製造業做為我國主要產業活動中舉足輕重之主力產業，經營績效對我國經濟表現具重大影響力，存貨管理尤為製造業經營績效中不可或缺之重大環節，本研究主要目的為透過迴歸分析探討存貨水平與製造業經營績效是否具備顯著關係，進而運用特定條件的投資組合設定以CAPM檢定探討存貨管理是否存在一最適存貨水平。實證結果發現製造業存貨水平與經營績效間存在反向關係，亦即存貨水平越低有較佳的經營績效；但並非存貨周轉最快速之公司有較佳的投資報酬，反而是存貨周轉速度排名中段班之公司具有較佳的投資報酬，顯示製造業之存貨管理存在一最適存貨水平。

Manufacturing industry is a major industry in Taiwan. The Manufacturing industry performance brings significant influence to Taiwan's economic performance. Inventory management is an indispensable part of the manufacturing business performance. The main purpose of this research is discuss whether there is a significant relationship between inventory levels and manufacturing operating performance, and then we design specific portfolios and use CAPM to determine whether inventory management has an optimal inventory level. The empirical results show that there is an inverse relationship between the level of manufacturing inventory and operating performance, and the lower the inventory level, the better the operating performance. The company with lower inventory turnover days have better investment remuneration, but the company with medium inventory turnover rank has the largest investment return. There is an optimal inventory level for inventory management in the manufacturing industry.

論文審定書 ii
致謝 iii
摘要 iv
Abstract v
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 5
第三節 研究內容與流程 5
第二章 文獻探討 7
第三章 定義變數及研究方法 9
第一節 定義變數 9
第二節 研究方法 11
第四章 實證結果與分析 19
第一節 台灣上市製造業存貨管理與經營績效表現 19
第二節 台灣上市製造業存貨管理與長期股票報酬 24
第二節 台灣上市製造業存貨管理投資組合與CAPM 33
第五章 結論 37
參考文獻 38

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