存貨在許多產業公司之資產中均占有一席之地，再者，民國98年1月1日正式啟動新版第10號公報後，存貨亦因此掀起了一波討論的浪潮，然而過去文獻較少將存貨和公司治理合併研究，故本研究以2018年至2021年台灣上市及上櫃之一般產業公司作為研究對象，探討董事會特性(包含董事會規模、董事會獨立性及董事薪酬)與存貨之關聯，本研究亦使用公司治理評鑑結果做為另一公司治理環境變數探討其與存貨間之關聯。實證結果顯示，董事會之特性與存貨實質盈餘管理並無顯著關聯，公司治理評鑑結果也僅呈現接近顯著性；而高董事薪酬的公司有顯著較低的存貨跌價損失產生，推測可能因公司有關薪酬的政策激勵董事專注於經營公司績效，更高的薪酬待遇亦提升了公司董事的責任心。

Inventory holds a significant position among the assets of many industrial companies. In addition, since the implementation of the new version of Financial Accounting Standards Bulletin No. 10 on January 1, 2009, triggered a wave of discussions about inventory in Taiwan. However, few researches focuses on the relationship between inventory and corporate governance. Therefore, this study focuses on Taiwanese listed and OTC general industrial companies from 2018 to 2021 to explore the relationship between board characteristics (including board size, board independence, and director compensation) and inventory. In addition, corporate governance evaluation results are also incorporated as another proxy for corporate governance environment to investigate the association with inventory. The empirical results find that board characteristics do not have a significant correlation with real earnings management related to inventory. The corporate governance evaluation results also only show a close-to-significant relationship. However, the results find that companies with higher director compensation show significantly lower inventory write-down losses.

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