臺灣博碩士論文加值系統

本研究之目的在探討當國內上市公司進行國際策略聯盟宣告時對股價所造成之影響。研究期間為民國86年1月1日至民國93年6月30日，研究對象為進行國際策略聯盟宣告之台灣上市公司，樣本共有128個，先以事件研究法進行股價反應之研究，再探討不同類型之差異。我們採用2002年Easley, O’Hara and Hvidkjaer 所提出來的資訊交易機率(PIN)模型，來觀察台灣股票市場是否會受資訊的影響而產生異常報酬。
根據研究的結果顯示：台灣上市公司進行國際策略聯盟會帶來顯著的影響。在國際策略聯盟之下，高PIN值的公司較低PIN值的公司有高的累積平均異常報酬(CAAR)；在聯盟的類型方面，科技聯盟的CAAR會優於非科技聯盟的CAAR。而多元迴歸的實證結果顯示在ROA、科技的聯盟和高科技產業，對CAAR(-1, 1)分別有顯著性的影響。

This study analyzed 128 international strategic alliance formed during the period from Jan, 1997 to June, 2004. We adopt Easley, O’Hara and Hvidkjaer (2002) probability of information-based trading (PIN) model to understand the influence of information on the stock market under international strategic alliance events.
Using event study methodology, the announcement of international strategic alliance events will positively affect the stock price of announcing firms. Under the international strategic alliance announcement, PIN value has positive effects on the cumulative average abnormal return (CAAR) of the companies in Taiwan listed firm. On the type of alliance, technological alliance of international firms gets greater abnormal returns than non-technologic alliance does in the stock market. Through cross-sectional analysis, ROA, technological alliance and high-tech industry alliance are significant on the CAAR (-1,1).

Abstract i
Table of Contents ii
List of Figure iv
List of Tables v
Chapter I Introduction
1.1 Research Background and Motivation 1
1.2 Problem Statement and Research Objectives 2
1.3 Research Procedure 4
1.4 Outline of This Research 5
Chapter II Literature Review
2.1 Strategic Alliance 6
2.1.1 Definition of Strategic Alliance 6
2.1.2 Motive of Strategic Alliance 7
2.1.3 Type of Strategic Alliance 9
2.2 Asymmetry Information and Probability of Information-based Trading 12
2.2.1 Asymmetric Information 12
2.2.2 Probability of Information-based Trading (PIN) 12
2.3 Determinants of Stock Price in Strategic Alliance 16
Chapter III Research Methodoloty
3.1 Research Hypothesis 18
3.2 Event Study Methodology 20
3.3 Variables and Definition 21
3.3.1 Definition of Event in This Study 21
3.3.2 Definition of Variables 23
3.4 Data Collection 29
3.4.1 Sources of Data 29
3.4.2 Samples 29
3.5 Research Model 29
Chapter IV Empirical Results
4.1 Analysis of Samples 31
4.2 Analysis of International Strategic Alliance Announcements 33
4.3 Split Sample Analysis 37
4.3.1 High-PIN Value versus Low-PIN Value 37
4.3.2 Technological Alliance versus Non-technological Alliance 39
4.3.3 High-tech versus Low-tech Industry Alliance 41
4.3.4 Horizontal versus Non-horizontal Alliance 43
4.4 Cross-sectional Analysis 45
Chapter V Conclusions and Recommendations for future research
5.1 Conclusions 48
5.2 Implication 49
5.3 Research Limitation 50
5.4 Suggestion for Future Research 51

References 52
Appendix 59

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