iPhone新產品宣告對台灣供應鏈廠商股價反應之研究

蘋果公司自2007年推出首支iPhone後，每釋出新產品上市消息，必會受全球關注及搶購風潮，台灣身為主要供應鏈協力廠商之一，其新產品上市宣告勢必會影響供應鏈股價。本研究將以事件研究法（Event Study），結合新產品宣告及產業供應鏈觀點，分析對於台灣iPhone主要供應鏈廠商股價之影響，並實證其產品宣告是否帶來異常報酬，以及影響累積異常報酬之因素。本研究以2007年至2018年間，台灣蘋果手機概念股作為研究對象，整理出19間蘋果手機供應鏈企業為研究樣本，以往的研究文獻，並無從2007年第一代iPhone至2018年最新一代iPhone完整的12年做實證研究，本研究實證結果發現，新產品宣告效果，確實反應在iPhone供應鏈廠商的股價，且在宣告日當天有提前反應的效果產生，宣告日之後反而有過度反應之現象，正向報酬並不會延續下去，反而產生負向的修正效果。

關鍵字

事件研究法；新產品宣告；供應鏈

並列摘要

Since Apple launched the first iPhone in 2007, every new release has attracted extensive attention worldwide and has been in high demand. Taiwanese firms are a major part of Apple’s supply chain and new product launches inevitably affect the stock price of supply chain partners. This study uses the event study methodology, combined with new product announcements and industry supply chain perspectives, to analyze the impact of iPhone releases on the stock price of Taiwanese iPhone supply chain manufacturers. The study assesses whether product announcements impact abnormal returns and affect cumulative abnormal returns. The research sample comprises 19 firms based on Taiwan iPhone concept stocks from 2007 to 2018. Prior studies have not assessed this entire time frame (from the first iPhone in 2007 to the latest iPhone in 2018). The empirical results show that new product announcements influence the stock price of the Taiwanese iPhone supply chain manufacturers. There is evidence of an early reaction on the announcement date and an overreaction after the announcement date. The positive returns do not persist and eventually there is a negative correction effect.