新產品國際發表會對公司股價報酬率的影響──台灣3C品牌廠之實證

The Impact of New Product International Announcements on Stock Rates of Return－Evidences on Taiwan’s 3C Brand Firms

本研究利用事件研究法，探討台灣3C品牌廠新產品國際發表會事件對其股價是否產生異常報酬，並進一步檢定事件期間是否有資訊洩漏現象發生。從檢定結果觀之，整體業者並無顯著異常報酬之發生，亦未有資訊洩漏之顯著現象。究其原因，應是台灣3C品牌產品在國際市場的表現已逐漸弱化，進而在股價上也被投資人腰斬到無以復加，因此即使近年來不斷有新產品的發表推出，但是在股票市場投資人的反應卻是極其冷漠，尤其是Acer與HTC的表現最為投資人失望，而此實證結果也能從Acer與HTC相繼被MSCI從其發佈的台指50成份股中除名，可以得到映證。

This study aims to explore whether the new product announcements of Taiwan’s 3C brand firms will result in significant abnormal rates of return on their stocks by the method of event study. We also attempt to further examine if there exists information leakage phenomena in these announcements. Our empirical results show that both abnormal returns and information leakage cannot be significantly justified. These findings could be attributed to the frail market competition of Taiwan brand firms’ smartphone and PC products and synchronously bearish performance of their stock prices in recent years. Investors seem to be indifferent to these firms’ efforts on new product development after long-term disappointment. Abnormal stock returns and potential information leakage therefore cannot be significantly statistically tested, especially from the related stock prices data of the two brand firms, Acer and HTC. Our conclusions could also be justified by these two firms’ delisting from the components of FTSE TWSE Taiwan 50 Index.