CAJ | 학술논문

新产品开发过程中,何时、以什么频率向外发布所开发的新产品的信息,是企业经营者需要决策的重要问题.现有的文献对新产品信息发布频率尚无直接研究,对首次发布信息时间的研究也还非常有限.本文基于信号理论和有效市场理论,以2000-2010年间我国上市公司发布的602个新产品项目为样本,采用事件研究法和回归分析,研究了研发阶段企业新产品信息发布的时间与频率策略及其市场效果.结果表明,新产品首次发布信息的时间、发布信息的频率对新产品的市场价值都存在倒U形的影响;开发过程中企业与外部商业伙伴的合作对上述两种影响产生负向的调节作用;新产品的创新性正向调节首次发布信息的时间对新产品市场价值的影响.本文的研究结果对于企业新产品开发阶段信息传播策略具有现实的指导意义.
신산품개발과정중,하시、이십요빈솔향외발포소개발적신산품적신식,시기업경영자수요결책적중요문제.현유적문헌대신산품신식발포빈솔상무직접연구,대수차발포신식시간적연구야환비상유한.본문기우신호이론화유효시장이론,이2000-2010년간아국상시공사발포적602개신산품항목위양본,채용사건연구법화회귀분석,연구료연발계단기업신산품신식발포적시간여빈솔책략급기시장효과.결과표명,신산품수차발포신식적시간、발포신식적빈솔대신산품적시장개치도존재도U형적영향;개발과정중기업여외부상업화반적합작대상술량충영향산생부향적조절작용;신산품적창신성정향조절수차발포신식적시간대신산품시장개치적영향.본문적연구결과대우기업신산품개발계단신식전파책략구유현실적지도의의.
New product developments （NPD） are one of the most important business activities in fueling growth and competitiveness at a firm.Business executives need to make decisions on when and how frequently to release new product information during product development process.However,a close examination of the extant new product development literature （relevant SSCI journals and CSSCI journals） reveals that information release frequency hasn＇t been explicitly studied.Also studies on the released timing of new product information are very limited.Only three English and one Chinese journal papers have studied timing strategies of new product information releases.The current study primarily focuses on the impact of determinant factors on timing strategies.Very few studies examine the effect of various timing strategies on the market.Drawing on Signal Theory and Efficient Market Theory,this paper investigates how release timing and frequency of new product information affect market value of new product.It also researches how these effects are moderated by new product innovativeness and whether or not to collaborate with business partners.This paper finds that both release timing and frequency of new product information have inverted U-shape relationships with market value of new product.In addition,the degree of innovativeness of a new product positively moderates the effect of release timing and frequency on the market value of a new product.Moreover,collaboration with business partners negatively moderates the effect of the release timing and frequency on the market value of a new product.Following standard practices of archival data collecting,cleaning,and coding processing,we collected 3,882 announcements which are related to 602 NPD projects.These NPD projects have been conducted by 219 firms,and these firms are in eleven industries （medicine or biological product,medical device,automobile,electrical power equipment,appliance,communication equipment,electronic component,consumer electronics,computer hardware and software,precision machinery and equipment,and chemical product）.Applying Fama-French-four-factor model of event study method,this paper calculates stock market abnormal returns （AR） of each announcement and new product project.Based on these 602 samples of new product projects conducted by publicly-traded firms in China during 2000 and 2010,this paper has examined strategies of release timing and frequency of new product information during developing process and their market effects.New product innovativeness and external collaboration has moderating effect on timing and frequency strategies.The results demonstrate that （1） release timing and frequency have inverted U-shape effect on market value of new product ; （2） collaborating with business partners in developing process negatively moderates the effect of release timing and frequency on market value of new product; and （3） innovativeness of new product positively moderates the effect of release timing on market value of new product,but doesn＇t moderate the effect of release frequency on market value of new product.This study has three primary theoretical contributions.First,it creatively investigates release frequency of new product information and finds its inverted U-shape effect on market value of new product.Second,different from extant literature studying determinants of timing decision,this paper explores various timing strategies of new product information release and their inverted U-shape effect on market value of new product.Third,this study measures the performance of release timing and frequency strategies by longitudinal and large-scale project samples of new products from publicly-traded firms in China and their stock market effects.Results of this study have several implications for business executives in making decisions in new product development.