新產品宣告對供應鏈廠商股價影響之研究──以蘋果iPad與iPhone宣告為例

The impact of New Product Announcement on Supply Chain Vendors - Case of iPad and iPhone announcements

蘋果公司每釋出新產品訊息便會引起全世界關注，台灣是蘋果主要的供應鏈協力廠商，相關新產品宣告亦可能會對供應鏈股價造成影響，因此本研究結合新產品宣告及產業供應鏈觀點，以事件研究法及複迴歸分析法探討蘋果新產品宣告對供應鏈廠商股價的影響，並進一步探討公司特性及宣告型態對資訊內涵之調節效果，補充過去研究對於供應鏈價值研究之不足，以期更周延分析新產品宣告對企業價值的影響。本研究以台灣蘋果概念股作為研究對象，並以2006年至2012年作為研究期間，共整理出67家蘋果在台灣供應鏈上市（櫃）公司作為研究樣本。實證結果顯示蘋果新產品和供應鏈股價間存有顯著關聯性，新產品宣告的確會顯著反應於供應鏈廠商股價，惟宣告日後股價有過度反應現象，本研究亦發現公司特性及宣告型態會影響資本市場反應的方向與強度，尤其是創新型之新產品宣告資訊內涵表現較佳。

Apple Inc. generated high sales as soon as it was launched, and Taiwan was a main of Apple’s supply chain vendors, launched to new product announcements (NPA) may affect the stock price of the supply chain. This study combined NPA with supply chain vendors, and investigated the abnormal returns of important iPad and iPhone component vendors in Taiwan when new products were announced, using the even study methodology and multiple regression. Furthermore, this paper explored the impact of company's characteristics and announcements types on the announcement effect to complement previous studies inadequate for impacts of NPA on the Industry Supply Chain. The object of this study was supply chain vendors of Apple Inc. of in Taiwan, and stock returns data from 2006 to 2012 were used. Sample companies were selected by analyst reports, and vendors in the supply chain were screened by public announcement. Finally a total of 67 companies were selected in this study from among the Apple’s supply chain. Empirical results supported that the NPA effect is reflected significantly in the supply chain vendors in Taiwan, but the positive abnormal returns reverse after announcement date. We also found that different firm characteristics and declarative-styles would influent market reaction direction and strength. Meanwhile, the value creation is higher in announcements of original new products than updates of existing products.