists of 2,783 listed companies in China for the period from 2000 to 2014. The major dependent variable is cash holdings, and the main independent variables are categorized into cash conversion cycle and board characteristics. Panel data analysis is used to evaluate the relation among corporate governance, cash conversion cycle and cash holdings. The empirical results show that cash holdings have negative association with cash conversion cycle and corporate governance positively affects cash holdings, especially for board size and outside directors. However, this improvement of cash holdings is not made through working capital management decisions.

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