臺灣博碩士論文加值系統

先前有關新產品推出及新產品延期上市之研究顯示出，當公司宣告新產品推出時能為股東帶來正向的財富效果，而當公司宣告新產品延期推出時對股東財富為負的效果，但並未針對宣告新產品延期推出對公司長期經營績效與股東長期財富之影響。
本研究以1989年至1997年共九年為研究期間，共計119個樣本，利用事件研究法研究，發現事件宣告前後之累積異常報酬為顯著負水準，其結果與先前Hendricks 及Singhal(1997)之結果一致。
本文進一步研究宣告新產品延後上市是否亦傳達公司之風險及未來經營績效的改變，以及該事件宣告對公司股東財富之長期影響為何。實證結果發現（1）分析師之財務預測有向下修正之情形，其結果與宣告事件對公司股價報酬之影響一致及（2）事件宣告前後之經營績效差異並無顯著異於零，因此無證據顯示宣告新產品延期上市同時亦傳達公司經營績效變差的訊息（3）股東長期持有報酬低於市場與產業之報酬。

目 錄
中文摘要i
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3
第三節 研究架構4
第二章 文獻探討5
第一節公司推出新產品對公司之影響6
第二節公司宣告新產品延期上市對公司之影響14
第三節小結19
第三章 研究方法24
第一節研究範圍與對象20
第二節研究模型建立24
第四章 實證結果及分析33
第一節累積異常報酬33
第二節盈餘及風險改變35
第三節長期經營績效改變之衡量40
第四節股東財富改變之衡量45
第五章 結論與建議
第一節 結論
第二節建議
參考文獻
一、 中文部份
二、 英文部份
表 目 錄
表3-1 1989-1997年間宣告新產品延期上的樣本分配情形22
表2-1 1989-1997年間宣告新產品延期上的樣本產業分布情形23
表4-1 平均累積異常報酬及累積異常報酬34
表4-2 分析師之盈餘預測修正數36
表4-3 公司宣告新產品延期上市前後之風險變化39
表4-4 宣告前後經營績效與其他比率42
表4-5 三年長期股東持有報酬(HPR)與股東相對財富46
圖 目 錄
圖1-1 研究架構5
圖2-1 新產品

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