臺灣上市櫃公司經營績效與現金週期關係之研究

Abstract

本研究以2008年至2014年臺灣上市櫃公司為研究對象，探討公司經營績效與現金週期之關係。實證結果顯示：(1) 全產業樣本發現現金週期與資產報酬率與股東權益報酬率呈現負相關，其中與資產報酬率呈現顯著負相關。(2) 製造業樣本則顯示現金週期與資產報酬率與股東權益報酬率呈現顯著負相關，然公司規模越大，現金週期對公司經營績效的影響力越小。(3) 非製造業樣本未發現現金週期與經營績有一致的相關性。本研究實證結果與過去學者大部分的研究及文獻相符合，即公司可藉由縮短現金週期以增加公司經營績效。

This research is done based on listed companies in Taiwan between 2008 and 2014, which examine the relationship between company operating performance and its Cash Conversion Cycle. The outcome of indicates: (1) For the entire sample industries, it was found that Cash Conversion Cycle has a negative effect on Return on Asset and Return on Equity. Return on Asset in particular, has a significant negative impact. (2) The sample from manufacturing industries shows that Cash Conversion Cycle has a negative effect on Return on Asset and Return on Equity, however, the larger the scale of the company, the smaller impact of Cash Conversion Cycle on company’s operation performance. (3) For non-manufacturing industries, it was found that Cash Conversion Cycle does not show any consistent relationship with company operating performance. This research result is also in accordance with past researches and references, which a company could shorten its Cash Conversion Cycle to improve its operating performances.