本研究主要目的旨在探討存貨精簡如何影響企業財務槓桿。我們使用COMPUSTAT資料庫中1990年至2018年的美國上市製造業資料，研究資料涵蓋了3,165家公司，總樣本數為27,644筆。實證結果顯示，企業的存貨精簡程度相對高(低)時，其財務槓桿會相對較低(高)。此外，事後分析結果表明，存貨精簡與財務槓桿之負向關係，存在於存貨精簡程度較高或程度中等，以及生產差異化產品的企業，而存貨精簡程度較小，與生產標準化產品的企業，則不存在負向關係。我們還進行了多項的穩健性測試，並支持上述的發現。

This study tends to explore how the inventory leanness affects the company’s financial leverage. We use data from COMPUSTAT database for publicly traded U.S. manufacturing companies over the period 1990 - 2018. Our study includes 3,165 firms and 27,644 firm-year observations. The empirical results show that companies with relatively high (low) inventory leanness have relatively low (high) financial leverage. Moreover, the post-hoc analysis shows that the negative relationship between inventory leanness and financial leverage exists in firms with high or medium extent of inventory leanness and firms producing differentiated products. However, the negative relationship does not exist in firm with low extent of inventory leanness and firms producing standardized products. We also conduct several robustness tests to support the above findings.

論文審定書.............................................................................................i
中文摘要................................................................................................ii
Abstract..................................................................................................iii
目錄........................................................................................................iv
表次........................................................................................................vi
第一章 緒論.............................................................................................1
第二章 文獻探討.....................................................................................4
第一節 企業財務槓桿.............................................................................4
第二節 存貨精簡.....................................................................................5
第三章 假說發展.....................................................................................7
第四章 研究方法.....................................................................................9
第一節 研究樣本與資料來源.................................................................9
第二節 研究變數定義.............................................................................9
第三節 研究方法與模型.......................................................................10
第五章 實證結果與分析.......................................................................12
第一節 產業樣本數與分佈...................................................................12
第二節 年度樣本分布...........................................................................12
第三節 敘述性統計...............................................................................13
第四節 相關性分析...............................................................................14
第五節 實證研究分析...........................................................................17
第六章 穩健性測試...............................................................................20
第一節 變數之替代衡量方法...............................................................20
第二節 研究模型之替代研究方法.......................................................26
第三節 T-1期之測試..............................................................................26
第七章 事後分析...................................................................................28
第一節 存貨精簡程度差異分析...........................................................28
第二節 營運模式分析...........................................................................30
第八章 研究討論...................................................................................32
第一節 理論面之貢獻...........................................................................32
第二節 實務面之貢獻...........................................................................33
第九章 結論...........................................................................................35
第一節 研究結論...................................................................................35
第二節 研究限制與建議.......................................................................35
參考文獻................................................................................................36

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