本研究主要目的為探討我國上市櫃公司宣告導入ERP系統之市場反應。本研究採事件研究法探討宣告導入ERP之市場反應，研究結果顯示，全體之樣本公司宣告導入ERP時，標準化異常報酬(SAR)於宣告日當天為負向，宣告後一日為正向，但統計上皆不顯著。非集團以及非家族企業因為較不受媒體及分析師的關注，宣告導入ERP之標準化累積異常報酬(SCAR)大於集團及家族企業，但各事件窗期之SCAR以及差異檢定於統計上皆不顯著。財務健全企業因為較能夠承擔風險，宣告導入ERP較財務不健全企業有較高的SCAR，三天事件窗期之差異檢定呈現10%顯著，但其他事件窗期之SCAR及差異檢定於統計上則不顯著。電子業相對於非電子業其宣告導入ERP之SCAR並沒有顯著的差異。企業導入不同規模ERP供應商之宣告時，小型ERP供應商之SCAR較大型ERP供應商大，但各事件窗期之SCAR及差異檢定於統計上皆不顯著。企業導入不同類型ERP供應商之宣告時，國內ERP供應商的SCAR較國外ERP供應商大，兩天事件窗期之差異檢定呈現10%顯著，五天及十一天事件窗期之差異檢定呈現5%顯著。此外，不同規模之企業導入ERP宣告時，大型規模企業的SCAR較小型規模企業大，但各事件窗期之SCAR以及差異檢定於統計上皆不顯著。

The objective of this study is to examine how the Taiwan capital market responds when a firm announces to implement an enterprise resource planning (ERP) system. This study investigates the market reaction of ERP implementation announcements by using event study. The results indicates that, Standardize Abnormal Returns(SAR) are negative on the announcement day for the all sample firms. SAR become positive one day after the announcement day, but insignificant. Non-group enterprises and non-family firms have less media attention and fewer analysts following. The Standardize Cumulative Abnormal Returns(SCAR) of non-group enterprises and non-family firms are higher than those in group enterprises and family firms. As compared to unhealthy firms, healthy firms have higher SCAR because they have sufficient resources to support implementations expenditures. The SCAR for firms in electronic industry is not significantly different from those in non-electronic industry. The SCAR for firms using small size ERP vendor is larger than those using large size ERP vendor. However, the SCAR in the four event windows and the difference are not significant. The SCAR for firms using domestic ERP vendor is larger than those using foreign ERP vendor. The SCAR difference of the two group of vendor in the four event windows are significant. Finally, firms with large size have higher SCAR than firms with small size when they announce ERP implementation.

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