進階搜尋


 
系統識別號 U0026-2201201311103000
論文名稱(中文) 企業資源效率性如何影響新產品宣告的股價表現
論文名稱(英文) FIRM RESOURCE EFFICIENCY AND THE STOCK MARKET REACTION TO NEW PRODUCT ANNOUNCEMENTS
校院名稱 成功大學
系所名稱(中) 國際企業研究所碩博士班
系所名稱(英) Institute of International Business
學年度 101
學期 1
出版年 102
研究生(中文) 王俊豪
研究生(英文) Chun-Hao Wang
學號 r66991109
學位類別 碩士
語文別 英文
論文頁數 54頁
口試委員 指導教授-康信鴻
口試委員-莊雙喜
口試委員-張紹基
口試委員-胡聯國
中文關鍵字 新產品  金融市場反應  資源效率性  資源基礎理論 
英文關鍵字 new product  financial market reaction  resource efficiency  resource-based view (RBV) 
學科別分類
中文摘要 本文研究公司資源效率性是否影響新產品宣告的經濟價值。我們藉由投入-產出方法建構研究發展、行銷、生產及存貨等四種資源效率,然後利用事件分析法探討公司資源效率與新產品宣告價值的關係。本研究以台灣上市公司從1998年一月到2011年七月的新產品宣告為樣本,結果指出新產品宣告平均而言都會給公司創造正面的市場價值;更進一步,市場價值會受到資源效率的程度影響,尤其是當公司有較高的研究發展及生產資源效率,其所創造的市場價值更高;然而,在較高的行銷跟存貨資源效率卻反而破壞新產品所帶來的價值。此外本研究又指出過去使用投入程度的衡量方式已不足以解釋次貸危機及金融海嘯之後的新產品價值,本研究以投入-產出方法所建立的資源效率衡量反而更能解釋在金融海嘯之後的新產品宣告的股價表現,此結果顯示投資者對於評估新產品價值的行為產生了結構性的改變;再者,研究發展及存貨資源效率對新產品價值的影響亦隨事件發生而增加。
英文摘要 This study examines the role of firm resource efficiency in explaining the economic impact of the new product announcements. We construct a model that includes research and development, marketing, production, and inventory resource efficiency using input-output method, then use the event study approach to examine the impact of resource efficiency on the valuation of new product announcements. Using a sample of new product announcements from public companies in Taiwan from January 1998 to July 2011, we find a consistent result that the average announcement-period abnormal returns for the announcing firms are significantly positive. We also find that the market value of new product announcements is affected by the level of resource efficiency. To be more specific, R&D and production resource efficiency have positive impacts on new product announcements. In contrast, marketing and inventory resource efficiency have negatives effects on the value of new production announcements. In addition, resource efficiency compared with previous studies that used input method is able to explain more of the variance in the value of new product announcements in the period after the subprime mortgage and financial crisis, implying that a structural shift occurred in the behavior of investors. Moreover, the impact of R&D and inventory resource efficiency also increased after the subprime mortgage and financial crisis.
論文目次 CHAPTER 1 INTRRODUCTION:1
CHAPTER 2 LITERATURE REVIEW AND HYPOTHESES:5
2.1 The Impact of New Product Announcements on the Market Value of Firms:5
2.2 Resource-based View and Firm Value:8
2.3 Possible Research Directions:10
2.4 Concept Framework and Hypotheses:11
CHPATER 3 SAMPLE AND METHODOLOGY:18
3.1 Measures:18
3.2 Sample and Data Sources:24
3.3 Event Study Approach:26
CHAPTER 4 RESULTS:31
4.1 Stock Price Reactions for the Announcing Firms:31
4.2 The Impact of Firm Resource Efficiency on the Stock Prices of the Announcing Firms:33
4.3 Comparison of the Input-output Method and Input Method:40
CHAPTER 5 CONCLUSION:43
5.1 Discussion:43
5.2 Investment and Managerial Implications:46
5.3 Limitations and Future Research:46
REFERENCES:49
參考文獻 Agrawal, J. and W. A. Kamakura (1995). "The economic worth of celebrity endorsers: An event study analysis." Journal of Marketing 59(3): 56.
Ailawadi, K. L., S. A. Neslin, et al. (2003). "Revenue Premium as an Outcome Measure of Brand Equity." Journal of Marketing 67(4): 1-17.
Bahadir, S. C., S. G. Bharadwaj, et al. (2008). "Financial Value of Brands in Mergers and Acquisitions: Is Value in the Eye of the Beholder?" Journal of Marketing 72(6): 49-64.
