本研究旨在探討特殊事件發生時是否能為台灣電競概念股公司價值帶來正向的影響。遊戲的價值在於是否有玩家願意花時間和金錢去投入，所以本研究中所選擇的特殊事件都是會影響玩家人數的重點事件。以台灣上市櫃216間電子中下游及電子軟體產業作為樣本，樣本期間的選取以經典電競遊戲英雄聯盟的第一屆世界大賽年度2011年為起始年度。實證結果顯示遊戲的促銷能為公司價值帶來正向影響，其餘的事件對公司價值的影響不一定是正向的。然而，實證結果也顯示，沒有足夠證據證明在兩個特殊事件發生的同時，對於公司價值能有顯著的正向影響。這個結果應用於台灣手遊市場時，則必須注意使用行銷手法的權衡，方能為公司價值帶來好的影響。

This study examines whether the effects on Taiwan e-sports concept stock firms are positive when special events happen. Value of games is whether the players are willing to spend times and money on the games, so the special events in this study we choose are the key events which will affect the numbers of players. The data for this study uses 216 listed companies which are electronic midstream and downstream industry and electronic software industry as sample in Taiwan. Sample period start from the first world championship of classic e-sports game, League of Legends, 2011. The results indicate that games on sales can have a positive effect on firm’s value, but other events will not have the same effects on the firm’s value. However, not sufficient results can prove when two special events happen can bring positive effects on firm’s value. The empirical results apply in mobile gaming market in Taiwan should notice the marketing strategies they use. As a result, the special events can have good effects on firm’s value.

Alex Edmans, Diego Garcia, & Qyvind Norli (2007). Sports Sentiment and Stock Returns. Journal of Finance, 62(4), 1967-1998.
doi: 10.111 /j.1540-6261.2007.01262.x
Andrew Rhodes (2015). Multiproduct Retailing. The Review of Economic Studies, 82(1), 360–390,
doi.: 10.1093/restud/rdu032
Arho Suominen, Nina Rilla, Juha Oksanen, & Kaisa Still (2016). Insights from Social Network Analysis -- Case Board Interlocks in Finnish Game Industry. System Sciences (HICSS), 2016 49th Hawaii International Conference
doi: 10.1109/HICSS.2016.561
Avi Goldfarb, & Catherine Tucker (2011). Advertising Bans and the Substitutability of Online and Offline Advertising. Journal of Marketing Research, 48(2), 207-227.
doi: 10.1509/jmkr.48.2.207
Chiraphol N. Chiyachantana, Pankaj K Jain, Christine Jiang, & Robert A. Wood (2004). International Evidence on Institutional Trading Behavior and Price Impact. Journal of Finance, 59(2), 869-898
Stable URL: http://www.jstor.org/stable/3694916
Dal Yong Jin (2010). Political Economy of the Online Game Industry. Korea's Online Gaming Empire
ISBN: 9780262289511
David A. Schweidel, & Wendy W. Moe (2016). Binge Watching and Advertising. Journal of Marketing 80(5), 1-19.
doi: 10.1509/jm.15.0258
Hong Yuan, & Song Han (2011). The Effects of Consumers' Price Expectations on Sellers' Dynamic Pricing Strategies. Journal of Marketing Research, 48(1), 48-61.
doi: 10.1509/jmkr.48.1.48
Kartik Kalaignanam, Tarun Kushwaha, & Tracey A. Swartz (2017). The Differential Impact of New Product Development “Make/Buy” Choices on Immediate and Future Product Quality: Insights from the Automobile Industry. Journal of Marketing, 81(6), 1-23.
doi: 10.1509/jm.14.0305
Kihyun Hannah Kim and V. Kumar (2018) The Relative Influence of Economic and Relational Direct Marketing Communications on Buying Behavior in Business-to-Business Markets. Journal of Marketing Research, 55(1). 48-68.
doi: 10.1509/jmr.16.0283
Marco Bertini, Luc Wathieu, Sheena S. Iyengar (2012). The Discriminating Consumer: Product Proliferation and Willingness to Pay for Quality. Journal of Marketing Research49(1), 39-49.
doi: 10.1509/jmr.10.0028
Max Sjoblom, Maria Torhonen, Juho Hamari, & Joseph Macey (2017). Content structure is king: An empirical study on gratifications, game genres and content type on Twitch. Computers in Human Behavior, 73(2017),161-171.
Navdeep S. Sahni (2016) Advertising Spillovers: Evidence from Online Field Experiments and Implications for Returns on Advertising. Journal of Marketing Research, 53(4), 459-478.
doi: 10.1509/jmr.14.0274
Paula Jarzabkowski, & Sarah Kaplan (2014). Strategy tools‐in‐use: A framework for understanding “technologies of rationality” in practice. Strategic Management Journal, 36(4), 537-558.
doi: 10.1002/smj.2270
Robert V. Kozinets, Kristine de Valck, Andrea C. Wojnicki, & Sarah J.S. Wilner (2010). Networked Narratives: Understanding Word-of-Mouth Marketing in Online Communities. Journal of Marketing, 70(2), 71-89.
doi: 10.1509/jmkg.74.2.71
Roland T. Rust, Christine Moorman, Peter R. Dickson (2002) Getting Return on Quality: Revenue Expansion, Cost Reduction, or Both?. Journal of Marketing, 66(4), 7-24.
doi: 10.1509/jmkg.66.4.7.18515
Samad Ahmadi, & Peter Corcoran (2013). Gaming Technologies and Trends in Consumer Electronics – A New Dawn for the Gaming Industry? IEEE Consumer Electronics Magazine.
Tony Morelli, & Mehmet Hadi Gunes (2012). Video Game Industry as a Social Network. Advances in Social Networks Analysis and Mining (ASONAM), 2012 IEEE/ACM International Conference
doi: 10.1109/ASONAM.2012.204
Umit G. Gurun & Alexander W. Butler (2012). Don’t Believe the Hype: Local Media Slant, Local Advertising, and Firm Value. Journall of Finance, 67(2), 561-598
doi: 10.1111/j.1540-6261.2012.01725.x
Vivian W. Fang, Xuan Tian, & Sheri Tice (2014). Does Stock Liquidity Enhance or Impede Firm Innovation? Journal of Finance, 69(5), 2085-2125.
doi: 10.1111/jofi.12187
Wen-Chiu Liu, & Hsueh-Ching Chan (2015). The Seasonal Effects on the Share Prices of Stay at Home Economic Concepts: The Case of Online Game Companies. 財金論文叢刊, 第23期, 10-26
Yi-Hsien Yu, & Ke-Ming Huang (2010). The influences of system quality and service quality to consumer satisfaction and loyalty in on-line game industry. Technology Management for Global Economic Growth (PICMET)
Print ISBN: 978-1-4244-8203-0
Yi Xie, & Hongxia Zhang (2011). The determinants of adolescents' behavioral intentions towards online services: Empirical evidence from online game industry. Service Systems and Service Management (ICCSSSM), 2011 8th International Conference.
doi: 10.1109/ICSSSM.2011.5959371
江維揚 & 林家瑋 (2009). 台灣網路遊戲產業成長與競爭動態之研究. 資訊管理學報, 第十六卷 第二期, 25-60
蔡鳳凰 & 黃勢璋 (2016). 從「電子競技」看台灣發展遊戲產業的商機與挑戰. 經濟前瞻, 111-116