本研究聚焦於分析營運資金運用效率對美國製造業企業獲利能力之影響、並進一步檢驗資產周轉率在此關係中的調節效應。研究採用涵蓋4,247家企業、24年之面板資料「計40,375個公司－年度樣本」、以同時控制公司與年度固定效果之回歸模型進行估計、並加入互動項、以測試現金轉換週期對資產報酬率與股東權益報酬率的直接影響及其被調節之效應。為檢核結果之穩健性、另運用一般化線性模型並以替代控制組合進行敏感度分析。實證結果指出、現金轉換週期與獲利能力呈顯著負向關聯、與營運資金管理效率可改善財務表現之看法一致。進一步而言、高資產周轉之企業、即便面臨較長之現金轉換週期、仍能維繫優良之獲利表現、顯示營運效率在現金轉換週期與績效關聯中具有關鍵之調節效果。上述結果進一步契合資源基礎觀點與權變觀點、並指出企業宜依其營運能耐調整與量身訂製營運資金策略、以優化獲利。

This study examines how working capital efficiency influences firm profitability in U.S. manufacturing and investigates whether asset turnover (ATO) moderates this relationship. Utilizing a panel dataset of 4,247 firms over 24 years (40,375 firm-year observations), the study employs firm and year fixed-effects regression models with interaction terms to test direct and moderated effects of the Cash Conversion Cycle (CCC) on return on assets (ROA) and return on equities (ROE). Robustness is further assessed by using pooled GLMs and alternative control variables. The results show a statistically significant negative effect of CCC on profitability, supporting the view that efficient working capital enhances performance. The findings also demonstrate that firms with higher asset turnover are better positioned to maintain profitability even with longer CCC, highlighting the moderating role of operational efficiency. These findings contribute to resource-based view (RBV) and contingency theories, emphasizing that working capital strategies must be aligned with operational efficiency. The evidence indicates tailoring CCC policies according to firm-specific turnover capabilities to optimize profitability.

Thesis Validation Letter ..............................................................i
Abstract (Chinese) ..............................................................ii
Abstract (English) ..............................................................iii
1. Introduction ...............................................................1
2. Background ...................................................................5
2.1. Working Capital Management and Profitability: Evidence from Prior Research …….5
2.2. Asset Turnover and the Moderating Role of Operational Efficiency ...........8
2.3. Focus on U.S. Manufacturing Sector: Significance and Contribution
……………………………………………………………………...10

3. Hypotheses .......................................................13
4. Research Methodology .........................................................21
4.1. Research Design ............................................................21
4.2. Data and Sample ............................................................21
4.3. Variable Construction ......................................................24
4.4. Empirical Model Specification ..............................................29
5. Findings .....................................................................33
5.1. Descriptive Statistics .....................................................33
5.2. Correlation Analysis .......................................................35
5.3. Fixed-Effects Panel Regression Results .....................................37
5.4. Robustness Checks ..........................................................41
6. Discussion ...................................................................46
7. Managerial Implications ....................................50
8. Conclusion ...................................................................51
9. Limitations ..................................................................52
References ......................................................................54

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