營運資金管理是否提升公司價值？台灣上市公司之實證研究

Abstract

本研究主要探討台灣上市公司營運資金管理與經營績效的關聯性，實證結果發現：現金轉換循環對於企業經營績效具有顯著的負向影響。縮短應收帳款周轉期間、存貨周轉期間或是延長應付帳款周轉期間對於企業經營績效均有正面的影響。既使當我們以產業分群的方式控制產業效果仍發現，除了紡織業與運輸業以外，對於大多數的產業採取積極的營運資金管理政策，縮短現金轉換循環天數，有助於提升企業的經營績效。此外，本研究發現面臨融資限制的企業，現金轉換循環對企業經營績效的負向影響將變得更顯著，對於內部融資能力較差、外部融資能力較差，或是破產風險較高的企業，宜採取積極的營運資金管理政策，避免過多的營運資金投資，以免面臨額外的融資需求，導致融資成本與資金周轉不靈的風險上升，影響其經營績效。最後，本研究發現現金轉換循環天數的長短對於企業獲利性的影響程度不同。此外，本研究也發現台灣上市公司存在最適營運資金管理，管理當局應盡量避免偏離最適營運資金水準，以提升企業經營績效，進而極大化公司價值。

This study mainly examine the relation between working capital management and operating performance for a sample of Taiwan’s listed firms. Our empirical results show that there is a significant negative relation between cash conversion cycle and operating performance. Whether by shortening receivables conversion period or inventory conversion period, or by extending payables conversion period has a positive effect on corporate performance. Even after we control the industry effect by industry grouping, we find that firms adopting aggressive working capital policy, by shortening cash conversion cycle, will enhance the operating performance for most of the industry, except for textiles and transportation industry. Moreover, our study also find that the negative effect between cash conversion cycle and operating performance become more pronounced for firms that are more likely to be financially constrained. For firms with poor internal or external financing capacity, or with high probability of bankruptcy, should adopt aggressive working capital policy, in order to avoid over-investment in working capital, and the additional needs for financing, which might increase financing expense and the risk of financial distress. Finally, our study indicates that the length of the cash conversion cycle has different impact on operating performance. Furthermore, we also find the existence of optimal working capital management among Taiwan’s listed firms. Thus, managers should avoid deviation from the optimal level of working capital, in order to enhance operating performance, and therefore maximize firm value.