| Summary: | 碩士 === 國立中正大學 === 企業管理系研究所 === 105 === The market value of e-commerce implementation has been investigated several years ago. The previous studies reported that the impact of e-commerce announcements brings positive abnormal returns. Since most of larger e-commerce enterprises are coming from United States of America, the researcher often conducted the data sources from the Compustat and CRSP to address this issue. However in Taiwan, the study for the market value of e-commerce announcements is also of importance because the existence of e-commerce is almost becoming one of significant parts in our life. Two scholars has proposed this type of investigation between January 1st, 1999 and December 31st, 2001. The result of their research is also consistent with that of the past studies. However, because of time flies, the development of the present e-commerce in Taiwan is greatly different from that of the past one. The investor may have distinct perspective with respect to the news coverage of e-commerce announcements, leading their behavioral change of the investment in e-commerce enterprises. Hence, this study again conduct an event study method, which has been used in the financial, accounting, and management fields, to reexamine the effect on the news coverage about e-commerce announcements in Taiwan. We collected the news data from January 1st, 2010 to December 5th, 2015 and adopted the event study tool provided by Taiwan Economic Journal to verify the impact on e-commerce announcements during this period. The result shows that the positive influence is still existing, telling us that the investment of e-commerce enterprises in Taiwan is optimistic and opportunistic. In addition, the abnormal return for digital goods is significantly higher than that for tangible goods.
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