本研究旨在探討影響台灣上市櫃食品相關企業現金轉換週期效率之關鍵因素。在全球化競爭與經濟不確定性增加的環境下，營運資金管理效率攸關企業生存與競爭力。現金轉換週期作為衡量企業從現金支出到現金回收所需時間的綜合性指標，整合了存貨管理、應收帳款管理與應付帳款管理三大面向，能全面評估企業營運資金運用效率。台灣食品產業因產品保存期限限制、食品安全法規要求及供應鏈複雜度等因素，在現金轉換週期管理上面臨獨特挑戰，值得深入研究。
本研究以2005年至2024年台灣上市櫃食品相關企業為研究對象，涵蓋食品工業、飲料製造業及餐飲服務業，共計547筆公司年度觀察值。研究採用多元迴歸分析方法，將現金轉換週期效率定義為相對效率指標，系統性檢驗營運特性、財務結構及獲利能力等因素之影響。
實證結果顯示：首先，營運特性因素為現金轉換週期效率之關鍵驅動力。總資產週轉率、存貨週轉率及應收帳款週轉率皆對效率具有顯著正向影響，而應付帳款週轉率則呈顯著負向影響，突顯營運效率在現金週期管理中之核心地位。企業規模的影響則未達統計顯著性。
其次，財務結構因素影響具有選擇性。流動比率對現金轉換週期效率呈顯著負向影響，顯示過高流動比率可能意味資金閒置，降低使用效率。負債比率與利息保障倍數的影響則不顯著。
第三，獲利能力因素呈現差異化特徵。營業利益率對現金轉換週期效率具顯著正向影響，突顯本業經營績效之重要性。資產報酬率影響不顯著。毛利率則呈顯著負向影響，反映高毛利策略與快速週轉間可能存在權衡關係。
控制變數方面，上市年數對效率呈顯著負向影響，顯示成熟企業可能因組織僵化而降低效率；產業類別與新冠肺炎疫情的影響皆不顯著，突顯企業內部管理能力較外部因素更具決定性。
本研究建構之迴歸模型具良好解釋力（調整後R²=0.527），研究結果不僅豐富現金轉換週期效率影響因素之學術研究，更為台灣食品產業經營者提供實務啟示：企業應採取整合性營運資金管理策略，聚焦於提升營運效率特別是存貨週轉率，並持續優化管理流程以維持競爭優勢。

This study investigates the key factors influencing cash conversion cycle (CCC) efficiency among Taiwanese listed and over-the-counter (OTC) food-related enterprises. Using panel data from 547 firm-year observations spanning 2005 to 2024, multiple regression analysis examines the effects of operational characteristics, financial structure, and profitability on CCC efficiency. Results indicate that operational factors, particularly total asset turnover, inventory turnover, and accounts receivable turnover, significantly enhance CCC efficiency, while accounts payable turnover shows a negative relationship. Among financial structure variables, only current ratio demonstrates significant negative impact. Profitability factors exhibit differential effects: operating profit margin positively influences efficiency, while gross profit margin shows unexpected negative correlation. The study contributes to working capital management literature by adopting efficiency as the dependent variable and provides practical insights for Taiwan's food industry to optimize operational performance.

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