中央政府非營業循環基金累積凈值總額至為龐大，截至八十六年度決算為止，已高達新台幣八千三百餘億元，對於如此龐大的資金，政府實有必要建立一套衡量非營業循環基金管理與運用績效衡量方法或模式，提升非營業循環基金營運效益。 本研究即以中央政論府決算附屬單位決算及綜計表所列之各非營業循環基金為對象，分析整理相關文獻及資料，並結合實務經驗，找出足以表徵非營業循環基金經營績效之指標，包括：審計部綜合評述、業務計畫達成能力、作業收支比執行能力、自給自足能力、獲利能力、活動能力等六項，再據此建立指標資料檔案，以主成份分析（ Principle Component Analysis）構建設置目的符合程度及資金運用能力兩個構面之總指標，深入了解各非營業循環基金績效之優劣。又藉單因子多變量變異數分析（1-Way Multivariate Analysis Of Variance 1-WAY MANOVA），探討各基金依設置法源、組織方式、任職人員的身份、行業性質、公共收支的種類、主要的資金來源、設置的目的、主管機關、凈值大小、作業收入大小、會計資料正確性、舉借長期債務情形、繳庫與撥補情形等分類，其設置目的符合程度及資金運用能力之績效的差異情形，並找出重要影響因素。 本研究發現，若從設置目的符合程度及資金運用能力兩方面分析，非營業循環基金績效並非各界想像之差，真正須要積極檢討改善之基金比例僅占百分之二五左右，表現優異之基金亦占百分之二二左右。同時非營業循環基金之組織方式、行業性質及公共收支性質等是影響非營業循環基金管理與運用績效之重要因素。如併同參酌本研究所提出之『非營業循環基金管理矩陣』，必有助於非營業循環基金之管理，並可為後績研究者之基石。 / In 1997, over 830 billon NT of net value are accumulated in Nonprofit Revolving Funds of The Central Government . This research report examines whether The Central Goverment can systematically set up an evaluation method or model to assess the efficiency of fund management and operation and to enhance managed capacity of these enormous funds. This research report covers all Nonprofit Revolving Funds that are displayed in the clearing sheet and statistics tables of The Central Government. This paper comprehends related literatures, articles, and information fo Nonprofit Revolving Funds and applies current business working experience to identify six performance indicators: the assessment of the Ministry of Audit, the capability of business planning achievement, the ability of operating revenue/expenditure execution, the capability of self-sufficiency, the ability of securing profits, and the ability of exercise. Data and information are collected along these six performance indicators. Based on Principal Component Analysis, two main summary performance indicators has been produced: the accordant degree of established purpose and the efficiency of fund operation. These two main summary performance indicators grasp good and bad of different funds. The original factor scores have been transferred to percentages. One-Way Multivariate Analysis of Variance is applied to investigate differences between different funds by the law of fund establishment, the style of organization, the status of personnel, the nature of business, the type of public revenue and expenditure, the main source of fund, the purpose fo fund establishment, in charge organization, the size of net value, the size of operating revenue, the accuracy of accounting, the condition of long-term debts, the situation of payment and repayment, the accordant degree of established purpose, and the efficiency of fund operation. This research report uses above-mentioned model to evaluate the efficiency of fund management and operation. There are no statistically significant differences between different fund by analyzing the objectives of fund estabishment and fund operation. There is only twenty-five percent of funds that need to be sincerely improved. The style of organization, the nature of business, and the type of public revenue and expenditure are the nost important factors for the efficiency of fund management and operation. This research report proposes a "management matrix of Nonprofit Revolving Funds " that expect to be helpful and useful for managing Nonprofit Revolving Funds.

會計盈餘的產生係根據應計基礎，應計會計程序預期會緩和時間性及配合性的問題，而繼美國財務會計準則公報第九十五號公布二年後，國內於民國七十八年十二月發布財務會計準則公報第十七號『現金流量表』，故本研究探討盈餘與現金流量究竟何者較能解釋股票報酬，應計會計程序所扮演的角色為何？本研究首先分析不同累計期間下盈餘與現金流量和股票報酬的關聯性，以及，在不同運用資金的變異性及營業循環期間下，盈餘與現金流量對股票報酬的解釋力，俾瞭解盈餘與現金流量基本財務資料，在投資人決策制定過程中所扮演的角色，以及何者為解釋股票報酬的良好指標。 　　本研究係由探討國內外相關文獻，並參酌國內環境，加以延伸，蒐集民國七十五年至八十二年的資料，以Pooling方法分析，比較盈餘與現金流量和股票報酬的關聯性，進一步使用Vuong Z-statistic從事測試工作。 　　經由實證結果，本研究獲致如下的結論： 　　1、在短的報導期間下，盈餘和股票報酬的關聯性並未較現金流量強，而淨現金流量對股票報酬的解釋力隨著期間的增加而增加。 　　2、在不同的報導期間下，當公司有重大應計數時，盈餘對股票報酬的解釋力並未較現金流量佳。 　　3、當公司及產業的營業循環期間愈長，非現金流量的運用資金變異性愈大，達顯著水準，惟其並不影響盈餘與現金流量對股票報酬的解釋力。