合作經驗對策略聯盟績效影響—公司規模、產業之調和效果

The Wealth Effect of Cooperation Experience on Strategic Alliance – the Moderating Role of Firm Size and Industry

張懷文(Huai-Wen Chang)

指導教授 ： 陳忠仁

共同指導教授 ： 許煙明

國立臺灣大學/管理學院/商學研究所/碩士(2010年)

https://doi.org/10.6342/NTU.2010.02487

摘要

本研究主要探討合作經驗對策略聯盟績效之影響，以中國公司為實證研究對象，來驗證過去相關領域研究結果在新興經濟體的適用性。本研究由SDC資料庫中，收集了285筆參與成員包含中國上市公司的合作案作為最終分析樣本，其中166次合作案之參與公司擁有策略聯盟經驗，其餘119次的參與公司則無相關經驗。
研究採用事件分析方法，以合作案宣告後，公司股價依資本資產定價模式得出的異常報酬作為合作案之預期績效。研究結果顯示擁有策略聯盟經驗與合作案的績效有正面關係，並進一步發現公司規模與處於高科技產業，皆會強化此經驗效果的正面影響。

關鍵字

合作經驗 ； 策略聯盟 ； 合資 ； 財富效果 ； 異常報酬 ； 中國

並列摘要

The main objective of this research is to investigate the wealth effect of cooperation experience on strategic alliances. This research run an empirical study, focus on China context to test the universal applicability of previous researches. The final sample contains 285 alliances formed by at least one Chinese listed company, among all these alliances, 166 of them are experienced ones, and 119 are in-experienced ones.
This research followed typical event study method, use the abnormal return generated from CAPM as the measurement of the alliances expected performance. The result shows positive wealth effect of inter-firm cooperation experience on strategic alliances. Furthermore, the result shows those firms with larger firm size or within the high-tech industry benefit more from those experience effect.

並列關鍵字

Cooperation Experience ； Strategic Alliance ； Joint Venture ； Wealth Effect ； Abnormal Return ； China Context

參考文獻

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