此篇研究探討了公司聯名品牌的宣告是否會影響他們供應商的財務表現。我假設了聯名品牌的公司之財務表現與其供應商為負向關係，結果證實此假說成立。我還同時測量了一些影響股價市場反應的變數，包含:產品創新性和聯名品牌關係的排他性，結果證明此兩變數不會顯著性地增強聯名品牌的財務表現。最後，此篇研究提供了管理實務，建議公司可以善用聯名品牌提高公司價值。然而，管理者仍須謹慎評估採取聯名品牌的目的，應以公司長遠發展為考量，而非個人因素。

This study investigates whether the co-branding announcement of two partner firms will impact the financial performance of their suppliers. I hypothesize that the reaction of co-branding firms is negatively related to their suppliers, which is supported in my result. I also measure the determinants of the stock market reaction, including the innovativeness of the product and the exclusivity of the co-branding relationship. The result shows that it will not significantly strengthen the market reaction to co-branding announcements. Last, this study provides managerial implications for firms to increase their value by co-branding actions. However, managers should adopt this strategy for the long-term benefit of the company, not for their own consideration.

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