本研究主要探討台灣地區上市公司發布研發活動投資的訊息時，投資人對短期股票價格的反應，分析研發活動投資資訊的宣告是否具有資訊效果與研發活動投資宣告對競爭公司股價的影響程度，利用事件研究法中Brown和Warner(1985)的市場模式與Fama和French(1993)的三因子模型，估計股票的超常報酬；並利用橫斷面分析，進一步探討公司的科技化程度、產業集中度、市場佔有率及公司研發密集度與研發活動投資宣告對股價的影響。研究結果發現：
一、 台灣上市公司進行研發活動投資宣告時，在宣告日當天會產生正向且顯著的超常報酬，說明研發活動投資宣告能增加公司股東的財富。
二、 企業進行宣告研發活動投資宣告時，高研發密集度產業產生正的股價超常報酬，其他產業則產生負的超常報酬。
三、 公司所處的產業集中度愈高，當其宣布增加研發活動投資時，將產生顯著且正向的超常報酬，反之，則將產生負的超常報酬。
四、 企業進行宣告增加研發支出時，將為競爭對手公司的股東財富帶來負的超常報酬。

None

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