臺灣博碩士論文加值系統

股權參與具有結合聯盟雙方的誘因及減少投機性行為的優點，因此本研究目的即在探討股權參與是否真能為企業創造價值。而研究內容主要分為以下兩部份：第一，利用美國企業在1990-2000年形成之策略聯盟為樣本，比較股權聯盟與無股權聯盟財富效果的差異，為股權參與對策略聯盟的影響提供實證研究。第二，探討投資者對於股權聯盟中購買公司與目標公司是否會有不同的市場反應。
實證結果發現，不論有無股權的參與，策略聯盟的宣告皆帶來大於市場之股票報酬。而不論單變數的分群分析或迴歸模型的多變數分析，皆顯示股權聯盟相較於無股權聯盟更能為策略聯盟參與公司創造價值。因此本研究提供了相當的實證結果支持Pisano(1989)的論點，股權的參與可以減少聯盟伙伴之間的利害衝突與投機性行為，而對投資者釋放正向的訊息。此外，股權聯盟宣告與無股權聯盟宣告之間財富效果的差異，主要來自於股權聯盟中的目標公司，而非購買公司或者聯盟雙方。

Equity participation can align the incentives of partnering firms, and reduce the opportunistic behaviors in the strategic alliances. Therefore, the main object of this research is to investigate if equity participation can really create value for aligning firms. We use the strategic alliance announcements during 1990-2000 as sample, comparing the differences of wealth effects between equity alliances and non-equity alliances. We are also curious about the market reactions toward target firms and purchasing firms of equity alliance announcements.
The empirical results find that both equity alliances and non-equity alliances have significantly positive abnormal returns. But the wealth effect created by equity alliances is greater than non-equity alliances. This finding substantially supports Pisano’s (1989) argument that equity participation can reduce the conflicts and opportunistic behaviors of strategic alliances, therefore release more positive signals to the market. Moreover, the wealth difference between equity and non-equity alliances mainly comes from target firms, rather than purchasing firms or the whole equity alliances.

第一章 序論.......................................1
第二章 文獻探討...................................5
第一節 策略聯盟的類型...........................5
第二節 策略聯盟管理結構與股權參與的優點.........7
第三節 策略聯盟的宣告效果與長期績效表現.........9
第三章 研究方法..................................11
第一節 資料來源與樣本選取標準..................11
第二節 實證分析方法............................12
(一) 事件分析法...............................12
(二) 橫斷面迴歸分析法.........................14
第四章　實證結果分析.............................18
第一節　樣本資料特性之敘述.....................18
第二節　策略聯盟宣告效果分析...................23
第三節　樣本分群分析...........................25
第四節　橫斷面迴歸分析.........................28
第五章　結論與建議...............................30
參考文獻.........................................31

中文部分
賴宜鴻，「企業策略聯盟長期績效表現之研究」，國立成功大學國際企業研究所碩士論文，民國九十一年。
英文部分
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