策略聯盟近年來成為公司重要策略,其可降低經營風險、提高組織規模經濟、增加市場占有率,但有時僅是因經理者自利的決策所致。因此過去文獻上發現策略聯盟對公司價值或市場反應不一致,因此本文主要探討策略聯盟與資訊不對稱之關聯性,並進一步探討公司治理對此關聯性之影響。 本文以買賣價差衡量資訊不對稱,利用2007年到2012年台灣上市、櫃公司宣告策略聯盟的資料,探討公司策略聯盟宣告對資訊不對稱之影響。實證結果發現,台灣上市櫃公司進行策略聯盟宣告,資訊不對稱的問題會更嚴重(基於代理理論的觀點)。進一步檢測策略聯盟類型對資訊不對稱的問題的實證結果發現,相較於異業間的策略聯盟,同業策略聯盟較能減緩因為代理問題所產生之資訊不對稱,而跨國投資的策略聯盟會加大資訊不對稱。最後,在探討公司治理對策略聯盟公司之資訊不對稱之影響的實證結果也指出,此外,當股權偏離公司進行策略聯盟時資訊不對稱的問題會更嚴重,而公司進行策略聯盟其對資訊不對稱的影響,會隨著獨立董事的比率的提高及機構投資人持股率提高而會降低策略聯盟造成之資訊不對稱問題,但股權集中則未發現效果。
Strategic alliances become an important strategy for the company in recent years, which can reduce business risk, improve organizational economies of scale, increase market share or because managers are self-interested decisions due. However, previous studies found a different market reaction to strategic alliance, this paper mainly discusses the relationship between strategic alliance and information asymmetry, and the impact of corporate governance on this association. This research uses bid-ask spread to measure information asymmetry and we use 2007-20102 Taiwan listed companies as the research sample (the financial industry is excluded) to explore the company announced a strategic alliance for the impact of asymmetric information. Empirical results show that Taiwan listed companies announced a strategic alliance, information asymmetry problem will get worse (based on agency theory perspective). Further testing strategic alliance types on the problem of asymmetric information empirical results show that, related to the inter-industry alliance, vertical intra-industy alliances is be able to decrease asymmetric information, whereas cross-national alliance increases information asymmetry. This research further explores that corporate governance how to affect the relationship between the strategic alliance and information asymmetry. Empirical results also indicate that,firms with high deviation of cash flow rights and voting rights announces strategic alliance, the information asymmetry problem will get worse, whereas the information asymmetry result from strategic alliances will be decreased when firms with higher, but ownership concentration effects were not found.