對於企業而言，新產品預告是一種有效的策略性運用，目的是影響企業利益關係人包括顧客、競爭者、通路成員及投資者的行為。新產品預告可防止競爭者進入市場、建立產業主要規格及增加顧客的轉換成本進而影響其購買決策。過去文獻多探討新產品預告的財富效果、發布的時間點及新產品預告之具體性對公司價值的影響。一般而言，現有文獻的探討缺乏關於企業在動態競爭之下，新產品預告具體性對自身公司及競爭者公司價值的影響。

本研究以學者Sorescu (2007)所提出的 “Product Preannouncement Specificity”為基礎，建立在資訊不對稱及訊號理論上提出假設，並從資料庫中篩選1997年至2008年617筆新產品預告及24筆競爭者後來回應的新產品預告，以事件分析法提供實證上的結果，證明新產品預告對公司價值而言，短期有顯著正向的影響。研究結果亦指出，對於競爭者而言，其新產品預告越具體，提供越詳細的資訊例如新產品價格或上市時間，對其公司價值的影響是正向且顯著的。然而，我們也 發現無論是發布新產品預告的公司或是其競爭者，預告內容之具體性對彼此公司價值的影響並不明顯。

New product preannouncements (NPP) are effective strategic signals that firms use to influence the behavior of firm’s stakeholders including their customers, competitors, channel members, and investors. They have been employed to prevent competitor entry, create dominant industry standard and increase customers switching cost thus influence their purchase decision. Typically, past research has focused on the wealth effect of new product preannouncements and preannouncement specificity on focal firm. There are no existing literature discussing under competitive interactions, how rival firms’ preannouncement specificity affect preannouncing firms' stock returns. To address this question, we build on information asymmetry and signaling theory to develop hypotheses and adopt event study methodology to explore the relationship between specificity of new product preannouncements and firm values. The findings indicate that the financial returns from preannouncements are significantly positive in the short run. Moreover, for rival firms, preannouncements generate positive short-term stock returns only for firms that offer specific information about the preannounced product. The results also show that both preannouncing firms and rival firms’ product preannouncement specificity have no significant impact on each other stock returns.

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