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研究生:鍾螢知
研究生(外文):Ying-Chih Chung
論文名稱:網路組織財富效果之研究:以策略聯盟為例
論文名稱(外文):The Wealth Effect of Network on Strategic Alliance
指導教授:張紹基張紹基引用關係
指導教授(外文):Shao-Chi Chang
學位類別:碩士
校院名稱:國立成功大學
系所名稱:國際企業研究所碩博士班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2002
畢業學年度:90
語文別:中文
論文頁數:49
中文關鍵詞:聯盟網路策略聯盟
外文關鍵詞:CentralityStrategic AllianceNetwork
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策略聯盟是一個非常有彈性的組織結構,公司間可以透過聯盟的合作關係,快速地分享獲得在研究發展、行銷通路及產品製造上的資源、能力或機會。然而其不完整合約的特性,常使得策略聯盟的參與公司擔心可能暴露在聯盟夥伴投機性的行為的風險之下。除了雙方股權交換以抑制投機性行為之外(Pisano,1989),近年來,聯盟網路的機制是否能降低未來雙方投機行為及套牢問題發生之探討受到許多學者的矚目。本研究經由美國國內公司宣告策略聯盟時市場反應的探討,針對此議題提出以下的結論。我們發現策略聯盟的關係的確能為聯盟夥伴間創造正向的財富效果,與Chan et al.(1997)之研究結果一致。除此之外,本研究另一項結果為策略聯盟整體若位於網路組織高Centrality的位置時,則在新的聯盟宣告中之財富創造效果將會明顯大於Centrality低者。因此位於網路中心位置之公司,由於其背後所擁有豐富的資源、強大的資源流通優勢以及商譽維持的壓力等機制下,確實能穩定策略聯盟的關係,進而為策略聯盟之合作的創造綜效。另外,異業聯盟之關係,因不對稱的專業知識背景及互補性資源難以整合、移轉的原因之下,使得雙方投機性行為發生之可能性較同業聯盟之關係高,所以其策略聯盟所創造的綜效往往較同業聯盟者差(Chen et al., 1997)。然而,本研究發現Centrality的高低為一個新的策略聯盟是否能創造財富效果的一個重要因素,而且,相較於相同產業的策略聯盟,Centrality的高低與否在非相關產業的合作關係中扮演的角色更為重要。所以這表示儘管異業聯盟關係中易存在投機性行為及Hold-up問題,但只要合作夥伴處於網路組織重要地位時,此種投機行為將可受到抑制,並且雙方聯盟之關係將更穩定。
綜合以上,我們可知聯盟網路(Social Network)和雙方股權交換的機制相似,對於投機性行為有相當重要的約束力量。並且在策略聯盟案中,與位於網路組織較中心位置的公司合作時,其投機行為發生的機會將大幅降低,使得策略聯盟的機制更穩定,增加投資人的信心,並且為企業間的合作產生綜效。
This study analyzed 438 strategic alliances formed during the period 1990-1998. Using the event study and cross-sectional regression methodologies, we found that the announcements of strategic alliances by American firms create significantly positive wealth effect for shareholders. Consistent with our expectations, degree of centrality in the network is crucial to influence the performance of strategic alliance, especially in non-horizontal alliance. Besides, the firms that are centrally located in the alliance network have better performance in new alliance. Finally, like the equity participation, network is a useful mechanism to mitigate opportunistic behavior in Strategic alliance.
目錄

第一章、 序論………………………………………………………………………….1
第二章、 文獻探討…………………………………………………………………….4
第一節、 策略聯盟……………………………………………………………….4
第二節、 社會聯盟網路………………………………………………………….8
第三章、 研究方法……………………………………………………………………12
第一節、 樣本選取標準及敘述…………………………………………………12
第二節、 實證分析方法…………………………………………………………13
第四章、 實證結果分析………………………………………………………………24
第一節、 樣本資料特性之敘述…………………………………………………24
第二節、 策略聯盟宣告效果分析………………………………………………28
第三節、 樣本分群分析…………………………………………………………30
第四節、 橫斷面迴歸分析………………………………………………………38
第五章、 結論與建議…………………………………………………………………42
參考文獻………………………………………………………………………………44
中文部分………………………………………………………………………………44
英文部分………………………………………………………………………………45

表目錄

圖3-1 P2之Degree…………………………………………………………………16
圖3-2 P2之Betweenness……………………………………………………………17
表3-1 迴歸式中各變數之定義及預測結果………………………………………..23
表4-1 美國國內策略聯盟案之樣本分佈情形…………….……………………….25
表4-2 各解釋變數之基本統計量…………………………………………………..26
表4-3 主要變數之相關係數矩陣………………………………………………..…27
表4-4 全體策略聯盟宣告累積財富效果之事件研究分析…………………..……29
表4-5 高中心程度/低中心程度之策略聯盟平均財富效果檢定結果………..…..32
表4-6 高/低中心程度與水平/非水平策略聯盟交叉檢定(Degree)…………….35
表4-6 高/低中心程度與水平/非水平策略聯盟交叉檢定(Betweenness)…….36
表4-6 高/低中心程度與水平/非水平策略聯盟交叉檢定(Eigenvector)……..37
表4-7 宣告期間財富效果之橫斷面迴歸分析……………………………….……41
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中文部分
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