聯合品牌是透過兩個品牌合作並推出新產品的行銷策略，一則可以有效降低新品開發的成本，二來可以透過另一個品牌提升品牌價值或是擴展至不同的市場區隔。過去研究有許多關於聯合品牌對品牌權益影響以及相關的行銷研究。然而，本篇研究將以財務觀點來洞悉聯合品牌和盈餘管理之影響。本研究顯示，當公司宣布聯合品牌後，股價會隨之波動，進而觀察出股價和盈餘管理的關，此外我們更將聯合品牌策略分為三類，進一步發現哪一個策略與盈餘管理關係更為顯著以及盈餘於管理的方式有顯著的不同，我們發現象徵性聯合品牌策略以及創新聯合品牌策略與實質盈餘管理有顯著的關係。本文以步實驗觀察聯合品牌和盈餘管理之關係，未來再接續加入更多樣本以及其他變數。

Co-branding is a marketing strategy of launching new products through cooperation between two brands. Firms can effectively reduce the cost of new product development, and enhance brand value through another brand or expand to different market segments. In the past, there are many researches on the impact of co-branding on brand equity and related marketing research. However, this research will use a financial perspective to gain insight into the impact of co-branding and earnings management. This research shows that when the company announces co-branding strategy, its stock price will fluctuate accordingly, and then observe the relationship between stock price and earnings management. In addition, we have divided the co-branding strategy into three categories to further discover which strategy is more related to earnings management. In this paper, we found that type 1 co-branding strategies and type 3 co-branding strategies have a significant relationship with real earnings management. This thesis takes a preliminary experiment to observe the relationship between co-branding and earnings management, and will continue to add more samples and other variables in the future.

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