Ball, R. and P. Brown (1968). "An Empirical Evaluation of Accounting Income Numbers." Journal of Accounting Research 6(2): 159-178.
Barney, J. (1991). "Firm Resources and Sustained Competitive Advantage." Journal of Management 17(1): 99.
Barney, J. B. (2001). "Is the Resource-based "View" a Useful Perspective for Strategic Management Research? Yes." Academy of Management Review 26(1): 41-56.
Bayus, B. L., G. Erickson, et al. (2003). "The Financial Rewards of New Product Introductions in the Personal Computer Industry." Management Science 49(2): 197-210.
Bayus, B. L., S. Jain, et al. (1997). "Too Little, Too Early: Introduction Timing and New Product Performance in the Personal Digital Assistant Industry." Journal of Marketing Research (JMR) 34(1): 50-63.
Bolton, P. and D. S. Scharfstein (1990). "A theory of predation based on agency problems in financial contracting." American Economic Review 80(1): 93.
Brown, S. J. and J. B. Warner (1980). "Measuring security price performance." Journal of Financial Economics 8(3): 205-258.
Brown, S. J. and J. B. Warner (1985). "Using daily stock returns: The case of event studies." Journal of Financial Economics 14(1): 3-31.
Browning, T. R. and R. D. Heath (2009). "Reconceptualizing the Effects of Lean on Production Costs with Evidence from the F-22 program." Journal of Operations Management 27(1): 23-44.
Chalk, A. J. and J. W. Peavy Iii (1987). "Initial Public Offerings: Daily Returns, Offering Types and the Price Effect." Financial Analysts Journal 43(5): 65.
Chan, S. H., J. D. Martin, et al. (1990). "Corporate research and development expenditures and share value." Journal of Financial Economics 26(2): 255-276.
Chandy, R. K. and G. J. Tellis (2000). "The Incumbent's Curse? Incumbency, Size, and Radical Product Innovation." Journal of Marketing 64(3): 1-17.
Chaney, P. K. and T. M. Devinney (1992). "New Product Innovations and Stock Price Performance " Journal of Business Finance & Accounting 19(5): 677-695.
Chaney, P. K., T. M. Devinney, et al. (1991). "The Impact of New Product Introductions on the Market Value of Firms." Journal of Business 64(4): 573-610.
Chen, S.-S. (2008). "Organizational Form and the Economic Impact of Corporate New Product Strategies." Journal of Business Finance & Accounting 35(1/2): 71-101.
Chen, S.-S. and H. Kim Wai (1997). "Market Response to Product-Strategy and Capital-Expenditure Announcements in Singapore: Investment Opportunities and Free Cash Flow." FM: The Journal of the Financial Management Association 26(3): 82-88.
Chung, K. H. and S. W. Pruitt (1994). "A Simple Approximation of Tobin's q." FM: The Journal of the Financial Management Association 23(3): 70-74.
Cohen, W. M. and D. A. Levinthal (1990). "Absorptive Capacity: A New Perspective on Learning and Innovation." Administrative Science Quarterly 35(1): 128-152.
Conchar, M. P., M. R. Crask, et al. (2005). "Market Valuation Models of the Effect of Advertising and Promotional Spending: A Review and Meta-Analysis." Journal of the Academy of Marketing Science 33(4): 445-460.
Curran, J. (1999). Taking the Fear out of Economics, Cengage Learning EMEA.
Dutta, S., O. Narasimhan, et al. (1999). "Success in High-Technology Markets: Is Marketing Capability Critical?" Marketing Science 18(4): 547-568.
Eberhart, A. C., W. F. Maxwell, et al. (2004). "An Examination of Long-Term Abnormal Stock Returns and Operating Performance Following R&D Increases." Journal of Finance 59(2): 623-650.
Fama, E. F. (1970). "Efficient Captial Markets: A Review of Theory and Empirical Work." Journal of Finance 25(2): 383-417.
Fama, E. F. (1976). Foundations of Finance: Portfolio Decisions and Securities Prices, Basic Books.
Fama, E. F. (1991). "Efficient Capital Markets: II." Journal of Finance 46(5): 1575-1617.
Fama, E. F., L. Fisher, et al. (1969). "The Adjustment of Stock Prices to New Information." International Economic Review 10(1): 1.
Feng, G. (2005). "Innovation, Future Earnings, and Market Efficiency." Journal of Accounting, Auditing & Finance 20(4): 385-418.
