本研究以行動購物營運宣告對異常報酬變動影響加以分析，樣本區間為以2000年至2014年，以台灣33家上市櫃導入行動購物之概念股公司作為研究對象，分別為18家上市公司及15家上櫃公司，比較樣本公司宣告導入行動購物服務前後的股東財富效果差異。此外，本研究進一步加入負債比率、每股盈餘、成交量。控制變數為景氣對策信號及規模(市值)等關聯性的變數，藉此衡量其對累積異常報酬率之影響。研究結果指出負債比率對累積異常報酬有顯著正向影響，為原銷售業與物流業轉型行動購物之關鍵變數，導入行動購物後能降低負債比率，市場對於不同產業所導入的行動購物服務模式有不同之宣告效果反應，產業於導入行動購物時所展現增長潛力，有助於創造更高的財富價值與收益，此資訊價值差異可應用於新型態的經營模式，並給予市場參與者進行投資之參考依據。
This study analyzes the effects of declaration of mobile shopping business operation on changes of abnormal returns, and the sample period is from 2000 to 2014. 33 listed and OTC companies of Taiwan which introduce mobile shopping concept stocks are taken as the study objects, including 18 listed companies and 15 OTC companies, to compare the differences in shareholder wealth before and after the sample companies declare the introduction of mobile shopping services. In addition, debt ratio, earnings per share and volume are further added in this study. The control variables are the correlated variables such as monitoring indicator and size (market value) for measuring its effects on cumulative abnormal returns. The study results show that, the debt ratio has significant and positive effects on cumulative abnormal returns and is a key variable in the transformation of the original sales and logistics industries into mobile shopping, and the debt ratio is reduced after the introduction of mobile shopping. The market has different responses to the declaration of introduction of mobile shopping service mode for different industries, and the industrial growth potential in introduction of mobile shopping helps to create higher wealth values and earnings. This information value difference can be applied to new business models and provide a reference to market participants for investment.
