臺灣博碩士論文加值系統

本文針對推出新產品之公司，探討其市場競爭力與新產品上市宣告之關係。公司推出新產品對市場及投資人通常視為好的訊息，表示公司相較於沒推出新產品的公司有較好的獲利能力以及較高的競爭力。因此，本文檢視公司的市場競爭力是否因為有新產品推出，且在擁有較低負債比率及較高研發能力的公司而有所增加？同時，當投資人看到公司發行新產品時，是否會將推出新產品公司的市場競爭力作為投資的考慮因素？本文實證結果發現，新產品推出確實會提升公司的市場競爭力，特別是低負債比率及高研發能力的公司發行新產品，會得到顯著且正向的效果；而投資人在投資的當下也的確會認知到這些推出新產品的公司的市場競爭力對投資決定是有幫助的，此部分實證也有顯著且正向的結果。

This paper examines the interaction between product-announcing firm’s market power and new product introductions. I employ Joel Peress (2010) excess price-cost margin (PCM) as proxy for firm’s market power to figure out the firm’s reaction to NPI. Using a sample of new product introduction announcements form 1990 to 2008, I find that NPI will increase market power and the market will react more positive for the product-introducing firm with low leverage and high innovation ability. Thus, leverage and RDI are main channels for NPI and market power in this study. Further, I also find a positive relation between product-introducing firm’s market power and their announcement abnormal return, which present the evidence that product-introducing firm’s market power will be recognized by investors when they make an investment decision. These results hold after I control for other variables that can be explained by the NPI announcement.

Content
Letter of Verification I
Letter of Authorization II
Abstract in Chinese III
Abstract in English IV
Content V
Figure and Tables VI

1. Introduction 1
2. Literature Review and Hypothesis Development 3
3. Sample Selection and Methodology 6
3.1 Data 6
3.2 Variables 7
3.3 Measuring Market Power 10
3.4 Measuring NPI Announcement CAR 10
4. Empirical Results 12
4.1 Difference of Market Power and New Product Introduction 12
4.2 Announcement Returns and Difference of Market power 15
5. Conclusion 17
References 18
Appendix: Variable Definitions 21

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