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研究生:李莉綾
研究生(外文):Li, Li-ling
論文名稱:企業策略聯盟之宣告效果-聯盟型態與公司特性之影響
論文名稱(外文):The Announcement Effects of Strategic Alliances- Modes of Alliances and Firm Characteristics
指導教授:徐俊明徐俊明引用關係
指導教授(外文):Hsu, Jun-Ming
學位類別:碩士
校院名稱:國立中興大學
系所名稱:財務金融學系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2005
畢業學年度:93
語文別:中文
論文頁數:52
中文關鍵詞:策略聯盟累積異常報酬(CARs)財富移轉效果研發﹙R&D﹚貝他(Beta)
外文關鍵詞:Strategic alliancesCumulative abnormal returns (CARs)Wealth transfer effectR&DBeta.
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本研究主要目的係探討投資人對不同型態策略聯盟之反應。研究期間為1996年至2003年,策略聯盟的參與者由兩家美國公司組成,共計1,218筆事件。實證結果發現,規模相對較小的聯盟夥伴在宣告時的累積異常報酬率(Cumulative Abnormal Returns)顯著為正,規模相對較大的聯盟夥伴之CARs則為負,存在著財富移轉效果,尤其是技術聯盟的情況更明顯。另外,較小夥伴若為高的研發﹙R&D﹚導向、高科技產業時,會有更明顯的宣告效果;而大公司有高的研發導向,其CARs則為正。技術聯盟公司之Beta宣告後顯著下降,並非由於能見度或多角化提升所致,本研究認為是由於策略聯盟後所帶來的穩定現金流量導致。整體而言,投資人會依據公司特性對策略聯盟事件加以評價。
This study investigates investors’ responses to the announcements of strategic alliances in more detail. Using 1,218 alliance events consisting of two US companies from 1996 to 2003. The evidences suggest that cumulative abnormal returns (CARs) on the smaller partners in alliances are significantly positive and those on the larger partners are negative. There seems to exist a wealth transfer effect. We also find that smaller companies that are high R&D-intensive and in the high-tech industries tend to have a more pronounced effect around the announcement day of strategic alliances. The CARs of larger companies who own high R&D intensity are positive. Betas of companies jointing technical strategic alliances decrease, and these results are not due to the firm visibility. We conjecture that the effect comes from the investor’s expectations that the cash flow streams would be more stable following strategic alliances. These results reveal that investors employ the firm characteristics to judge strategic alliances.
目錄

中文摘要................................................................................................................... i
英文摘要................................................................................................................... ii
目錄........................................................................................................................... iii
表目錄....................................................................................................................... vi
圖目錄....................................................................................................................... vi

第一章 緒論.......................................................................................................... 1
第一節 研究背景與動機................................................................................ 1
第二節 研究目的............................................................................................ 2
第三節 研究架構............................................................................................ 2
第二章 文獻探討................................................................................................. 3
第一節 策略聯盟之動機................................................................................ 3
第二節 策略聯盟之利弊................................................................................ 4
第三節 策略聯盟宣告效果之文獻................................................................ 6
第三章 研究設計................................................................................................. 8
第一節 研究假說............................................................................................ 8
第二節 資料來源與樣本選擇....................................................................... 10
第三節 研究方法…………………………………………………………... 13
第四節 統計檢定........................................................................................... 17
第四章 實證結果................................................................................................ 19
第一節 敘述統計........................................................................................... 19
第二節 策略宣告異常報酬之分析............................................................... 23
第三節 策略聯盟型態與公司特性之宣告效果分析................................... 28
第四節 迴歸分析........................................................................................... 42
第五結 宣告前、後公司特性改變之研究................................................... 45
第五章 結論與建議............................................................................................ 48
第一節 研究結論............................................................................................ 48
第二節 研究建議............................................................................................ 49
參考文獻................................................................................................................. 50
表目錄

表3 樣本篩選過程……………………………………………………………. 12
表4-1 樣本敘述統計概要………………………………………………………. 20
表4-2 策略聯盟宣告期間之異常報酬…………………………………………. 24
表4-3-1 策略聯盟特性之宣告效果………………………………………………. 30
表4-3-2 公司特性之宣告效果……………………………………………………. 33
表4-4 迴歸分析…………………………………………………………………. 43
表4-5 宣告前、後公司特性改變之研究………………………………………. 46

圖目錄

圖3 時間參數關係圖………………………………………………….……… 13
圖4-2-1 1996-2003年CAR(-20,+20)累積分配圖………..……………………… 27
圖4-2-2 1996-1999年CAR(-20,+20)累積分配圖…………..…………………… 27
圖4-2-3 2000-2003年CAR(-20,+20)累積分配圖…………………..…………… 27
圖4-3-1 1996-2003年技術策略聯盟CAR(-20,+20)累積分配圖…………………. 41
圖4-3-2 1996-2003年行銷策略聯盟CAR(-20,+20)累積分配圖…………………. 41
圖4-3-3 1996-2003年製造策略聯盟CAR(-20,+20)累積分配圖…………………. 41
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