What actually happened to the inventories of American companies between 1981 and 2000?

• 成果类型: Article
• 署名作者: Chen, H; Frank, MZ; Wu, OQ
• 署名单位: University of British Columbia; University of Minnesota System; University of Minnesota Twin Cities
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.1050.0368
• 发表日期: 2005
• 页码: 1015-1031
• 关键词: INVENTORY; just in time; supply chain; Manufacturing

摘要

This paper examines the inventories of publicly traded American manufacturing companies between 1981 and 2000. The median of inventory holding periods were reduced from 96 days to 81 days. The average rate of inventory reduction is about 2% per year. The greatest reduction was found for work-in-process inventory, which declined by about 6% per year. Finished-goods inventories did not decline. Firms with abnormally high inventories have abnormally poor long-term stock returns. Firms with slightly lower than average inventories have good stock returns, but firms with the lowest inventories have only ordinary returns.