新產品在宣告前採行預告的策略已經成為近幾年
主要的行銷策略之一。雖然有許多行銷的研究都
顯示出新產品預告活動對公司有正面的效果，且
有研究發現在新產品宣告後對手廠商通常有負向
的股價反應，但這些研究並沒有考慮若有對手在
宣告廠商預告後採取回應的策略，是否會影響回
應的對手廠商使其有較好的財富效果。
因此本研究將對手反應的策略加入模型中，來探
討在有回應廠商以及沒有回應廠商情況之下，宣
告廠商的異常報酬以及回應廠商本身的異常報酬
。本研究從華爾街日報和雷克思蘭克思全球學術
資料庫之中來蒐集新產品預告、宣告以及對手反
應的樣本，並且採用事件研究法去檢測新產品宣
告後的財富效果。本研究發現對手廠商在宣告日
之前的回應會對股價的財富效果產生顯著正向的
關係。

The strategy of new product preannouncement (NPPA)
has been one of the major marketing strategies in
recent years. Although a great deal of marketing
research show that the wealth effect of NPPA is
positive for announcing firms, and some research
find that the wealth effect of rival firms is
negative on announcement day. There is no research
to study the rival firms’ reaction after the NPPA
signal which be introduced to the market and whether
the reaction strategy could affect the wealth effect
of reactive firms. Hence we add the rival firms’
reaction strategy into our research to observe the
reaction strategy could affect the wealth effect of
announcing firms and reactive firms or not. We collect
the sample of new product preannouncement,
announcement and rival firms’reaction from the
Wall Street Journal and LexisNexis databases. We use
the event study to measure the abnormal return
of announcing firms and reactive firms. Our results
find that the rival firms’reaction strategy can
have a positive influence on themselves during
the announcing firms’ announcement period.

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