本論文以2002年至2023年台灣汽車零件產業為研究對象，探討存貨水準與企業價值之攸關性。實證結果顯示，存貨水準與企業價值呈正相關，即存貨水準越高，則企業價值越高。此外，本研究進一步發現，在加入美國的EPU進行探討時，僅有低營業週期公司具有調節效果，即當EPU越高時，低營業週期公司的存貨水準與企業價值的正向的關聯性會加強。本研究結果隱含，當經濟政策不確定性越高的時候，低營業週期公司存有越多存貨，投資人會視為是對企業營運的保障，進而增加企業價值。本研究是第一篇探討台灣汽車零件產業存貨與企業價值攸關性之研究，並加入EPU指數進行探討，因而補充了過去文獻之不足。

This study looks at Taiwan's auto parts industry from 2002 to 2023, specifically the relationship between inventory levels and enterprise value. The empirical results indicate that inventory levels are positively correlated with firm value; in other words, the higher the inventory levels, the higher the firm value. Furthermore, this study finds that when incorporating the U.S. EPU, only companies with low operating cycles exhibit a moderating effect. Specifically, as EPU increases, the positive correlation between inventory levels and firm value strengthens for low operating cycle companies. This implies that when economic policy uncertainty is high, investors see higher inventory levels as a safety net for a company's operations, increasing enterprise value. This study is the first to investigate the value relevance of inventory in Taiwan's auto parts industry while incorporating the EPU, thereby filling a gap in the existing literature.

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