Geyskens, I., K. Gielens, et al. (2002). "The Market Valuation of Internet Channel Additions." Journal of Marketing 66(2): 102-119.
Gopalakrishnan, S. and F. Damanpour (1997). "A review of innovation research in economics, sociology and technology management." Omega 25(1): 15-28.
Gujarati, D. N. and D. C. Porter (2010). Essentials of Econometrics, McGRAW-Hill.
Hawawini, G., V. Subramanian, et al. (2003). "Is Performance Driven by Industry- or Frim-specific Factors?" Strategic Management Journal 24(1): 1.
Hawawini, G., V. Subramanian, et al. (2005). "Is Performance Driven by Industry- or Firm-specific Factors?" Strategic Management Journal 26(11): 1083-1086.
Hendricks, K. B. and V. R. Singhal (2003). "The effect of supply chain glitches on shareholder wealth." Journal of Operations Management 21(5): 501-522.
Hendricks, K. B. and V. R. Singhal (2009). "Demand-Supply Mismatches and Stock Market Reaction: Evidence from Excess Inventory Announcements." Manufacturing & Service Operations Management 11(3): 509-524.
Hendricks, K. B., V. R. Singhal, et al. (2009). "The effect of operational slack, diversification, and vertical relatedness on the stock market reaction to supply chain disruptions." Journal of Operations Management 27(3): 233-246.
Hirschey, M. and J. J. Weygandt (1985). "Amortization Policy for Advertising and Research and Development Expenditures." Journal of Accounting Research 23(1): 326-335.
Hoffmann, A. O. I., T. Post, et al. (2013). "Individual Investor Perceptions and Behavior during the Financial Crisis." Journal of Banking & Finance 37(1): 60-74.
Holweg, M. (2007). "The Genealogy of Lean Production." Journal of Operations Management 25(2): 420-437.
Hong, C., M. Z. Frank, et al. (2005). "What Actually Happened to the Inventories of American Companies Between 1981 and 2000?" Management Science 51(7): 1015-1031.
Hoshi, T. and A. Kashyap (1991). "Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups." Quarterly Journal of Economics 106(1): 33-60.
Hsu, H.-N. and R.-J. Hung (1996). "The Test of the Basic Assumptions of the Linear Regression Model and the Estimation of Regression Model: the Case of Market Model (in Chinese)." NTU Management Review 7(2): 91-126.
Hun, L., K. G. Smith, et al. (2000). "Timing, Order and Durability of New Product Advantages with Imitation." Strategic Management Journal 21(1): 23.
Jacobs, F. R. and R. B. Chase (2010). Operations Management for Competitive Advantage, McGraw-Hill/Irwin.
Jensen, M. C. (1986). "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers." American Economic Review 76(2): 323.
Keller, K. L. (1993). "Conceptualizing, Measuring, Managing Customer-Based Brand Equity." Journal of Marketing 57(1): 1-22.
Kirmani, A. and A. R. Rao (2000). "No Pain, No Gain: A Critical Review of the Literature on Signaling Unobservable Product Quality." Journal of Marketing 64(2): 66-79.
Kleinschmidt, E. J. and R. G. Cooper (1991). "The Impact of Product Innovativeness on Performance." Journal of Product Innovation Management 8(4): 240-251.
Kothari, S. P., T. E. Laguerre, et al. (2002). "Capitalization versus Expensing: Evidence on the Uncertainty of Future Earnings from Capital Expenditures versus R&D Outlays." Review of Accounting Studies 7(4): 355-382.
Krasnikov, A. and S. Jayachandran (2008). "The Relative Impact of Marketing, Research-and-Development, and Operations Capabilities on Firm Performance." Journal of Marketing 72(4): 1-11.
Krasnikov, A., S. Mishra, et al. (2009). "Evaluating the Financial Impact of Branding Using Trademarks: A Framework and Empirical Evidence." Journal of Marketing 73(6): 154-166.
Lai, M.-R. (2009). The Risk Premium of the Taiwan Stock Market and Each Industries: the Preliminary Study (in Chinese). GreTai Securities Bimonthly. 143: 97-100.
Lane, V. and R. Jacobson (1995). "Stock market reactions to brand extension announcements: The effects of brand attitude and." Journal of Marketing 59(1): 63.
Lang, L. and E. Ofek (1996). "Leverage, Investment, and Firm Growth." Journal of Financial Economics 40(1): 3-29.
