本研究透過事件研究法分析2018年至2021年間的台灣電子業上市櫃公司新產品宣告事件，探討新冠疫情發生前後的新產品宣告事件異常報酬是否有差異，以及疫情期間的單次新產品宣告數量對報酬是否有影響。根據本研究結果顯示，發布新品宣告所產生的短期平均累積異常報酬與「單次發布多筆產品」、「新冠疫情」呈顯著正向關係，其中又以發布前後一天最為顯著影響。針對僅在疫情期間所發布之新品宣告進行分析，則「單次發布多筆產品」在新冠疫情期間對新產品宣告異常報酬並無顯著影響。另外本研究亦將電子業進一步分類進行額外測試，實證結果發現，新品宣告異常報酬與「新冠疫情」有關的產業主要為半導體、光電、電子通路與其他電子；與「單次發布多筆產品」有關的產業則主要為電腦周邊、電子通路與其他電子；與「提前宣告」有關的產業僅半導體；與「宣告附帶資訊」有關的產業僅光電業；此外，本研究亦發現，不論疫情發生前或疫情期間，「當年度有發布新品宣告」的公司之年報酬率均顯著較「當年度無宣告」公司有更好的表現。

This study uses the event study to analyze new product announcement events of Taiwan's TSE and OTC electronic companies from 2018 to 2021 in order to investigate whether there are differences in abnormal stock returns for new product announcement events due to COVID-19 and whether the "Multiple Product Announcements" affect stock returns. The results first show that both COVID-19 and "Multiple Product Announcements" are positively related to average cumulative abnormal returns (CARs), with the most significant impact observed one day before and after the announcement. Regarding new product announcements made during the pandemic, "Multiple Product Announcements" have no significant impact on abnormal returns. Additionally, the study further categorizes the electronic industry for additional testing and finds that in Semiconductors, Optoelectronics, Electronic-Circuits, and Other-Electronics industries, companies’ abnormal returns of new product announcements are related to COVID-19. Additionally, in Semiconductors industry, companies’ abnormal returns of new product announcements are related to "Preannouncement" while in Optoelectronics industry, companies’ abnormal returns of new product announcements are related to "Announcement with additional information". Furthermore, the study finds that regardless of the occurrence of the pandemic, companies that announce new products in a given year perform significantly better than those that do not announce.

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