網路口碑對消費性企業績效之影響：大數據之應用

The Impact of Electronic Word-of-Mouth on Consumer Enterprise Performance: The Application of Big Data

隨著網際網路的興盛，社群媒體已成為行銷傳播活動的重要場域，社群媒體的行銷對企業績效與股價愈來愈重要，然而在學術的實證研究上目前仍較少學者進行相關之研究。這主要是因為網路口碑分散於各社群媒體、數量龐大，因此收集不易，欲進一步分析網路使用者的情緒更是統計不易。本研究運用大數據的概念，使用OpView社群口碑資料庫蒐集2018年4月至2019年3月之間上市櫃企業的網路聲量，其中企業類型以民眾直接消費的餐廳、觀光、百貨等消費性企業為主；以月資料的資料頻率呈現，資料型態為追蹤型資料（paneldata）。我們以固定效果模型檢驗網路口碑對企業股價及企業營收的影響，更進一步討論正面與負面網路口碑對企業營收與績效的影響。實證結果發現正面網路口碑可以顯著提高企業股價報酬率。對於各別類股產業，網路總聲量可提高上櫃觀光類股的企業營收與股價報酬率，亦提高上櫃貿易百貨類股之股價報酬率；負向網路口碑將不利於上市貿易百貨類之企業營收。

With the prosperity of the Internet, social media has become an important field of marketing communication activities. The marketing of social media is becoming more and more important to corporate performance and stock price. However, few scholars investigate related topics in an empirical research. It’s not easy to collect the data of electronic word-of-mouth (eWOM) because eWOM is scattered in various social media and its number is huge. It is not easier to analyze further the sentiments of internet users. This study uses the OpView community word-of-mouth database to collect the network volume of listed and OTC companies between April 2018 and March 2019. The types of enterprises are restaurants, sightseeing, department stores, etc. that are directly consumed by the public;the data type is panel data. We use a fixed-effects model to examine the impact of eWOM on corporate stock prices and corporate revenues, and further discuss the impact of positive and negative eWOM on corporate revenue and performance. The empirical results show that positive eWOM can significantly increase the company's stock return. For each category of stocks, the total volume of the network can increase the company's revenue and stock return of the OTC sightseeing stocks, and also increase the stock return of the OTC trading department stocks;negative eWOM will not be conducive to Enterprise revenues in listed trade department stores.