本研究目的是以探討我國「上市上櫃公司治理實務守則」推動後，對營運資金管理及公司績效關係是否有調節作用。本研究以2002年至2012年，台灣598家上市公司為研究對象，共6,388筆觀察值。本研究採用資產報酬率(ROA)、股東權益報酬率(ROE)、每股盈餘(EPS)及Tobin’s Q做為公司績效衡量指標，針對樣本公司進行敍述性統計分析、相關係數分析及單變量分析，最後以普通最小平方法(Ordinary Least Squares)模型進行迴歸分析。實證結果發現，公司治理推動與公司績效關係個別顯著，但整體而言，公司績效並未隨著公司治理推展而有顯著提升。同時，公司治理亦未對現金轉換循環產生影響進而提高公司績效。因此，公司治理推動對營運資金管理及公司績效調節效果是有限的。;This study investigates the moderating effect of corporate governance development on the relation between working capital management and firm performance. The sample consists of 598 listed companies in Taiwan from 2002 to 2012 with 6,388 observations. ROA, ROE, EPS and Tobin’s Q are utilized to proxy for firm performance and Ordinary Least Squares analysis is used to evaluate the relationship among firm performance, corporate governance and working capital management. The empirical results show that corporate governance practices have significant correlation with firm performance. However, on the whole, firm performance is not influenced by corporate governance development. Furthermore, the results also reveal that there is no moderating effect of corporate governance development on the relation between working capital management and firm performance.
