營運資金管理與企業績效：全球實證分析 有鑑於營運資金管理對於營運績效與企業價值極為重要，但過去公司理財文獻多集中於探討資本結構、資本支出與公司價值之關聯性等長期財務決策的議題，甚少文獻研究公司理財之議題。因此，本計畫將進行全球實證分析，採用不同國家的企業為樣本，檢測營運資金管理與企業績效之關聯性。 重要的是，本計畫將逐步納入總體經濟環境變化、不同的會計準則、國家經濟發展程度以及金融風暴等因素之考量，由多方角度檢測營運資金管理與企業績效之關聯性，能對此議題提供更完整與全面的分析。此外，為進一步改善過去文獻研究方法之缺失，本計畫同時考慮樣本具橫斷面與時間序列資料之特性，以及內生性的問題，採用Panel data迴歸模型、三階段最小平方法（three-stage least square，簡稱3SLS）與一般化動差估計法（generalized method of moments，簡稱GMM）等研究方法，將為此議題獲得更穩健之實證結果。
Operating Capital Management and Corporate Performance: Global Evidence Operating capital management is extremely important to operations performance and corporate value. However, most past literature on asset management discussed issues regarding long-term financial decisions, including capital structure, capital expenditure, and corporate value correlation; it seldom explored corporate asset management issues. Hence, this proposal will conduct a global empirical analysis of the correlation between the management of operating capital and corporate performance, with enterprises from different countries as the sample. More importantly, the proposal will introduce gradually the consideration of changes in macroeconomic environment, different accounting criteria, state economic development, and financial crisis. It can examine the correlation between the operating capital management and corporate performance from multiple aspects and provide a complete and thorough analysis of this issue. Moreover, in order to consider the cross-section and time-series data and endogenous problems, we adopt panel data regression model, three-stage least-squares (3SLS), and generalized method of moments (GMM) to obtain robust empirical results.
