在經營環境日趨競爭、產品發展日新月異的環境下，新產品預告已然成為企業的策略性手段之一。新產品預告可使公司搶占市場優勢，樹立產業領先標準，並且創造市場預期。本研究探討公司進行新產品預告後，股票市場對此預告的反應，是否對公司決策最終新產品上市的日期有顯著影響─準時上市或延遲上市。此外，更進一步探討新產品預告時之市場反應，與新產品上市後公司績效之關聯。

本研究自LexisNexis資料庫中，收集1997至2008年的新產品預告樣本，並向後探究其最終正式上市的日期。本研究結果顯示，新產品預告之市場反應對經理人決策新產品的上市準時與否有顯著影響。亦即，經理人在評估新產品預告的市場反應後，會依據市場狀態調整產品上市的日期。若市場對新產品預告反應越好，則新產品越可能準時或提前上市；反之，若市場對新產品預告反應越差，則新產品越可能延遲或取消上市。再者，本研究亦發現新產品預告時之市場反應對新產品正式上市後的公司績效有正向影響，證實市場反應對公司決策及績效確實有顯著關聯性。

Performing in a competitive and rapidly changing business environment, new product preannouncement has been viewed as a strategic management tool for firms to obtain competitive advantage. New product preannouncement can preempt competition, help establish a dominant position among industry, and create market anticipation. This study focuses on whether the market reactions to new product preannouncement have influence on the formal introduction timeline (on-time introduction or delayed introduction). In addition, we investigate the relationship between market reactions of new product preannouncement and the firm performance after new product formal introduction.

This study collects data from LexisNexis database during the period 1997 to 2008 and matches the preannouncement with formal introduction date. The results show that the market reactions of new product preannouncements have significant and positive impact on manager decision of new product introduction time. That is, managers will evaluate the market reaction on preannouncement and then adjust formal announcement date based on market response. If the market reacts to preannouncements more favorably, managers will have more intension to introduce the new products on time. On the other hand, if the market reacts to preannouncements less favorably, manager decision of new product introduction will be more likely canceled or delayed. Moreover, we also find that market reactions of preannouncement have positive and significant influence on firm value after formal introduction. The empirical results show evidence that there have positive relationship between market reaction and corporate decision and performance.

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