本研究欲將策略聯盟下的合資經營透過賽局模型的建立來說明當企業採取策略聯盟的經營策略之時，雖因透過策略聯盟而產生了綜效，但由於獲利會被對方所分享，所以想偷懶，而採取投機行為進而產生道德風險，而此道德風險的產生將使企業獲利較差，為了降低道德風險的產生，本文嘗試以股權分配與交叉持股兩種方式來改善聯盟間的道德風險問題，提高雙方的努力程度，進而使得採取合資經營後雙方的利潤得以提升。

本研究的第一個研究目的為，建立模型以表達廠商透過合資經營而獲利，並表達出由於合資經營的free rider問題，所產生的道德風險之下，使廠商利潤與努力水準並未達到最適，並可了解，透過最適股權分配可部份改善廠商的道德風險。

本研究的第二個研究目的為，透過原模型的設定下，找出解決廠商道德風險的方式，本研究以廠商間交叉持股來解決其道德風險問題，由於彼此公司交叉持股，故雙方努力水準因而提升並且獲利亦更隨增加。

This study is about build a game model to explain when firms using joint venture which is a part of strategy alliance. Despite of using joint venture to gain synergy, but that the profit which created by each firm would share by each other, because of this profit sharing effect that every firm in the alliance would want to be a free rider and this free rider problem would lower the profit when there exist no such free rider problem. So this study tries to solve free rider problem by using profit distribute and cross ownership in order to rise each firms effort and profit.

The first purpose of this study is build a game model which represent firms using joint venture to gain synergy and profit, also shows that the free rider problem would appear in the model and we can find that the effort and profit are both lower than the efficiency criterion. By profit share we can find the optimal profit for the new joint venture company, but still can’t solve free rider problem perfectly.

The second purpose of this study is follow by the original model build anteriorly. In order to solve free rider problem we put cross ownership into the model and we can tell that free rider problem could be solved by the means of cross ownership and both firm effort and profit rise close to the efficiency criterion.

第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究架構與流程 3
第貳章 文獻探討 4
第一節 賽局理論 4
第二節 古諾競爭(Cournot Competition) 5
第三節 子賽局完美均衡(Subgame perfect equilibrium) 6
第四節 策略聯盟之定義 7
第五節 策略聯盟之區分 9
第六節 策略聯盟之風險 11
第七節 搭便車(Free Rider)問題 13
第參章 理論模型 14
第一節 模型設定： 14
第二節 未交叉持股下均衡模型推導 16
第三節 未交叉持股下模型圖型分析 25
第四節 交叉持股下均衡模型推導 27
第五節 交叉持股下模型圖型分析 33
第肆章 結論與建議 35
參考文獻 37

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