物聯網(Internet of Things, IoT) 正風起雲湧之時，儼然是網路發展中的第三波浪潮。1990年代固網的興起讓10億使用者連上個人電腦，2000年代行動網路的發展則讓20億使用者連上智慧手機（正在邁向60億），Gartner預測到了2020年，透過物聯網相連的裝置將達到260億台，從穿戴式裝置，如：智慧手錶，到汽車、家電和工業設備等，影響範圍遍及各產業與區域。本研究利用事件研究法來測試企業宣告推出物聯網相關產品或服務之訊息後，資本市場是否因此產生股價異常報酬，並探討影響股價異常報酬之因素。研究結果顯示，企業宣告推出物聯網相關產品或服務，將會產生正向的股價異常報酬，且於宣告當日、前一日及次日最為顯著，其中小規模公司及財務健全公司會有較高的股價異常報酬。本研究以供應商的角度，透過事件研究法，針對物聯網相關事件宣告進行分析，可提供物聯網供應商、投資人及其他相關利益者做為決策前之評估依據。

The Internet of Things (IoT) is emerging as the third wave in the development of the internet. While the fixed internet that grew up in the 1990s connected 1 billion users via PCs, and the mobile internet of the 2000s connected 2 billion users via smartphones (on its way to 6 billion). Gartner said the Internet of Things installed base will grow to 26 billion units by 2020, ranging from wearable devices such as smartwatches to automobiles, appliances, and industrial equipment. The repercussions span industries and regions. This study exerts event study methodology to examine how the capital market responds when an enterprise announces that it plans to provide the IoT-related products or services. This study also explores the association between contextual factors and abnormal returns. According to the empirical results, the enterprise announced the information with regard to the IoT-related products or services would lead to positive stock price abnormal returns, especially on the announcement day, one day before the announcement day and next day of the announcement day. The small firms and financial healthy firms both have the higher abnormal returns. This study analyzes announcements of the IoT-related events through event study methodology from the perspective of suppliers. It may provide some meaningful insights to the IoT providers, investors and other stakeholders for making related decisions.

摘要　I
Abstract　II
目錄　III
圖目錄　IV
表目錄　V
壹、緒論　1
一、研究背景與動機　1
二、研究問題與目的　3
三、章節架構與內容　5
貳、文獻探討　7
一、物聯網　7
二、資訊科技投資事件宣告之市場反應　17
參、研究方法　23
一、研究假說　23
二、研究資料與期間　31
三、事件研究法　34
四、研究變數之定義　37
肆、實證結果與分析　39
一、敘述性統計量與相關性分析　39
二、實證結果　41
三、額外測試　45
伍、結論與建議　55
一、研究結果　55
二、研究貢獻　56
三、研究限制與建議　57
參考文獻　59
附錄　69

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