金融監督管理委員會於2008年12月18日正式宣告財務會計準則公報第十號「存貨之會計處理準則」在2008年12月31日(含)以後之財務報表適用，但得提前使用。

第十號公報「存貨之會計處理準則」與股價之關係實證研究仍相當的缺乏。因此，本研究主要探討財務會計準則公報第十號「存貨之會計處理準則」對上市公司股價的影響，透過事件研究法取得612家觀察公司，以公告日當天及前後2天共5天為事件期並運用市場模型估計異常報酬。

首先，探討發佈第十號「存貨之會計處理準則」之事件，是否引起上市公司股價產生異常變動；其次，運用迴歸模型的使用，藉以分析累積異常報酬與公司特徵之關聯性。

實證結果發現，發佈第十號「存貨之會計處理準則」對於台灣上市公司產生顯著正向累積異常報酬。此外透過迴歸分析結果顯示，潛在存貨種類、電子類股與累積異常報酬呈現顯著的負相關；反觀，公司存貨密集度則存在顯著的正向相關。因此藉由本文研究結果，在第十號「存貨之會計處理準則」政策變動的事件日，投資人可以利用財務報表資訊擬定適當的投資策略，以獲取超額報酬。

On December 18, 2008, Taiwan’s Financial Supervisory Commission (FSC) declares that Taiwan’s Statement of Financial Accounting Standards (SFAS) No.10 was effective for financial year ending after December 31, 2008, with early application encouraged.

The research which has empirically documented the link between SFAS No.10 and stock price is scant. Therefore, the aim of this article investigates the stock price impact of SFAS No.10 on the list companies of Taiwan Stock Exchange Center (TSEC). This event study took 612 observations and the window is 5 days on the announcement dates. The abnormal returns were estimated by the market model.

First, this thesis examines whether financial accounting standards No.10 would cause irregular changes in stock price of listed companies. Secondly, regression models were used to analysis the relation of cumulative abnormal returns (CAR) and the company characteristics.

The empirical results findings the issue of SFAS No.10 makes Taiwan’s listed companies has shown significantly positive cumulative abnormal returns. In addition, the results of regression showed that there was significantly negatively correlation between CAR and potential inventory kinds and electronic firms. On the other hand, CAR is positive related to inventory intensity. The findings of this study suggest that investors may use financial statement information to devise stock trading strategies to obtain excess returns in responding to change in the SFAS No.10 policy.

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