재고자산 보유수준의 변동이 기업가치에 미치는 영향

Inventory changes have a relationship with firm performance like sales and earnings in various ways. That is, what inventory changes imply can be perceive to be positive or negative for various reasons. Therefore, we hypothesize that the relationship between inventory changes and firm value can be systematically different depending on characteristics of inventory changes. Specifically, we use level of inventory changes as a means which is expected to capture the characteristics of inventory changes. In order to examine the difference in the relation between inventory changes and firm value, we classify the total sample into two sub－samples based on the level of inventory changes: small inventory－change group and large inventory－change group. Consistent with our expectation, the results reveal that the level of inventory changes affects the relationship between inventory changes and firm value. The main results are as follows. First, in total sample, the inventory(finished good) changes have a negative effect on firm value. Seccond, in small inventory－change group, the inventory(work－in－process) changes have a positive effect on firm value, indicating that a gradual increase in work－in－process is reflected positively. Third, in large inventory－changes group, the inventory(finished good) have a negative effect on firm value, indicating that a drastic increase in finished good is reflected negatively. We extend the literature on the effect of inventory changes by considering the possibility that inventory changes have a non－linear relation with firm performance or stock price. This can provide the stakeholders with a reference point for evaluating firm value with regard to inventory changes.