云计算投资宣告与市场绩效关系的实证研究-Announcements.PDFVIP

Management Science and Engineering 管理科学与工程, 2014, 3, 79-86 Published Online September 2014 in Hans. /journal/mse /10.12677/mse.2014.33011 The Effect of Cloud Computing Investment Announcements on Market Performance Peirong Che, Jingyu Liu Beijing University of Posts and Telecommunications, Beijing Email: bwen2002@263.net, liujingyu25988@163.com th th th Received: Jul. 10 , 2014; revised: Aug. 6 , 2014; accepted: Aug. 14 , 2014 Copyright ? 2014 by authors and Hans Publishers Inc. This work is licensed under the Creative Commons Attribution International License (CC BY). /licenses/by/4.0/ Abstract This paper inspects the effects of the cloud computing investment announcements on market per- formance, using the data from 40 listed companies in China from 2010 to 2013. Our results indi- cate that firms who release more cloud computing investment announcements have higher mar- ket performance, and that announcements about completed projects are more positively received than announcements about planned or in-progress projects. Firms which established the informa- tional relationship with cloud computing have higher market performance, but the effect varies due to market performance measure dimensions. This paper conducted the early research of the effect of cloud computing investment announcements on market performance, which, to some ex- tent, has a certain practical significance. Keywords Cloud Computing, Investment Announcements, IT Fashion, Market Performance 云计算投资宣告与市场绩效关系的 实证研究 车培荣，刘璟钰 北京邮电大学经济管理学院，北京 Email: bwen2002@263.net, liujingyu25988@163.com 收稿日期：2014年7月10 日；修回日期：2014年8月6 日；录用日期：2014年8月14 日 79 云计算投资宣告与市场绩