台灣電子商務宣告對市場反應的再研究

電子商務實施（E-commerce implementation）的市場價值，在多年前，已經有相關的調查與研究。過往的研究報告顯示，電子商務的宣告影響，將會帶來正向的異常報酬（Abnormal returns），但由於大部分的大型電子商務企業都來自美國，研究人員經常使用Compustat及CRSP的資料來源，來探討此議題。對於台灣目前的市場狀況而言，電子商務也受到關注及重視。當公司宣告電子商務時，對投資人是否產生積極的投資行為，也是不容小覷，因為電子商務的存在，也是成為我們生活當中，不可或缺的一部分。而在1999年1月1日和2001年12月31這段期間裡，已有學者提出此種類型的研究，研究結果也與以往的研究結果呈現一致。但隨著時間的飛逝，快速發展的台灣電子商務市場，早以與過往不相同。投資者對於企業投資電子商務宣告的相關新聞報導，可能將呈現不同行為的反應。因此，對於電子商務市場的反應，我們將再採用更新的數據資料研究，藉由已在金融、財務、會計、管理等領域成熟運用的事件研究法（Event study method），重新審視對有關台灣電子商務公告，其新聞報導的影響。本研究選用2010年1月1日至2015年12月31日期間的新聞資料，並從台灣經濟日報（Taiwan Economic Journal）提供的相關數據，進行再研究。最後結果顯示，投資者對公司宣告電子商務的影響，呈現正向影響，由此可知，企業宣告電子商務對台灣的投資者而言仍表樂觀。另外，進一步細分，發現宣告數位商品的電子商務相關訊息的異常報酬，高於實體商品的相關宣告。

關鍵字

市場價值；宣告；事件研究法；異常報酬；電子商務

並列摘要

Purpose - In Taiwan, the study for the market value of e-commerce announcements is also of importance because the existence of e-commerce is almost becoming one of significant parts in our life. Two scholars have proposed this type of investigation between January 1st, 1999 and December 31st, 2001. The result of their research is also consistent with that of the past studies. However, because of time flies, the development of the present e-commerce in Taiwan is greatly different from that of the past one. Design/methodology/approach-The investor may have distinct perspective with respect to the news coverage of e-commerce announcements, leading their behavioral change of the investment in e-commerce enterprises and we construct the hypotheses from the Signaling Theory, Resource-Based Theory, Catering Theory, and Resource Dependence Theory. Hence, this study again conducts an event study method, which has been used in the financial, accounting, and management fields, to reexamine the effect on the news coverage about e-commerce announcements in Taiwan. We collected the news data from January 1st, 2010 to December 5th, 2015 and adopted the event study tool provided by Taiwan Economic Journal to verify the impact on e-commerce announcements during this period. Findings-The result shows that a positive influence is still existing, telling us that the investment of e-commerce enterprises in Taiwan is optimistic and opportunistic. In addition, the abnormal return for digital goods is significantly higher than that for tangible goods. Research limitations/implications-The research limitations include that the investor may be able to collect the information coverage of e-commerce announcements in other ways. This study focuses on the Taiwan's company news; therefore, we suggest that further studies can extend the sample pool from different countries, such as China. Practical implications-The manipulation of the media with the news way is still available for enterprises. The announcement of e-commerce initiatives to impact on abnormal returns can be referred to be as other instances. Originality/value-This paper reveals that there is no great impact for investors on the e-commerce announcements of the traditional and Internet firms. Investors continue to be optimistic about the e-commerce development trend of the tangible goods and digital goods. This finding can be used to formulate e-commerce strategies. Managers should further focus on the real income of e-commerce with enhancing the positive perception of investors.