美國蘋果公司於2007年正式推出第一代iPhone手機。這個劃時代的電子產品，改變了全球IT產業的發展與方向，並使得台灣廠商爭相加入iPhone供應鏈之中。故本研究的研究目的為：新iPhone手機產品發表宣告效應對供應鏈廠商股價的反應為何。
本研究將以事件研究法探討每一次新iPhone手機的產品宣告，對台灣新加入、被剔除及整體的iPhone供應鏈廠商股價是否產生平均異常報酬。研究過程以市場模式的最小平方法(OLS)針對三種不同類型的iPhone供應鏈廠商進行分析，並使用橫斷面複迴歸分析法探討iPhone供應鏈廠商股價變動之因素。
實證結果發現，當新iPhone手機產品發表時，新加入iPhone供應鏈廠商股價產生正向效果；而被剔除及整體iPhone供應鏈廠商股價則是產生負向效果。實證結果也發現新加入與整體iPhone供應鏈廠商股價變動是符合半強式效率市場假說；而被剔除iPhone供應鏈廠商股價變動則是不符合半強式效率市場假說。在複迴歸分析中，整體iPhone供應鏈廠商股價異常報酬與股東權益報酬率有負向關係，淨值市價比率則是正向影響。
The event study will be applied to examine if average abnormal returns occur in Taiwanese newly added, deleted and overall firms of supply chain manufacturers in each product of new iPhones. Research process will analyze three different sorts of supply chain manufacturers by OLS and will use multiple regression analysis to discuss the reasons of fluctuations of iPhones’ manufacturers’ abnormal returns.
The results of the study reveals that when new iPhones are announced, the abnormal returns of newly added supply chain manufacturers are positive significantly while the abnormal returns of deleted and overall supply chain manufacturers are negative significantly. The results also find that added and overall manufacturers’ share price movement is in line with semi-strong efficient market hypothesis, but deleted manufacturers aren’t. By using multiple regression analysis, it reveals that there is negative relationship between abnormal return and ROE but there is positive relationship between abnormal return and B/P for overall supply chain manufacturers.
