本研究旨在檢視我國上市公司宣告導入ERP 系統之市場反應與績效。首先,本研究有兩項在市場反應方面之發現。(一)當公司宣告導入ERP 系統時,市場反應顯著為正,顯示公司的ERP 系統投資決策具有正向的資訊效果。(二)測試宣告期間市場反應之影響因素時,發現小規模公司市場反應顯著大於大規模公司。其次,在加入公司財務狀況影響因素後,不論小規模財務狀況佳或不佳,其市場反應皆顯著大於大規模財務狀況不佳公司。 另外宣告公司在導入後績效改善方面,在流程技術方面之存貨週轉率、生產力方面之員工生產力與獲利力方面之總資產報酬率在導入後之績效有顯著的改善。而衡量獲利力方面之股東權益報酬率及稅前淨利率則在導入後相較導入前差。綜合上述兩方面的證據,本研究發現宣告公司在流程及生產力改進方面於導入後三年內相較導入前有顯著的改善,而市場投資人亦將此決策視為有利資訊。
This paper examines market reaction and performance of ERP implementation announcements in Taiwan. As predicted, we find significantly positive market reactions to ERP implementation announcements in Taiwan. Also, market reactions in small firms are significantly positive than large ones. Further analyses indicate that small/healthy and small/unhealthy firms are significantly positive than large/unhealthy ones. On the other hand, this paper examined the longitudinal impact of implementation on firm performance. Results indicate that inventory turnover, employee productivity, and return on assets were significantly better after the ERP system implementation. However, return on equity and ratio of net income before taxes were not improved over a 3-year period examined following the ERP implementation.