存貨行為與績效關聯性之研究－以台灣科技公司為例

Abstract

本研究將1986年至2006年臺灣上市資訊電子產業之存貨行為分類，根據λ與β之大小發展出四類不同管理內涵之存貨行為。將所有臺灣上市電子資訊產業公司分類後，以資產報酬率ROA與市場績效指標Tobin’s Q作為因變數，進一步觀察分類後之存貨行為與績效之關聯性，結果發現分類存貨行為的確有其不同管理意涵。 以ROA績效高低排序之，研究結果顯示：積極向前型（雲豹）> 保守穩健型（水牛）> 蓄勢待發型（毛毛蟲）> 保守停滯型（蝸牛）。以Tobin’s Q之績效高低排序之，研究結果顯示：保守穩健型（水牛）> 保守停滯型（蝸牛）> 積極向前型（雲豹）> 蓄勢待發型（毛毛蟲）。 過去存貨管理議題多半侷限於執行面上之探討，相關文獻如：最佳化模式、數學模擬等，而本研究特別之處在於將存貨管理提高至策略管理至層次作為探討。

In the point of traditional view, inventories have been affected by business cycles. In other words, if we predict that the cycle shifts to periods of relatively rapid growth of output, firms will increase inventories, and vice versa. However, due to the rise of IT technology and Knowledge-based Economy, inventories seem that in these past years, developments in the economy have diverged from the traditional direction, leading to the need for new and better approaches to economic and business phenomena. This traditional inventory paradigm was a consequence of some fundamental assumptions about the operation of the business enterprise. Compared to other components of business activity, the management and economics literature includes a relatively small number of papers about inventories. The study of this paper categorizes four different kinds of inventories through Partial-Adjusted Model. And it develops itself meaning of management. Taken as a whole, they provide the foundations for an extended field of further research on inventories.