競爭策略下生技化學產業新產品宣告效果之實證研究

本文以事件分析法探討國內生技化學產業新產品宣告對公司股價之反應，並檢視該公司研發支出、負債比率、公司規模對宣告效果的影響。在預期?潤?確定下，?競爭對手積極反應對手公司研發成功的新產品，新產品宣告?一定能夠提升公司的市場價值。有鑑於此，本文以競爭策?衡?指標 (Competitive Strategy Measure，CSM) 區分新產品宣告的屬性，競爭策?衡?指標估計對手公司會積極反應者屬策?互補型 (Strategy Complements)；競爭策?衡?指標估計對手公司會採?處?者屬策?替代型 (Strategy Substitutes) 。
由研究結果發現：
一、新產品宣告在當日與次日會產生顯著為正的異常報酬率。
二、但該效果會因生技化學業各子產業的?同互有差?，且新產品宣告後5~8日會產生顯著為負的異常報酬率效果；說明生技化學產業公司新產品宣告股價普遍會因過度反應，產生異常報酬率反轉現象。
三、若將競爭策?型態?入考?，新產品宣告在策?替代型環境較在策?互補型環境下，其新產品宣告愈能產生正向效果。
四、研發支出、負債比率越高的公司，其宣告效果越顯著；公司規模對宣告效果則無顯著影響。

The effect of new product announcements is examined by the event study methodology to investigate on firms’ values of biotechnology companies in Taiwan. These results hold after being controled for other variables (R&D spending, debt ratio, and company size) that could explain the announcement effect. Eespecially, the study uses Sundaram et al.’s (1996) competitive strategy measure (CSM) to measure a firm’s competitive interaction. The findings are as follows: (1) Significant and positive abnormal returns are found during the first two days of new product announcements. (2) The degree of new product announcements effect is different in tiers of biotechnology company. Besides, significant and negative abnormal returns are found during from fifth to eighth day after new product announcements. The reverse of abnormal return indicates the phenomenon of overreaction when new product is announced by biotechnology companies. (3) The market value introductions are announced by firms in strategic substitutes competition more positive effects than those announced by firms in complements competition. (4) The announcing firms’ stock prices are positively influenced by a change in research spending, or debt ratio, but the effect of company is not significant.