Lang, L. H. P. and R. Stulz (1992). "Contagion and competitive intra-industry effects of bankruptcy announcements: An empirical analysis." Journal of Financial Economics 32(1): 45-60.
Lang, L. H. P., R. Stulz, et al. (1989). "Managerial performance, Tobin's Q, and the gains from successful tender offers." Journal of Financial Economics 24(1): 137-154.
Lang, L. H. P., R. Stulz, et al. (1991). "A test of the free cash flow hypothesis: The case of bidder returns." Journal of Financial Economics 29(2): 315-335.
Lee, R. P. and Q. Chen (2009). "The Immediate Impact of New Product Introductions on Stock Price: The Role of Firm Resources and Size." Journal of Product Innovation Management 26(1): 97-107.
Lev, B. and T. Sougiannis (1996). "The capitalization, amortization, and value-relevance of R&D." Journal of Accounting and Economics 21(1): 107-138.
Mahoney, J. T. and J. R. Pandian (1992). "The Resource-based View within the conversation of Strategic Management." Strategic Management Journal 13(5): 363-380.
McAlister, L., R. Srinivasan, et al. (2007). "Advertising, Research and Development, and Systematic Risk of the Firm." Journal of Marketing 71(1): 35-48.
McGahan, A. M. and M. E. Porter (1997). "How Much Does Industry Matter, Really?" Strategic Management Journal 18: 15-30.
McNamara, G., F. Aime, et al. (2005). "Is Performance Driven By Industry- or Firm-specific Factors? A Response to Hawawini, Subramanian, and Verdin." Strategic Management Journal 26(11): 1075-1081.
Megahan, A. M. and M. E. Porter (1999). "The Persistence of Shocks to Profitability." Review of Economics & Statistics 81(1): 143-153.
Misangyi, V. F., H. Elms, et al. (2006). "A New Perspective on a Fundamental Debate: A Multilevel Approach to Industry, Corporate, and Business Unit Effects." Strategic Management Journal 27(6): 571-590.
Mitra, D. and P. N. Golder (2006). "How Does Objective Quality Affect Perceived Quality? Short-Term Effects, Long-Term Effects, and Asymmetries." Marketing Science 25(3): 230-247.
Modi, S. B. and V. A. Mabert (2010). "Exploring the Relationship between Efficient Supply Chain Management and Firm Innovation: An Archival Search and Analysis." Journal of Supply Chain Management 46(4): 81-94.
Modi, S. B. and S. Mishra (2011). "What Drives Financial Performance–Resource Efficiency or Resource Slack?: Evidence from U.S. Based Manufacturing Firms from 1991 to 2006." Journal of Operations Management 29(3): 254-273.
Narasimhan, O., S. Rajiv, et al. (2006). "Absorptive Capacity in High-Technology Markets: The Competitive Advantage of the Haves." Marketing Science 25(5): 510-524.
Natarajan, V. S., G. Kalyanaram, et al. (2010). "Asymmetric Market Reaction to New Product Announcements: An Exploratory Study." Academy of Marketing Studies Journal 14(2): 1-11.
Pandit, S., C. E. Wasley, et al. (2011). "The Effect of Research and Development (R&D) Inputs and Outputs on the Relation between the Uncertainty of Future Operating Performance and R&D Expenditures." Journal of Accounting, Auditing & Finance 26(1): 121-144.
Pauwels, K., J. Silva-Risso, et al. (2004). "New Products, Sales Promotions, and Firm Value: The Case of the Automobile Industry." Journal of Marketing 68(4): 142-156.
Peteraf, M. A. (1993). "The Cornerstones of Competitive Advantage: A Resource-based View." Strategic Management Journal 14(3): 179-191.
Peteraf, M. A. and J. B. Barney (2003). "Unraveling The Resource-Based Tangle." Managerial & Decision Economics 24(4): 309-323.
Peterson, P. P. (1989). "Event Studies: A Review of Issues and Methodology." Quarterly Journal of Business & Economics 28(3): 36.
Porter, M. E. (1980). "How competitive forces shape strategy." McKinsey Quarterly(2): 34-50.
Porter, M. E. (1988). "From competitive advantage to corporate strategy." McKinsey Quarterly(2): 35-66.
Porter, M. E. (1996). "What is Strategy?" Harvard Business Review 74(6): 61-78.
Reed, R. and R. J. DeFillippi (1990). "Causal Ambiguity, Barriers to Imitation, and Sustainable Competitive Advantage." Academy of Management Review 15(1): 88-102.
