本研究主要探討新應收帳款擔保政策對中國上市公司現金轉換週期與現金持有量關係之研究，使用中國大陸自2001年到2014年2,602家中國上市公司數據為研究目標，利用現金持有量作為主要應變數探討，主要自變數為現金轉換週期，虛擬變數為股權分置改革與新應收帳款擔保政策，控制變數包括：公司規模、淨營運資金、市價與帳面價值比、資本支出、營業活動現金流量、負債比例和股利政策。採用Ordinary Least Squares模型進行實證迴歸分析，結果顯示新應收帳款擔保政策實施後，中國上市公司的現金持有量有明顯的降低，2007年新應收帳款擔保政策改革降低了中國上市公司現金轉換週期對現金持有量的影響力。;This study investigates the effect of the new receivables pledge policy in 2007 on cash conversion cycle and cash holdings for Chinese listed firms. The sample consists of 2,602 listed companies in China for the period from 2001 to 2014. The major dependent variable is cash holdings, and independent variable is cash conversion cycle. Ordinary Least Square analysis is used to evaluate the relation among the receivables pledge policy reform, cash conversion cycle and cash holdings. The empirical results show that the cash holdings of Chinese listed firms decreased after the new receivables pledge policy reform in 2007 and this reform negatively moderates the relation between cash conversion cycle and cash holdings.
