臺灣博碩士論文加值系統

智慧型手機的誕生，所帶來的不只是一種科技資訊的創新，更是進一步改變人類的現代生活。近年來，智慧型手機的銷量已經超過了市場上的其他手機，是值得市場參與者關注的主流產業。因此，企業藉由廣告行銷等事件，增加消費者的購買慾望，提升企業營收，並向市場參與者透露出預期未來盈餘成長等正面訊息時，將帶動公司股票價格之提升，因而增加投資該企業。因此本研究選擇廣告播出首日的股價作為測量樣本，並藉由本研究之結果，使得市場參與者能透過廣告行銷與公司股票價格觀察之間的變動關聯。本研究將藉由事件分析法探討智慧型手機發表會、企業品牌形象、名人代言等廣告行銷事件對於台灣上市公司的股價異常報酬之影響進行研究。
　　本研究以台灣上市公司廣告行銷事件宣告日作為研究樣本，並將藉由事件分析法結合訊息理論、效率理論與代理成本理論探討智慧型手機發表會、企業品牌形象、名人代言等廣告行銷事件對於台灣上市公司的股價異常報酬之影響進行研究。
　　研究結果指出，在資本市場中，市場參與者對於企業的廣告行銷事件之行為，具有積極的看法，因此，智慧型手機發表會在於事件日至事件日後兩日的累積異常報酬具有統計上的顯著性，可以證明ＨＴＣ在手機發表會行銷事件後的一段期間，股價有顯著的正向平均累積異常報酬率。而名人代言部分，則是在於事件日前六天至事件日後五天的累積異常報酬具有統計上的顯著性，因此可以證明ＨＴＣ名人代言行銷事件具有顯著的正向平均累積異常報酬率。而ＨＴＣ可能因邀請國際巨星小勞勃道尼，而付出高額的代言費，使得市場參與者感到悲觀且多不看好的情況下，在企業品牌行銷事件發生之前十天至後五天的累積異常報酬非但沒達到正向統計上的顯著性，在事件前十日與前九日還具有負向統計上的顯著性，因此可以證明ＨＴＣ品牌代言行銷事件並無顯著的正向平均累積異常報酬率。
　　本研究將依據研究之發現與結果提出相關建議，如：結合本研究結果，台灣智慧型手機產業應持續朝高附加價值的兩端－「技術創新」與「品牌」邁進，並著重於效果較高之廣告行銷事件，以提高臺灣智慧型手機產業之國際市佔率。並給予市場參與者在實際進行買賣股票時參考，藉以分析企業所透露之資訊作為判斷依據，將有助於獲取異常報酬。

When smartphone born in the world, it not only brought innovative on technological information, but further changes of modern human life.In recent years, smart phone has sold more than other phones on the market, is worthy of attention in the mainstream industry market participants.In recent years, smart phone has sold more than other phones on the market, is worthy of attention in the mainstream industry of market participants.Therefore, companies through advertising marketing and other events,Increase consumer desire to buy,Enhance corporate revenue,Revealing expected future earnings growth, and other positive message to the market participants. that will drive to enhance the company's stock price,thus increasing the investment in the business.Therefore, this study stock price on the first day of broadcast advertising as measured samples,and by the results of this study, making market participants can through observe in advertising and company's stock price associated with changes.This study will be use event analysis to explore smartphone presentation, corporate brand image, celebrity endorsements and other advertising and marketing event for the affected stock of listed companies in Taiwan abnormal return conduct research.
In this study, Taiwan listed companies advertising and marketing event announcement date as the research sample,by combining event analysis and information theory, the efficiency of the agency cost theory and theoretical discussion smartphone presentation, corporate brand image, celebrity endorsements and other advertising and marketing events to affect Taiwan listed company's share price abnormal returns of research.
The study concluded that,In the capital market,Market participants has a positive view to conduct the business of advertising and marketing events. Therefore,Smartphone will be published on the event day to two days after the cumulative abnormal returns have significant statistically, it can confirm the truth of HTC phones will be published after the event marketing, stock prices have a significant positive cumulative average abnormal returns.The celebrity part,Six days prior of event to after a five-daywith has cumulative abnormal returns statistically significant, it can confirm the truth of HTC celebrity marketing events with significant positive cumulative average abnormal returns.The HTC may vary invite international superstar Robert Downey Jr.,case may pay a high endorsement fees, making market participants are not optimistic and more pessimistic about the next, when the ten days to five days prior ofcorporate brand marketing eventafter the incident cumulative abnormal returns not only did not reach statistical significance on the positive,ten day and nine dayprior of event has a negative statistically significant,HTC brand endorsement so you can confirm the truth of there was no significant marketing event average cumulative abnormal returns forward.
The study will make recommendations based on the results of discovery research, such as: combined results of this study,Taiwan smartphone industry should continue to move up the value-added at both ends - "Technology Innovation" and "brand" forward, and focus on the effect of higher advertising and marketing events to increase international market share in Taiwan smartphone industry. And to give market participants in the actual trading stock reference, in order to analyze the information disclosed by companies as a basis to judge, it will help market participants to get abnormal returns.

