- 學位論文
國際合資宣告對公司財富與產業競爭之影響－美日合資案之實證研究
The Wealth effects and Strategic Competition of International Joint Venture -A Study of Japanese-U.S. IJV Announcement
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摘要
國際合資是現今相當重要的企業策略合資方式之一；企業在進行國際化時，為了降低風險或其他因素，常常會在當地尋找合作夥伴，因此國際合資儼然成為多國籍企業最為直接、密切的海外投資活動；之前的相關文獻指出當一公司宣告國際合資時，對股東造成影響，而其結果卻不盡相同。在Sundaram, John and John’s (1996)所提出競爭性策略衡量(Competitive Strategic Measure)以及其他關於競爭對手反應的相關文獻，也同時發現當一事件的宣告，將會對產業中其他競爭對手造成影響。 本研究利用1985年至2002年這段期間，共218件美日合資宣告案為事件樣本，探討國際合資宣告分別對美日雙方股東財富的影響。研究結果發現當公司宣告國際合資這項投資決策時，該公司的股價呈現正向且顯著的反應，並且日方公司有提前揭露消息的跡象。在橫斷面分析方面，分為美、日兩方公司作探討： 1.對美方公司而言，以股價異常報酬為依變數的迴歸分析中，在本研究中所設之假說，如合資經驗、國際化程度、合資夥伴數以及貨幣強勢性皆有顯著相關，但是在日方公司方面，並無顯著相關。 2.在本研究中並操作化Sundaram, John and John’s (1996)所提出競爭性策略衡量(Competitive Strategic Measure)變數，實證研究發現不論美、日公司的異常報酬與CSM有關。
並列摘要
We examine the stock price reactions for Japanese and American companies that announce joint ventures across the Japan-United States border. We Study 218 joint ventures between U.S. and Japanese companies over the 1985-2002 periods. We document that stockholders of U.S. partners realize significant gains when the joint venture is announced. Furthermore, we also display Japanese partners’ the wealth of international joint venture and as well as realize significant gain when announcing IJV investment. Beside, we employ Sundaram, John and John’s (1996) competitive strategic measure to operationalize the nature of a firm’s competitive interaction and examine the rivals’ response of IJV announcement-period. We find out that the variables represent the Operative experience on Location, Operative experience on Location and Number of IJV Partners and Currency Strength significant related with CAR for U.S.-base part, but for Japanese-base, it’s not quite persuasion for the Hypotheses.
參考文獻
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