企業E化宣告效果之研究-以台灣上市公司為例

The Announcement Effect to ERP Implementation－Evidence from Listed Companies in Taiwan

10.6188/JEB.2004.6(1).06

高麗萍(Li-Ping Kao)

企業資源規劃系統 ； 企業E化 ； 事件研究法 ； 標準化累積異常報酬 ； E-business ； Event Study ； Enterprise Resource Planning (ERP)

電子商務學報

6卷1期（2004 / 03 / 01）

53 - 73

繁體中文

本研究主要目的在檢視公司宣告企業E化事件資本市場反應。本文首先利用事件研究法探討ERP的宣告效果。研究結果顯示資本市場對於ERP消息會給於正面顯著反應；其次探討公司規模不同、財務狀況不同及產業別不同之公司特性，宣告企業E化時股價是否會產生不同的異常報酬。研究結果顯示資本市場對於ERP宣告會有正面顯著異常反應。惟台灣股票市場在正式對外宣告前很可能已發生資訊外漏的情形，宣告日前異常股價便已提前反應。其次不同公司特性會對股價異常報酬造成影響，小公司宣告ERP事件時會有較高的資訊內涵，宣告消息之增額價值會較大；財務健全公司及電子業公司宣告ERP事件會比財務不健全及非電子業有較高股價異常報酬表現，但未達顯著水準，此一研究結果與國外研究結果不同但方向一致。

The objective of this research is to examine how the market responds when a firm announces that it plans to implement an ERP system. Study findings indicate an positive reaction to initial ERP announcements. Research also findings the market response to small firms is significantly more positive than to large firms.

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