競爭策略下新產品宣告對股價的影響：就台灣資訊電子業公司之檢視

The Impact of New Product Announcements on Stock Prices of Electronics Companies under Strategic Competition: Evidence from Taiwan

10.6378/JTM.200703.0001

林哲鵬(Che-Peng Lin)；郭怡萍(Yi-Ping Kuo)

事件分析法 ； 異常報酬 ； 新產品宣告 ； 策略互補 ； 策略替代 ； Event Study ； Abnormal Returns ； New Product Announcement ； Strategic Substitutes ； Strategic Complements

科技管理學刊

12卷1期（2007 / 03 / 01）

1 - 28

繁體中文

本研究以事件分析法，檢視台灣資訊電子上市公司新產品宣告對公司價值的影響。新產品研發常伴隨激烈的競爭，若競爭者積極反應對手公司研發成功的新產品，在預期利潤不確定下，新產品宣告不一定能夠提升公司的市場價值。有鑑於此，本研究以競爭策略衡量指標(Competitive Strategy Measure, CSM)區分新產品宣告的屬性，指標估計對手會積極反應者屬策略互補，估計對手會採冷處理者屬策略替代。在不同競爭策略環境下，屬策略替代之新產品宣告的價值提升效果應更為顯著。研究結果指出，新產品宣告在全體樣本中會產生顯著為正的效果，但該效果會因資訊電子業各子產業的不同互有差異，一般而言，愈具高創新需求的子產業，其新產品宣告愈能產生正向效果。若續將競爭策略型態列入考量，新產品宣告只會在策略替代下產生正向效果，卻無法在策略互補下產生正的異常報酬。競爭策略型態在新產品的宣告效果上確實有相當程度的影響力。

This study applies event study methodology to investigate the impact of new product announcements on firm values of electronics companies in Taiwan. We examine the samples by classifying the firms on their product characteristics. We also employ competitive strategy measure (CSM) to evaluate how operational nature of firms' competitiveness will interact with new product announcements. Positive abnormal returns are found associated with announcing firms. This announcement effect varies among different electronic sub-industries. In general, the higher needs for innovation in a specific sub-industry, the more significant positive effect is observed. When competitive strategies are considered, a significant positive announcement effect is found under strategic substitutes and no announcement effect is revealed under strategic complements.

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