신제품 출시와 기업 가치: 칩셋 산업을 중심으로

국문 초록 (Abstract)

본 연구는 신제품 출시나 신제품 사전발표에 대한 뉴스의 여러 특성이 복점시장을 이루는 기업들의 기업가치에 어떠한 영향을 주는지를 연구한다. 더불어 각 기업의 신제품 출시 또는 신제품 사전 발표 이벤트와 2중의 복점시장에 공존하는 타 기업의 해당 날짜의 기업가치를 비교하여 그 효과를 분석한다. Financial Times에서 배포한 뉴스 기사를 데이터로 사용하고, 각 기업가치는 이벤트 스터디 방법론을 활용하여 누적 비정상 수익률을 추정하였다. 본 연구는 신제품 출시 관련 이벤트가 해당 기업의 기업가치의 변화를 통해 자기효과(own effect)를 분석하고 경쟁기업의 기업가치 변화를 통해 경쟁효과(competitive effect)를, 다른 시장에 있는 기업의 기업가치 변화를 통해 교차효과(cross effect)를 분석한다. 자기효과에 대한 결과로 칩셋 산업에서 기업의 기술력을 대표할 수 있는 고성능 칩셋에 대한 긍정적인 뉴스가 기업가치에 긍정적인 영향을 준다. 또한 제품의 품질에 대한 부정적인 뉴스가 기업가치에 부정적인 영향을 주고, 제품의 가격에 대한 긍정적인 뉴스가 기업 가치에 긍정적인 영향을 준다. 경쟁효과 측면에서 Intel과 AMD가 긍정적인 기사로 경쟁 기업의 기업가치에 부정적인 영향을 주는 것을 확인하였고 NVIDIA의 부정적인 뉴스가 Intel과 AMD 모두에게 부정적인 영향을 준다. 교차효과는 자기효과보다 작고 경쟁효과보다 작은 경향을 보인다. 본 연구는 이중 복점이라는 특이한 시장구조 안에서 신제품관련 뉴스가 해당기업과 타기업에 어떤 영향을 주는지를 밝힘으로 실무적 시사점을 제공한다.

다국어 초록 (Multilingual Abstract)

This paper examines the impact of new product launches or other new information release about new product launches on firm value of three new chipset manufacturers. Each company’s information release event are captured by news articles from Financial Times. Using the event study methodology, the cumulative abnormal return is estimated by using three days of event window. In this study, authors analyze the own effect, the competitive effect, and cross effect through the impact of the different types of new product release on the firm value in a dual duopoly market. Results show that a high-performance chipset that can represent a company’s technology has a positive impact on the own firm value in the chipset industry. We also found that negative tone of articles about product quality negatively affect firm value, and mentions of price of the new product have a positive effect on firm value. In terms of competitive effects, results show that Intel and AMD’s new product launch announcements have a negative impact on the direct competitor, however; NVIDIA’s negative new product launch announcements negatively impact on both Intel and AMD. We found that the own effects of new product launch announcement is greater than the competitive effects of that and cross effect of new product launch announcement is smaller than the competitive effects of that. This research provides managerial implications by showing that in the dual duopoly how new product launch announcements influence on not only the firm and the direct competitor but they also the firm in the other market.

목차 (Table of Contents)

• ABSTRACT
• Ⅰ. 서론
• Ⅱ. 문헌고찰
• Ⅲ. 개념적 구조 및 연구 가설
• Ⅳ. 이벤트 스터디 방법론
• Ⅴ. 데이터와 변수
• Ⅵ. 모델
• Ⅶ. 결과
• Ⅷ. 결론
• 참고문헌

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