臺灣博碩士論文加值系統

策略聯盟乃是獲致企業成長、獲利增加的一項可行策略。本研究收集國內在民國85年1月1日至民國89年12月31日期間曾正式宣告策略聯盟的上市公司，其樣本共140筆，採用「事件研究法」來檢定在策略聯盟宣告期間股價是否有異常報酬。以Market Model預測事件期的股價報酬率，進行異常報酬的統計檢定，以了解事件期的股價行為。經由實證分析得到下列結論：
一、就整體樣本而言，台灣上市公司策略聯盟的訊息在宣告當日，對股東財富有顯著正向的影響。另外策略聯盟消息尚未正式宣告時已有消息走漏的情形。
二、不同類型的策略聯盟方式在宣告當日對股東財富無顯著的差異，但以科技方式合作的策略聯盟消息走漏的情形較以行銷方式合作的策略聯盟嚴重，且達顯著水準。
三、策略聯盟事件中，宣告當日對股東財富的影響與聯盟事件消息走漏情形，不會因股權結合的有無而有顯著的差異，但宣告後一日至宣告後第二日之累積異常報酬率以無股權結合的策略聯盟事件較高，且其間差異達統計顯著水準。
四、策略聯盟事件中，宣告當日對股東財富的影響與聯盟事件消息走漏情形不會因聯盟對象為國內或國外而有顯著差異。
五、策略聯盟事件中，宣告當日對股東財富的影響不會因聯盟對象為同業或異業而有顯著差異。在消息走漏方面，以同業為聯盟對象者有消息走漏情形，但以異業為聯盟對象並無消息走漏情形。
六、單一策略聯盟事件在宣告日當天與宣告日至宣告日後兩天，資本額小的公司比資本額大的公司異常報酬率或累積異常報酬率較高。

Strategic Alliance is a useful strategy of how to get a business growing and increasing the profit. In this research, it collects the data of the announced strategic alliance’s company from 85/1/1 to 89/12/31 in Taiwan Stock Market. There are 140 data. We take the “Event Study Method” to check if there is abnormal return in the stock price during the period of the announcement. We use the “Market Model“ to predict the rate of stock price investing and to understand the stock price during the event period. The following is the conclusion that I get from the analytical evidence:
1.From the whole data, on the date of Taiwan Strategic alliance company to announce the news. It had a positive influence for the stockholder. On the other hand. The information leak out before the strategic company didn’t really announced the news formally.
2.Between the market and technology strategic alliances. There wasn’t much difference for the stockholders on the date of the announcement. But the information which leaking out in the technology alliance was more serious than marketing alliance.
3.In the Strategic alliance, the announcement of the influence to the stockholders wealth and how information had leak out didn’t have much difference because of the stock combined. But the difference in the rate of return was higher in the no stock combined of the strategic alliance during the first day to the second day after the announcement.
4.In the strategic alliance, the leak out of the announcement and stockholder’s wealth didn’t have much difference because of the object was domestic or overseas.
5.In the strategic alliance, the announcement will have much influence on the stockholder’s wealth because of the object was in the same industry or not. In the aspect of the information leak out. There were leak out on the alliances that object are in the same industry, but there wasn’t any leak out on the alliance which object are not the same industry.
6.The company, which has less capital has more abnormal return or accumulate abnormal return than the company with huge capital during the date of the announcement and two days after the announcement.

中文摘要……………………………………………………………………I
英文摘要……………………………………………………………………II
誌謝…………………………………………………………………………IV
目錄…………………………………………………………………………V
表目錄……………………………………………………………………VII
圖目錄 ……………………………………………………………………IX
第壹章緒論………………………………………………………………1
第一節研究動機…………………………………………………………2
第二節研究目的………………………………………………………4
第三節研究架構………………………………………………………5
第貳章文獻探討………………………………………………………7
第一節策略聯盟的定義…………………………………………………7
第二節策略聯盟動機之相關理…………………………………………9
第三節策略聯盟的分類…………………………………………………11
第四節策略聯盟與合資事業之區………………………………………14
第五節策略聯盟與購併事業之區………………………………………15
第六節國內文獻探討……………………………………………………17
第七節國外文獻探………………………………………………………22
第參章研究設計…………………………………………………………26
第一節研究假說…………………………………………………………26
第二節研究方法…………………………………………………………28
第三節研究變數的操作性定義…………………………………………33
第四節研究資料來源與選取準則………………………………………37
第五節事件日平均異常報酬率之檢定統計量t………………………41
第六節事件日累積平均異常報酬率之檢定統計量t…………………46
第七節兩獨立樣本集中趨勢之無母數檢定……………………………48
第肆章實證結果………………………………………………………49
第一節全體樣本策略聯盟宣告效果分析……………………………49
第二節不同類型的策略聯盟方式宣告效果分析………………………55
第三節股權結合的有無對策略聯盟宣告之效果分析…………………67
第四節策略聯盟對象為國內或國外之宣告效果分析…………………79
第五節異業或同業的策略聯盟對象宣告效果分析……………………91
第六節資本額大小之分析……………………………………………103
第伍章結論與建議……………………………………………………105
第一節結論……………………………………………………………105
第二節研究限制………………………………………………………108
第三節建議……………………………………………………………109
附錄一策略聯盟宣告之樣本資料……………………………………110
附錄二策略聯盟事件樣本中Market Model之Beta檢定結果………115
附錄三策略聯盟新聞選取範例………………………………………120
參考文獻……………………………………………………………………121

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