目錄 I
圖目錄 II
表目錄 III
第一章 緒論 1
第一節　研究背景與動機 1
第二節　研究目的 5
第三節　研究流程 6
第二章 文獻探討 7
第一節　廣告行銷 7
第二節　智慧型手機發表會 12
第三節 企業品牌形象 15
第四節 名人代言 18
第三章　研究方法 20
第一節 研究架構 20
第二節　事件分析法 21
第三節　實證設計 22
第四節　事件研究之統計檢定顯著性 27
第四章 實證結果分析 31
第一節 異常報酬之檢定結果 31
第二節　全部事件與各調整模型之結果分析 47
第五章 結論與建議 56
第一節 研究結論 56
第二節 研究建議 58
第三節　管理意涵 59
第四節　研究限制 60
參考文獻 61
第一節　中文文獻 61
第二節　英文文獻 62

圖 1-2 研究流程圖 6
圖2-1Kevin Lane Keller (2008) 16
圖3-1 研究架構圖 20
圖3-2表示觀察值包含估計期與事件期之各時間點 23
圖4-1手機發表會行銷事件之平均異常報酬率線與平均累積異常報酬率線(-5~5) 34
圖4-2手機發表會行銷事件之平均異常報酬率線與平均累積異常報酬率線(-10~5) 35
圖4-3手機發表會行銷事件之平均異常報酬率線與平均累積異常報酬率線(-15~5) 37
圖4-4品牌代言行銷事件之平均異常報酬率線與平均累積異常報酬率線(-5~5) 39
圖4-5品牌代言行銷事件之平均異常報酬率線與平均累積異常報酬率線(-10~5) 40
圖4-6品牌代言行銷事件之平均異常報酬率線與平均累積異常報酬率線(-15~5) 41
圖4-7名人代言行銷事件之平均異常報酬率線與平均累積異常報酬率線(-5~5) 43
圖4-8名人代言行銷事件之平均異常報酬率線與平均累積異常報酬率線(-10~5) 44
圖4-9名人代言行銷事件之平均異常報酬率線與平均累積異常報酬率線(-15~5) 46

表1-1　前五大智慧型手機廠商出貨量與市占率 1
表1-2 2013年宏達電重要行銷活動表 2
表3-1為HTC智慧手機發表會之宣告日與產品型號 22
表4-1ＨＴＣ手機發表會行銷事件之AAR與CAAR統計檢定表(-5~5) 33
表4-2ＨＴＣ手機發表會行銷事件之AAR與CAAR統計檢定表(-10~5) 34
表4-3ＨＴＣ手機發表會行銷事件之AAR與CAAR統計檢定表(-15~5) 36
表4-4ＨＴＣ品牌代言行銷事件之AAR與CAAR統計檢定表(-5~5) 38
表4-5ＨＴＣ品牌代言行銷事件之AAR與CAAR統計檢定表(-10~5) 39
表4-6ＨＴＣ品牌代言行銷事件之AAR與CAAR統計檢定表(-15~5) 40
表4-7ＨＴＣ名人代言行銷事件之AAR與CAAR統計檢定表(-5~5) 42
表4-8ＨＴＣ名人代言行銷事件之AAR與CAAR統計檢定表(-10~5) 43
表4-9ＨＴＣ名人代言行銷事件之AAR與CAAR統計檢定表(-15~5) 45
表4-10各調整模型之AAR結果分析 48
表4-11各調整模型之CAAR結果分析 50

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