營運資金的管理是公司理財中很重要的角色，尤其是對中小企業來說更為重要，財務主管常常花費很多時間在處理營運資金的管控，但有關營運資金的研究在台灣卻比較少人探討，因此本研究主要針對台灣中小企業的營運資金管理來進行實證研究，第一部份研究發現營運資金會與公司的獲利會呈現一個與過去研究不同的非線性關係(正U型)，整體來說維持較低的營運資金對中小企業獲利較佳，而正U型的關係也就代表台灣的中小企業並不存在著最適反而是最不適的營運資金水準。

本研究第二部分有別於之前營運資金管理的文獻大多聚焦於現金轉換循環(CCC)或淨交易週期(NTC)，我們另外加入現金持有水準與公司獲利的探討，實證發現中小企業的現金持有水準也會與公司的獲利呈現一個非線性的關係(倒U型)，整體來說持有較多的現金對中小企業的獲利表現是較佳的，而且因為呈現倒U型的關係，我們可以進一步推得一個最適的現金持有水準。

最後為了更完整的了解營運資金管理，我們將現金持有加入營運資金的部份一起探討，實證發現現金持有及營運資金之間會有交互作用的效果產生，而此效果會影響各變數之間的變化。總結本研究結果，我們建議台灣的中小企業可視自身財務狀況來減少公司的營運資金且同時要增加現金持有的水準，藉由這樣管理營運資金可以增加公司的獲利，以達到極大化公司股東財富的目的。

Working capital management plays an important role in corporate finance, especially for small and medium-sized enterprises (SMEs). But the research about SMEs’ working capital management is comparably rare in Taiwan. This study investigates the relationship among working capital, cash holdings, and profitability. In the first part, unlike previous finding, we find out there is a different non-linear relationship (U shaped) between working capital and profitability in Taiwan’s SMEs, so, this suggests that instead of best working capital rate, there is a worst working capital rate for Taiwan’s SMEs. Overall, working capital has a negative effect on firms’ profitability. In the second part, cash holding level has been ignored in recent working capital studies like Cash Conversion Cycle (CCC) or Net Trading Cycle (NTC), but cash do affect firm’s profitability. Thus, we add cash holding level to our discussion, and also find a non-linear relationship (inverted-U shaped) between cash holding level and profitability, the inverted-U shaped relationship suggests that there has an optimal cash holding level. Overall, cash has a positive effect on profitability. In the last part, we further examine the interaction term between working capital and cash holding level, we find it do affect the relationship among working capital, cash holdings, and profitability. To sum up, this study suggest Taiwan’s SMEs should increase their cash holding level while decreasing their working capital, and by doing that, we can increase the profitability of the firm and maximize shareholder’s wealth.

中文文獻

江怡慧、林宛儒（2010）。營運資金管理政策對績效的影響－以台灣電子五強
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蘇玄啟、羅仙法、施懿宸、李汶育（2016）。台灣上市公司的現金持有、現金
持有價值與公司生命週期：預防性動機假說之驗證。臺大管理論叢，26 (2)，173-
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黃雅祺（2016）。營運資金管理是否提升公司價值？台灣上市公司之實證研
究（未出版之碩士論文）。國立臺灣大學財務金融學研究所。台北市。
葉政鑫（2009）。企業營運資金管理策略對經營績效影響（未出版之碩士論
文）。國立政治大學企業管理研究所。台北市。

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