策略聯盟是最常被台灣各個電信營運商使用的經營策略之一,以擴展版圖、鞏固地位、提高市佔率。本研究主要係鎖定策略聯盟中的異業聯盟,分析台灣前五大電信營運商在運用異業聯盟策略對其經營績效與股價上是否有產生異常報酬之顯著相關性,並探究出適合台灣電信營運商之異業聯盟類型。 本研究透過文獻回顧,歸納整理出策略聯盟中異業聯盟的定義範圍,及策略聯盟類型的分類,並經由各大報網路新聞彙整五大電信營運商異業聯盟實績案例,由公開資訊網站和台灣証券交易所網站取得五大電信營運商之異業聯盟宣告日股價及通訊網路類股指數,再透過事件分析法(Event Study)的運用,以市場模型(Market Model)分別探究台灣前五大電信營運商異業聯盟與經營績效顯著性關連性的有無,並進一步分析異業聯盟宣告日宣告期間期望值與股價間有無異常報酬之表現。 研究結果顯示,五大電信營運商其異業聯盟宣告次數與其每年經營績效無顯著性之關連性,而其中僅有台灣大哥大、威寶電信二家電信營運商顯示其異業聯盟宣告日有產生股價異常報酬之比例案件較高,其他三家則無產生股價異常報酬案件比例較高之情形 ,且五大電信營運商異業聯盟類型皆主要皆是以合作行銷聯盟為主。對台灣電信營運商而言,其異業聯盟的策略運用長時間經營績效效果並不顯著,反而從股價短期效果上呈現比較高的顯著關係,而此結果也與各電信營運商皆偏向以合作行銷聯盟型態為主有關。另台灣大哥大與威寶電信呈現較高比例之股價異常報酬顯著關係,也得出異業聯盟對成立初期及邁入穩定成長型的電信營運商來說是比較有短期性的顯著關連性。
The study aimed to investigate the effects of cross-industry alliances strategy of Taiwan top five telecommunication operators on their business performance and stock price, and provide the suitable type of cross-industry alliances for them. To probe into the correlation between cross-industry alliances strategy of Taiwan top five telecommunication operators and business performance, and to examine the relationship between the day of a declaration of cross-industry alliances and the stock price, the researcher collected the stock prices of the five telecommunication operators on the day they declared cross-industry alliances, and used event study and market model to analyze the data. The major findings of the study are summarized as follows: first, there is no significant correlation between declaration times of cross-industry alliances and annual business performance; second, there are no positive effects of long-term use of cross-industry alliances strategy on business performance;on the contrary,positive effects can be seen on the short-term stock price; third, cross-industry alliances have positive effects on telecommunication operators that are just founded or developing.