電子商務與公司價值

The Value Relevance of E-Commerce Announcements

黃瓊慧(Chung-Huey Huang) ； 陳政芳(Jeng-Fang Chen) ； 許書偉(Shu-Wei Hsu)

《企業管理學報》 61期 (2004/06) Pp. 1-28

摘要

本文以事件研究法(Event Study)測試公司有關電子商務活動之宣告對公司市場價值之影響。實證結果發現電子商務活動之宣告的確造成股票市場正面的反應，而且這種現象在電子商務活動的型態為B2B、推行方式為策略聯盟及推行時間為近二年的樣本上特別明顯。值得一提的是，本研究發現時間因素在整個商務推行的過程中扮演著重要的角色。在B2B與B2C電子商務活動的價值差異上，我們發現隨著時間演進，二者於價值上的差異逐漸縮小，這意味著科技的進步使得線上交易的安全性逐漸確立，再加上消費習慣的改變，造成B2C的價值隨時問而增加，也拉近了其與B2B電子商務價值之間的差異；相同的現象也存在於金融業與非金融業電子商務活動價值的差異上。另外，實證結果也發現，無論時空環境的變化，策咯聯盟下電子商務活動對公司的價值似乎都大於公司獨自推行電子商務活動的價值。最後，實證結果亦顯示，在服務業中，有關B2C電子商務價值的衡量，應以公司推出B2C電子商務服務的頻率進行測試，方能偵測出B2C電子商務的價值。此結果意味著，唯有持續不斷推出符合客戶需求之電子商務服務，才能在市場中取得競爭優勢，進而創造公司價值。

關鍵字

B2B ； B2C ； 電子商務 ； 公司價值

並列摘要

This paper examines the impact of e-commerce initiatives announcement on firm's market value by using the event study methodology. The results suggest that e-commerce initiatives do indeed lead to significant positive CARs for firms' shareholders. If further dividing e-commerce announcements into different categories, we find CARs for B2B announcements are higher than those for B2C announcements. Moreover, CARs for firms announcing to build e-commerce alliances are higher than those implementing e-commerce alone and CARs for recent announcements are higher than earlier announcements. Besides, we also find that time lag effects do exist. For recent e-commerce announcements, the stock reaction difference between B2B and B2C is decreasing. The result of time lag effect demonstrates that the stock market has recently begun to reflect the development of B2C e-commerce. Finally, we find the frequencies of B2C announcements in service industry affect the firms' long-term stock performances, which suggests firms can benefit from improved competitive advantage through providing continuous B2C services.

並列關鍵字

B2B ； B2C ； E-Commerce ； Firm Value

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