Corporate Governance, Working Capital Management and Firm Performance

• Main Authors: Chen,Ting-Hsiu, 陳亭秀
• Other Authors: Huang,Pao-Yu
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/11419834206268039996

碩士 === 東吳大學 === 國際經營與貿易學系 === 104 === This study focused on corporate governance, the impact of working capital management on corporate performance and make integration investigate, all listed companies in Taiwan Stock Exchange empirical object period sample data for the years 2010 to 2014, the multiple regression model and Panel Data model for analysis and agreed to cause the following key findings: 1. Company governance, directors and supervisors holding ratio has a positive impact on corporate performance, the ratio of directors and supervisors have pledged a negative effect on corporate performance (ROA and Tobin's Q), although not significant, but may indicate when good corporate governance, help to improve corporate performance. Also found foreign investment, investment trust, dealers shareholding ratio is higher, the more help to improve the company's value (Tobin's Q), due to the institutional investors better able to supervise enterprises to improve corporate governance in order to reduce the problems caused by the agent. 2. For working capital, it was found on corporate performance variables (ROE, Tobin's Q) showed no significant negative impact, but may represent working capital cycle is short, will help to enhance the company's performance (ROE, Tobin's Q). 3. To investigate the impact of working capital factors, found a higher ROA, working capital cycle is longer, probably because it offers more favorable payment terms for orders caused, may also assume a longer working capital because of good corporate performance, and the ability to cycle. Second, find a higher percentage of directors and supervisors pledge, its working capital cycle is short, probably due to the poor financial situation of directors and supervisors, companies need to shorten the cash conversion cycle. Finally found the scale of the company for working capital was significantly positive effect, because the large scale of the company, its capital more abundant, can be caused due to a longer cash conversion cycle.