| Summary: | 碩士 === 中國文化大學 === 國際企業管理研究所 === 91 === The purpose of this paper is to examine the relationship between working capital policy and financial performance. Numerous attempts have been made by scholars to show that economic condition(such as business cycle) is an important factor that influence working capital management and its financial performance. As a finance manager, how to select an appropriate working capital policy to cope with different economic condition for better performance is the question this paper would like to answer. In this paper, I selected the information technology and electronics industry as my research objectives.In order to examine my hypothesis, there were 1699 samples (from 1999 to 2001)obtained from Taiwan Securities and Futures Institution Data Base, using Cluster analysis、ANOVA、MANOVA、Regression Analysis and the following results were obtained：
First, in working capital investment policy, managers in IT industry would prefer Maturity Matching policy；in working capital financing policy, most of them prefer Aggressive Approach. In addition, different approach would result in different performance.
Second, in different economic condition there were actually significant different working capital policies that adopted.
Finally, there was positive relation between working capital policy and financial performance whether in good or bad economic condition.
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