Title

策略聯盟宣告與股東財富關係研究

Translated Titles

A Study on the Relationships between announcement of strategic alliance and shareholders' value

DOI

10.6845/NCHU.2008.00095

Authors

游惟傑

Key Words

策略聯盟 ; 行銷聯盟 ; 技術聯盟 ; 聯盟集團 ; 聯盟經驗 ; strategic alliance ; marketing alliance ; technological alliance ; alliance experience ; alliance constellation

PublicationName

中興大學企業管理學系所學位論文

Volume or Term/Year and Month of Publication

2008年

Academic Degree Category

碩士

Advisor

邱奕嘉

Content Language

繁體中文

Chinese Abstract

本研究主要利用事件研究法來探討策略聯盟宣告對股東財富及企業價值的提升之影響。有別於以往研究者蒐集時可能產生的主觀認定,本研究利用國科會於96年發表之策略聯盟管理資料庫進行樣本蒐集,為國內類似研究首次採用資料庫數據者。涵蓋年份從1999~2007年,樣本數907筆也為同類型研究之最多。利用大量樣本數來探討檢驗策略聯盟類型、經驗、對象多寡與異常報酬產生之關聯,並經由標準化之過程判別顯著程度以增加可信度。本研究實證結果顯示: 1. 策略聯盟宣告的確能為企業及股東帶來價值提升,與 Anand & Khanna (2000)、Das, Sen & Senguptal (1998)等人之研究結果一致。 2. 技術聯盟的宣告所帶來的異常報酬率大於行銷聯盟,此結果推翻Park, Mezias & Song (2004) 認定行銷聯盟宣告效果大於技術聯盟,並支持Das, Sen & Sengupta (1998) 等人之研究。 3. 聯盟經驗與聯盟的異常報酬率成反比,這與認為聯盟經驗是對企業績效有所幫助的理論相左。在本研究實證結果發現,宣告次數越多之公司異常報酬率反而越低。 4. 單一聯盟宣告所帶來的異常報酬率高於聯盟集團,這也跟台灣企業的聯盟趨勢相符合,卻跟學者的建議相違背 (Benjamin, 1994),推論當中仍有其他干擾因素存在。

English Abstract

This study uses event study to investigate whether announcement of strategic alliance will affect both corporations and shareholders’ value or not. In order to prevent the influence of dynamic in data collecting such as former studies, this study uses Strategic Management Data Base which is formed by National Science Council in 2007. This study includes 907 strategic alliance announcements which happened during 1999~2007. According to such great amount of samples in alliances form, alliance experiences and alliance member, this study could point out results more accurately. What’s more, this study use standardizing process to add reliability, then getting following results: 1.The announcement will indeed bring significant positive abnormal return to the corporation and shareholder, it’s also accord with the study results of Anand & Khanna (2000) and Das, Sen & Senguptal (1998). 2.Abrnormal returns of technological alliance are greater than marketing alliance, supporting that study announced by Das, Sen & Senguptal (1998) and others, overthrowing study that Park, Mezias & Song (2004) announced. 3.Prior alliance experience is a negative factor to abnormal returns, it’s different from expert’s suggestion that alliance experience helps to increase performance. In this study, more announcement of alliance could decrease corporation’s abnormal returns. 4.Alliance with one partner could cause more abnormal return than alliance constellation, coming up with Taiwan alliance tendency, but departure from expert’s suggestion (Benjamin, 1994).

Topic Category 管理學院 > 企業管理學系所
社會科學 > 管理學
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Times Cited
  1. 劉正平(2011)。公司宣告購併和策略聯盟消息對市場投資人之反應:兼論宣告後長期財務績效之研究。中興大學高階經理人碩士在職專班學位論文。2011。1-63。