摘 要
本研究所欲探討的主題是當公司宣佈降價對公司股價的影響並以美國上市公司之股價資料為例。以公司股價來分析行銷事件績效這是較為客觀性且整體性的衡量指標，特別降價策略是廠商最常使用而且最能自由靈活運用的策略，用市場模式進行估計來衡量在公司宣告期間有無異常股價報酬的產生，以t檢定進行樣本分析。
因此本研究所欲加以分析的目的為：先從以前相關文獻中探討公司產品降價與股價之間的關係，再觀察當公司宣佈降價時公司股票價格會有何種反應，接著探討公司降價策略宣告效果會受到那些因素影響而產生不同結果，最後作為提供廠商實施降價策略的參考建議。

而本研究所得結論如下：
一、公司宣告降價會使公司股價產生顯著負的異常股價報酬。
二、廠商主動性宣佈降價會造成顯著負的異常股價報酬。
三、有形商品廠商宣佈降價會發生顯著負的異常股價報酬。
四、非領導者廠商宣佈降價會發生顯著負的異常股價報酬。
五、廠商降價幅度介於0﹪至15﹪時會產生顯著負的異常股價報酬。
六、廠商宣佈降價頻率為2次以上會發生顯著負的異常股價報酬。
七、廠商降價累積次數第1次至第2次會產生顯著負的異常股價報酬。
八、廠商以非相對價格方式降價會帶來顯著負的異常股價報酬。

關鍵詞：降價宣告、異常股價報酬

ABSTRACT
The subject of this study is the impact on the stock price when U.S companies announce price-cutting. We use market model to estimate normal return and examine firms’ stock with abnormal return or not during the announcement period. The research used t test to analyze data. The purposes of this study are to explore as follows：
1、We want to find the relationship between price-cutting and stock price in the related literature.
2、When companies declare price-cutting, there is what kind response on the stock price.
3、We want to look for some factors which will influence the price-cutting announcement effect of companies and bring the different results.
4、We can make some suggestions for these firm which want to carry out price-cutting.
The main results of this research are as follows conditions will bring obvious negative abnormal returns：
1、These companies declare price-cutting.
2、These firms announce actively to reduce price.
3、These commodities firms proclaim to drop price.
4、These non-leader firms declare to cut price.
5、The price-cutting range is between 0﹪and 15﹪.
6、The price-cutting frequency announcement is two times over and above.
7、The price-cutting cumulate times is first time and second time.
8、These firms adopt non- relative price to reduce price.

Keywords：Price-cutting announcement、Abnormal return(AR)

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黃志文，民國84年9月，行銷管理，台北市華泰書局。
魏啟林，民國82年2月，策略行銷，台北市時報文化出版企業有限公司。
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