Rumelt, R. P. (1991). "How Much Does Industry Matter?" Strategic Management Journal 12(3): 167-185.
Shah, R. and P. T. Ward (2003). "Lean Manufacturing: Context, Practice Bundles, and Performance." Journal of Operations Management 21(2): 129-149.
Shahraki, A. (2012). "Measurement of Services Industry Efficiency." Interdisciplinary Journal of Contemporary Research in Business 4(1): 156-168.
Shen, C.-H. and J.-Z. Lee (2000). Event Study: Application in Empirical Research of Accounting and Finance (in Chinese), HWA TAI PUBLISHING.
Sheng-Syan, C., H. Kim Wai, et al. (2005). "The Wealth Effect of New Product Introductions on Industry Rivals." Journal of Business 78(3): 969-996.
Sheng-Syan, C., H. Kim Wai, et al. (2002). "How Does Strategic Competition Affect Firm Values? A Study of New Product Announcements." Financial Management (Blackwell Publishing Limited) 31(2): 67.
Shi, C. (2003). "On the Trade-off between the Future Benefits and Riskiness of R&D: A bondholders’ Perspective." Journal of Accounting and Economics 35(2): 227-254.
Shieh, M.-L. and L.-F. Lei (2010). "The Structure of System Risk Change with Time : the Case of Listed Compnaies in Taiwan (in Chinese)." Taiwan Bank Quarterly 61(4): 244-256.
Sivadas, E. and F. R. Dwyer (2000). "An Examination of Organizational Factors Influencing New Product Success in Internal and Alliance-Based Processes." Journal of Marketing 64(1): 31-49.
Sorescu, A. B., R. K. Chandy, et al. (2003). "Sources and Financial Consequences of Radical Innovation: Insights from Pharmaceuticals." Journal of Marketing 67(4): 82-102.
Sougiannis, T. (1994). "The Accounting Based Valuation of Corporate R&D." Accounting Review 69(1): 44-68.
Spanos, Y. E. and S. Lioukas (2001). "An Examination into the Causal Logic of Rent Generation: Contrasting Porter's Competitive Strategy Framework and the Reosurce-based Perspective." Strategic Management Journal 22(10): 907.
Srinivasan, S., K. Pauwels, et al. (2009). "Product Innovations, Advertising, and Stock Returns." Journal of Marketing 73(1): 24-43.
Srivastava, R. K., T. A. Shervani, et al. (1999). "Marketing, Business Processes, and Shareholder Value: An Organizationally Embedded View of Marketing Activities and the Discipline of Marketing." Journal of Marketing 63(4): 168-179.
Szewczyk, S. H., G. P. Tsetsekos, et al. (1996). "The Valuation of Corporate R&D Expenditures: Evidence from Investment Opportunities and Free Cash Flow." FM: The Journal of the Financial Management Association 25(1): 105-110.
Tsai, W. (2001). "Knowledge Transfer in Intraorganizational Networks: Effects of Network Position and Absorptive Capacity on Business Unit Innovation and Performance." Academy of Management Journal 44(5): 996-1004.
Vernon, J. A., R. Goldberg, et al. (2009). "Economic Evaluation and Cost-Effectiveness Thresholds: Signals to Firms and Implications for R&D Investment and Innovation." PharmacoEconomics 27(10): 797-806.
Wang, C.-F., L.-Y. Chen, et al. (2011). "International Diversification and the Market Value of New Product Introduction." Journal of International Management 17(4): 333-347.
Wang, C.-H., Y.-H. Lu, et al. (2013). "R&D, productivity, and market value: An empirical study from high-technology firms." Omega 41(1): 143-155.
Wen, C.-H. (2008). Exclusive Interview with Ming-Chen Weng, Last President of Lehman Brothers Holdings Inc. in Taiwan: Greedy Paralyze Risk Management in Financial Services (in Chinese). Business Weekly.
Wu, K. (2012). iPhone Turning Five Years Old with Sales Exceeds 200 Million and Revenue Greater than all of Microsoft's (in Chinese). CommonWealth Magazine.
論文全文使用權限
  • 同意授權校內瀏覽/列印電子全文服務,於2014-01-25起公開。
  • 同意授權校外瀏覽/列印電子全文服務,於2016-01-25起公開。


  • 如您有疑問,請聯絡圖書館
    聯絡電話:(06)2757575#65773
    聯絡E-mail:etds@email.ncku.edu.tw