iPad對台灣電子產業供應鏈之衝擊─以事件研究法分析

Abstract

蘋果電腦(Apple Inc.)於2010年推出iPad平板電腦，甫一上市便轟動熱賣，並對於傳統個人電腦產業帶來巨大之衝擊。過往文獻分析此類新產品之宣告效果，大多檢驗宣告公司股價異常報酬、或競爭對手與整體產業之影響；在現代高科技產業高度專業分工下，供應鏈之協力廠商已為產品成功的關鍵環節，但未見文獻對新產品宣告對於供應鏈廠商之股價反應提出分析。本研究結合新產品宣告及產業供應鏈，以事件研究法分析iPad重要之台灣上游零組件廠商，實證其產品宣告對異常報酬之影響。 本研究以台灣電子產業作為研究對象，以2010年iPad新產品宣告日為事件日，股價資料涵蓋範圍自2009年至2010年。樣本公司之選擇係由分析師報告，並佐以公開新聞資訊作為供應鏈協力廠商之篩選，本研究篩選後共計 26家企業為蘋果電腦之供應鏈協力供應商。 實證結果支持新產品宣告效果的確反應於iPad供應鏈之廠商，但宣告效果有提前反應之現象，且於宣告日後反而有因宣告前過度反應產生之負向修正傾向。

In 2010, Apple Inc. launched its new tablet PC product, the iPad. The product generated high sales as soon as it was launched, and it has had a great impact on the traditional PC industry. Previous literature has discussed the effect of new product announcements, and mostly tests the effect of the announcements on abnormal stock returns, or their impact on competitors and the industry as a whole. In the highly specialized division of labor of the modern high-tech industry, the supply chain has been the key to success. However, no literature on new product announcements has examined the reaction of the stock prices of supply chain vendors. This thesis combines new product announcements with the industry supply chain, and investigates the abnormal returns of important iPad component vendors in Taiwan when the iPad was announced, using the even study methodology . The object of this study is the Taiwanese electronics industry, and the events are the product announcements of the new iPad product in 2010. Stock return data from 2009 to 2010 was used. Sample companies were selected by analyst reports, and vendors in the supply chain were screened by public announcement. Finally a total of 26 companies were selected in this study from among the Apple supply chain. Empirical results support the hypothesis that the new product announcement effect is indeed reflected in the iPad supply chain vendors, but there are early responders to the phenomenon. In addition, there are negative reactions in the tendency of over-correction after the day of announcement.