本文探討不同存貨組成分子是否存在最適庫存水平，以及財務風險、營運風險對於存貨水平的影響。本研究採用1992-2016年美國製造業上市公司的財務資料，利用均值迴歸，證實當原料、在製品、製成品庫存水平偏離最適水平時，公司將會調整庫存水平回到最適水平，並且通過固定效果模型，證實高財務風險、高營運風險的公司傾向擁有較高的存貨水平。在事後分析中，本文更進一步探究財務風險、營運風險對於不同存貨組成分子的影響，發現無論是在遭遇財務風險或營運風險時，製成品庫存水平對於公司總存貨水平的增加貢獻最多。

This essay investigates the existence of target inventory level for different inventory configurations and the effect of financial risk and operational risk on inventory levels. This paper analyzes financial data for publicly traded U.S. manufacturing firms from 1992 to 2016. Using mean reversion models, we confirm that firms will engage in the inventory adjustment process once raw materials, work-in-process, and finished goods deviate from the target level. Furthermore, using different fixed effects models, we find firms with high financial risk or high operational risk tend to have higher inventory levels. In post hoc analysis, this study also examines the impact of financial risk and operational risk on different inventory configurations. The result indicates that finished goods contribute the most to the increase of total inventory once firms suffer from financial risk or operational risk.

目錄
論文審定書i
誌謝ii
中文摘要iii
Abstract iv
目錄v
圖次vi
表次vii
第一章、緒論1
第二章、文獻探討4
2.1存貨管理決策4
2.2財務風險6
2.3營運風險7
2.4假說建立8
第三章、資料敘述12
3.1資料12
3.2模型變數12
第四章、研究模型與方法16
4.1部份調整模型16
第五章、實證結果19
5.1變數之敘述統計量19
5.2變數趨勢20
5.3變數相關係數21
5.4不同存貨類型的均值迴歸(Mean reversion)23
5.5存貨的決定因子25
第六章、穩健性測試29
6.1不同固定效果29
6.2不同財務風險替代變數32
6.3不同營運風險變數35
第七章、事後分析37
第八章、研究討論40
8.1理論上貢獻40
8.2管理上貢獻40
第九章、結論與研究限制41
參考文獻42
圖次
圖5- 1存貨、原料、在製品、製成品趨勢圖20
圖5- 2財務風險、營運風險趨勢圖21
圖5- 3原料各公司βi估計值分配圖24
圖5- 4在製品各公司βi估計值分配圖24
圖5- 5製成品各公司βi估計值分配圖25
表次
表5- 1變數之敘述統計量19
表5- 2相關係數表22
表5- 3存貨決定因子迴歸結果27
表5- 4存貨決定因子迴歸結果28
表6- 1年度固定效果30
表6- 2公司及年度固定效果31
表6- 3不同財務風險替代變數34
表6- 4不同營運風險變數36
表7- 1財務風險在不同存貨組成的迴歸結果38
表7- 2營運風險在不同存貨組成的迴歸結果39

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