Although relevant literature investigates the economic value of online sales channel (OSC) from the perspective of the stock market, knowledge on this topic remains insufficient or unclear because existing studies are conducted under an extremely turbulent market environment and have not considered different aspects. This study aims to examine the topic by focusing on the market reactions to OSC investment from three aspects (namely, the innovativeness, business model and goods types) in a relatively stable market environment to fill in the research gap. Empirical results, obtained using 69 firm-level OSC announcements from October 2002 to September 2007, show that the stock market reacts positively to OSC investment by firms. Additionally, the stock market reactions to OSC investment mainly depend on two key characteristics, namely investment innovativeness and business model applied.

尽管相关文献从股票市场的角度研究了在线销售渠道（OSC）的经济价值，但由于现有研究是在极其动荡的市场环境下进行的，没有考虑不同方面，因此对该主题的了解仍然不足或不清楚。本研究旨在通过在相对稳定的市场环境下从三个方面（即创新性、商业模式和商品类型）关注市场对 OSC 投资的反应来研究该主题，以填补研究空白​​。使用 2002 年 10 月至 2007 年 9 月的 69 份公司级 OSC 公告获得的实证结果表明，股票市场对公司的 OSC 投资反应积极。此外，股市对 OSC 投资的反应主要取决于两个关键特征，