本研究主要從訊息理論的觀點來探討當公司宣告改變其企業識別系統(CIS)時對公司股價的影響；另外本研究除了檢視公司在宣告改變CIS後，對公司股價與交易量的影響外，並且進一步探究是否伴隨其他策略、公司本身過去的營運狀況以及CIS改變內容型態，對股價的影響是否會有差異，並提供企業在做CIS改變與投資時的建議。
　　本研究最大的特色在於採用財務的工具—事件分析法，從Lexis/Nexis資料庫蒐集1993年至2002年共99筆宣告資料，來探討企業CIS改變宣告此行銷事件的效果，以瞭解市場投資者如何看待此行銷決策。
　　研究結果指出，整體而言公司宣告改變CIS能使股價產生正向顯著的異常報酬，但是對交易量不會有影響；此外發現有伴隨策略的公司宣告改變CIS會獲得正向顯著的股價異常報酬；再者也發現公司過去財務績效的好壞，對股價影響效果不顯著；最後本研究衡量CIS改變的內容對宣告效果的差異，結果指出公司同時改變名稱與logo，有較顯著的正向股價異常報酬。
　　依據上述研究結果，本研究建議企業改變CIS時應伴隨策略，再者不要受到公司過去營運狀況好壞的影響，若能在企業改變CIS時，傳達出公司未來成長機會良好的訊息，並且有決心大幅度地改變，相信此舉必能為公司創造價值。

　　In this paper we examine stock price and trading volume reactions to corporate identity system change announcement. This study uses the market signaling perspective to link corporate identity system changes to shareholder reactions because it highlights mechanisms by which information about firm identity can be passed on to investors. To investigate the value creation of announcing corporate identity system changes, we employ event study analysis, a technique common to the finance discipline.
　　The results for the sample of 99 firms show that there are significantly positive market-value effects associated with announcements of corporate identity system changes. We also find that the magnitude of investor reactions is significantly larger when corporate identity system changes are accompanied by other strategies. However, announcement of corporate identity system changes are not associated with significant increase in trading activities. Then sampling by financial and operational characteristics shows that firms with higher growth in earnings experience no significant stock price reactions. Finally the result indicates that firms which change its name and logo at the same time experience significant stock price reactions. The results suggest that judicious use of corporate identity system changes is beneficial for firms.

【中文部分】
吳萬益、林清河，企業研究方法，華泰文化事業公司：台北，民90。
沈中華、李建然，事件研究法，華泰文化事業公司：台北，民89。
林磐聳，企業識別系統，藝風堂出版社：台北，民82。
陳孝銘，企業識別設計與製作，久洋出版社：台南，民79。
朗濤設計顧問群，朗濤設計顧問公司的CI經驗，聯經出版事業公司：台北，民85。
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