本研究旨在探討經濟政策不確定性對企業存貨持有之影響，使用2006至2021年台灣上市櫃製造業作為研究對象，研究結果顯示經濟政策不確定性提高顯著降低企業的存貨持有。此外，企業傾向在高經濟政策不確定性期間提高現金持有比例，顯示經濟政策不確定性導致企業在存貨和現金間重新分配，企業傾向在高經濟政策不確定性期間降低存貨並保留預防性現金。本研究進一步額外測試當經濟政策不確定性增加時，減少存貨是否改善企業的市場及經營績效，研究結果顯示減少存貨持有對公司的股票報酬沒有產生顯著影響，且對公司的總資產報酬率產生顯著的負面影響，綜合兩者的結果得知降低存貨並沒有明顯緩解經濟政策不確定性對經營績效和股票報酬的不利影響。

The goal of this research is to look into how economic policy uncertainty affects corporate inventory holdings. As research samples, this paper uses Taiwan's listed and OTC manufacturing companies from 2006 to 2021. The findings show that increased economic policy uncertainty reduces corporate inventory holdings significantly. Furthermore, during periods of high economic policy uncertainty, companies tend to increase the proportion of cash holdings. The findings also show that economic policy uncertainty causes businesses to reallocate inventory and cash. During periods of high economic policy uncertainty, businesses tend to reduce inventory and retain precautionary cash. This study investigates whether reducing inventory can improve a company's market and operating performance when economic policy uncertainty is high. According to the findings, reducing inventory holdings has no significant impact on the company's stock returns, but it has a significant impact on the company's return on total assets. To summarize, inventory reduction does not significantly mitigate the negative effects of economic policy uncertainty on operating performance and stock returns.

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