| 摘要: | 隨本研究運用事件研究法，深入探討皇家飛利浦(Royal Philips)宣布拆分醫療保健與照明業務後，對台灣照明產業相關企業的異常報酬與累積異常報酬所帶來的影響。研究結果顯示，在飛利浦宣布業務拆分之前，台灣照明企業的異常報酬和累積異常報酬呈現正向趨勢。這可能歸因於市場預期飛利浦的業務調整將為台灣照明企業帶來更多商機與合作機會。然而，隨著飛利浦宣布業務拆分後，台灣照明相關企業的異常報酬和累積異常報酬出現急劇下降，甚至轉變為負向。此轉變可能源於市場對於飛利浦與台灣照明企業合作機會減少的擔憂，以及未來市場競爭不確定性的增加。這種轉變反映市場參與者對於業務拆分後市場格局和前景的疑慮。特別值得注意的是，皇家飛利浦業務拆分事件明顯地對台灣照明產業造成影響，引發市場的劇烈變動。該研究的討論部分深入探討了皇家飛利浦作為全球知名科技企業，其業務拆分如何影響台灣照明產業。隨著飛利浦專注於核心業務，合作機會可能減少，影響了台灣照明相關企業的市場表現。這引發了台灣照明產業的未來展望與挑戰，迫使企業在激烈的競爭環境中尋求更具競爭力的策略。研究結果與討論相互呼應，顯示業務拆分對台灣照明產業的影響。在宣布業務拆分前，市場對於合作的預期對台灣照明企業帶來正向的異常報酬和累積異常報酬。然而，業務拆分後，市場的不確定性導致了這些指標的負向趨勢。
總體而言，皇家飛利浦業務拆分事件對台灣照明產業帶來不利影響，促使台灣照明相關企業需要謹慎應對市場的變化。在市場不確定性下，這些企業需要制定適應性策略，以維持競爭力。此外，企業應考慮加強市場定位、多元化業務結構、創新產品與技術、拓展國際市場、強化合作與創新生態系統、敏捷適應和關注可持續發展，以應對未來的挑戰。這些策略將幫助企業適應業務環境的變化，找到在變革中持續成長的道路。
This study uses the event study method to explore in depth the impact of Royal Philips' announcement of the spin-off of its health care and lighting businesses on the abnormal returns and cumulative abnormal returns of companies related to Taiwan's lighting industry. The results of the study show that before Philips announced the business split, the abnormal returns and cumulative abnormal returns of Taiwanese lighting companies showed a positive trend. This may be attributed to the market's expectation that Philips' business adjustment will bring more business and cooperation opportunities to Taiwanese lighting companies. However, after Philips announced the business split, the abnormal returns and accumulated abnormal returns of lighting-related companies in Taiwan dropped sharply, and even turned negative. This change may be due to the market's concerns about the reduction of opportunities for cooperation between Philips and Taiwanese lighting companies, as well as the increase in uncertainty in future market competition. This change reflects market participants' doubts about the market structure and prospects after the business split.
It is particularly worth noting that the split of the Royal Philips business has obviously affected Taiwan's lighting industry, triggering drastic changes in the market. The discussion section of the study delves into how the business split of Royal Philips, a world-renowned technology company, affects Taiwan's lighting industry. As Philips focuses on its core business, opportunities for cooperation may decrease, affecting the market performance of lighting-related companies in Taiwan. This has triggered the future prospects and challenges of Taiwan's lighting industry, forcing companies to seek more competitivestrategies in a fiercely competitive environment. The research findings echo the discussions, showing the impact of business splits on Taiwan's lighting industry. Before the announcement of the business split, the market's expectation of cooperation would bring positive abnormal returns and cumulative abnormal returns to Taiwanese lighting companies. However, after the business split, market uncertainty led to a negative trend in these indicators. Overall, the split of the Royal Philips business has had a negative impact on Taiwan's lighting industry, prompting Taiwan's lighting-related companies to cautiously respond to market changes. Under market uncertainty, these companies need to develop adaptive strategies to maintain competitiveness. In addition, enterprises should consider strengthening market positioning, diversifying business structure, innovating products and technologies, expanding international markets, strengthening cooperation and innovation ecosystems, adapting agilely, and focusing on sustainable development to meet future challenges. These strategies will help companies adapt to changes in the business environment and find a way to grow continuously amidst the changes. |
