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研究生:呂碧榮
研究生(外文):Bi-Rung Lu
論文名稱:國際合資宣告對公司財富與產業競爭之影響-美日合資案之實證研究
論文名稱(外文):The Wealth effects and Strategic Competition of International Joint Venture -A Study of Japanese-U.S. IJV Announcement
指導教授:辛敬文辛敬文引用關係陳俊忠陳俊忠引用關係
指導教授(外文):Chin-Wen HsinChun-Chung Chen
學位類別:碩士
校院名稱:元智大學
系所名稱:管理研究所
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:2003
畢業學年度:91
語文別:英文
論文頁數:16
中文關鍵詞:國際合資競爭性策略衡量事件研究財富效果國際化異常報酬
外文關鍵詞:International Joint VentureCompetitive Strategic MeasureEvent StudyWealth EffectsInternationalizationAbnormal Return
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國際合資是現今相當重要的企業策略合資方式之一;企業在進行國際化時,為了降低風險或其他因素,常常會在當地尋找合作夥伴,因此國際合資儼然成為多國籍企業最為直接、密切的海外投資活動;之前的相關文獻指出當一公司宣告國際合資時,對股東造成影響,而其結果卻不盡相同。在Sundaram, John and John’s (1996)所提出競爭性策略衡量(Competitive Strategic Measure)以及其他關於競爭對手反應的相關文獻,也同時發現當一事件的宣告,將會對產業中其他競爭對手造成影響。
本研究利用1985年至2002年這段期間,共218件美日合資宣告案為事件樣本,探討國際合資宣告分別對美日雙方股東財富的影響。研究結果發現當公司宣告國際合資這項投資決策時,該公司的股價呈現正向且顯著的反應,並且日方公司有提前揭露消息的跡象。在橫斷面分析方面,分為美、日兩方公司作探討:
1.對美方公司而言,以股價異常報酬為依變數的迴歸分析中,在本研究中所設之假說,如合資經驗、國際化程度、合資夥伴數以及貨幣強勢性皆有顯著相關,但是在日方公司方面,並無顯著相關。
2.在本研究中並操作化Sundaram, John and John’s (1996)所提出競爭性策略衡量(Competitive Strategic Measure)變數,實證研究發現不論美、日公司的異常報酬與CSM有關。

We examine the stock price reactions for Japanese and American companies that announce joint ventures across the Japan-United States border. We Study 218 joint ventures between U.S. and Japanese companies over the 1985-2002 periods. We document that stockholders of U.S. partners realize significant gains when the joint venture is announced. Furthermore, we also display Japanese partners’ the wealth of international joint venture and as well as realize significant gain when announcing IJV investment.
Beside, we employ Sundaram, John and John’s (1996) competitive strategic measure to operationalize the nature of a firm’s competitive interaction and examine the rivals’ response of IJV announcement-period. We find out that the variables represent the Operative experience on Location, Operative experience on Location and Number of IJV Partners and Currency Strength significant related with CAR for U.S.-base part, but for Japanese-base, it’s not quite persuasion for the Hypotheses.

Contents
1.Introduction……………………………………………………………………...1
2.Literature Review………………………………………………………………. 2
3. Hypotheses……………………………………………………………………....2
3.1. Abnormal Return ……………………………………………………………....2
3.2. Competitive Strategic Measure………………………………………………...3
3.3. Operation experience …………………………………………………………..4
3.4. Degree of Internationalization………………………………………………….5
3.5. Number of IJV Partners.………………………………………………………..5
3.6. Currency Strength ……………………………………………………………...6
4. Sample and Methodology………………………………………………………..7
4.1. Data Description………………………………………………………………..7
4.2. Event Study…………………………………………………………………….7
4.3. CSM formulation……………………………………………………………….9
4.4. Control Variables………………………………………………………………..9
4.5. Cross-sectional Analysis……………………………………………………….10
5. Empirical Results………………………………………………………………..11
5.1. Event Study results…………………………………………………………….11
5.2. Cross-sectional results…………………………………………………………14
6. Conclusion………………………………………………………………………15
Contribution & Research Restriction………………………………………………..16
Reference…………………………………………………………………………….17
Tables
Table I Sample Distribution……………………………………………………20
Table II Description of Variables………………………………………………..21
Table III Summary Statistics……………………………………………………..22
Table IV Correlation Matrix of Variables………………………………………...23
Table V Average abnormal return for U.S. and Japanese Partners……………...24
Table VI Cumulative abnormal return for U.S. and Japanese Partners…………..25
Table VII Rival’s Average abnormal return of IJV announcement-period………..26
Table VIII Rival’s Cumulative abnormal return of IJV announcement-period……27
Table IX Signal-variable Regression with CAR…………………………………28
Table X Cross-sectional analysis of U.S. Company…………………………….29
Table XI Cross-sectional analysis of Japanese Company………………………..30

Reference
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2. Brown, S. J., & Warner, J. B., “Using daily stock return”, Journal of Financial Economics, 1, 14, 1985.
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7. Chung, Koford, and Lee, “Stock Market-Views of Corporate Multinationalism: Some Evidence from Announcements of International Joint ventures”, Quarterly Review of Economics and Finance, 33, 275-293, summer 1993.
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11. Gupta, A. and L. Misra, “The Value of Experiential Learning By Organizations: Evidence from International Joint Ventures”, The Journal of Financial Research, Vol.ⅩⅩⅢ, No 1, 77-102, Spring 2000.
12. Hanvanich and Cavusgil, “Stock market reactions to international joint venture announcement: an event analysis”, International Business Review, 10, 139-154, 2001.
13. Howe and Shen, “Information Associated with Dividend Initiations: Firm-Specific or Industry-Wide?”, 27, 3, 17-26, Autumn 1998.
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16. Kogut, B., “A Study of the Life Cycle of Joint Ventures”, Management International Review, 9, 39-52, 1983.
17. Lang and Stulz, “Contagion and Competitive Intra-Industry Effects of Bankruptcy Announcement”, Journal of Financial Economics, 32, 45-60, 1992
18. Michael, Chen, and Haiyang, “An empirical analysis of factors explaining foreign joint venture performance in China”, Journal of Business Research, 35, 2, 165-173, 1996
19. Park and Russo, “When Competition Eclipses Cooperation: An Event History Analysis of Joint Venture Failure”, Management Science, 42, 6, 875-890, 1996
20. Sundaram et al, “An empirical analysis of strategic competition and firm values. The case of R&D competition”, Journal of Financial Economics, 40, 459-486, 1996.
21. Ueng, Kim, Lee, “The impact of firm’s ownership advantages and economic status of destination country on the wealth effects of international joint ventures”, International Review of Financial Analysis, 9:1, 67-76, 2000.
22. White, H., 1980, “A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity,” Econometrica 48, 817-838, 1980.
黃恆獎,「國際合資面面觀」,經濟情勢暨評論,8~19頁,民國八十五年八月。
黃炳彰,「國際合資宣告對股東財富影響之研究」,國立成功大學,碩士論文,民國八十九年。
陸冠瑋,「美國上市公司策略聯盟宣告對產業競爭對手影響之研究」,元智大學,碩士論文,民國八十九年。
連佑儀,「美國上市公司國際合資宣告對產業競爭者影響之研究」,元智大學,碩士論文,民國八十九年。
廖芷瑩,「國際合資宣告對分析師預測修正之影響」,元智大學,碩士論文,民國九十年。

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