本研究探討營運資金效率改善對企業未來績效與企業價值的影響。本文以8,707家台灣上市企業作為測試樣本，發現提高營運資金效率的確有助於提升企業未來的績效表現，但其效果並未達統計顯著性。其次，本文發現當企業營運資金效率改善後，會顯著提升企業的市場價值，顯示市場較早反應企業營運資金效率的改善。最後，本研究發現對於財務槓桿程度較高的企業而言，並不會因其本身財務上受限，而使得營運資金效率提升所產生的效果更佳。本文實證結果可提供實務界作為營運資金管理之參考。

This study investigates the impact of working capital efficiency on firm performance and firm value. By sampling 8,707 publicly listed firms in Taiwan, it is found that although the efficiency of a firm’s working capital management has positive impact on firm performance; its influence fails to reach the statistically significant level. Secondly, it is also found that the improvement of the working capital efficiency will significantly enhance the value of the firm, suggesting that the market responds to the improvement of working capital efficiency earlier. Finally, this study does not reveal that the impact of working capital efficiency on firm’s value is more profound for the firms having limited debt capacity. The results provide some implications for the working capital management of firms.

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