聯合品牌（Co-branding）宣告是公司重要的行銷活動。雖然有許多行銷相關論文研究指出，聯合品牌策略對於公司有正面的影響效果，但並沒有實際的財務相關證據來支持此行銷活動策略的重要性。因此，本研究欲探討聯合品牌策略會如何影響分析師對公司盈餘預測進行修正，分別就長短期的盈餘修正加以探討。

本研究採取LexisNexis資料庫中1995年至2004年期間共287筆宣告聯合品牌的樣本（囊括373間樣本公司），去探討當公司宣告聯合品牌策略時，分析師會如何去修正其對於公司盈餘的短、長期預測。實證結果發現，當公司宣告聯合品牌策略時，分析師並不會調高對宣告公司的短期盈餘預測；然而，分析師在長期下會對公司聯合品牌策略宣告有所反應，因而上調其盈餘預測修正。

Co-branding strategy plays an important role in company’s marketing activities. Although there are many marketing researches indicate that the influence of co-branding is positive for company, there has not been any financial empirical study to support the importance of co-branding strategy. Thus, in this study, we try to understand how co-branding will determine company’s wealth effect and examines the revisions of financial analysts’ earnings forecast when companies announce the co-branding strategy, discussing in short-term and long-term respectively.

In this research, we use co-branding announcements from LexisNexis Database as sample during 1995 to 2004. We examine analysts’ forecast of current-year earnings and five-year earnings growth around announcement of co-branding strategy. The result shows no relation between analysts’ forecast revisions in current-year earnings with co-branding announcement. But we find that there is a significant relation between analysts’ forecast revisions in five-year earnings growth rate and co-branding announcement.

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