臺灣博碩士論文加值系統

本研究主要利用事件研究法來探討策略聯盟宣告對股東財富及企業價值的提升之影響。有別於以往研究者蒐集時可能產生的主觀認定，本研究利用國科會於96年發表之策略聯盟管理資料庫進行樣本蒐集，為國內類似研究首次採用資料庫數據者。涵蓋年份從1999~2007年，樣本數907筆也為同類型研究之最多。利用大量樣本數來探討檢驗策略聯盟類型、經驗、對象多寡與異常報酬產生之關聯，並經由標準化之過程判別顯著程度以增加可信度。本研究實證結果顯示：

1. 策略聯盟宣告的確能為企業及股東帶來價值提升，與 Anand & Khanna (2000)、Das, Sen & Senguptal (1998)等人之研究結果一致。

2. 技術聯盟的宣告所帶來的異常報酬率大於行銷聯盟，此結果推翻Park, Mezias & Song (2004) 認定行銷聯盟宣告效果大於技術聯盟，並支持Das, Sen & Sengupta (1998) 等人之研究。

3. 聯盟經驗與聯盟的異常報酬率成反比，這與認為聯盟經驗是對企業績效有所幫助的理論相左。在本研究實證結果發現，宣告次數越多之公司異常報酬率反而越低。

4. 單一聯盟宣告所帶來的異常報酬率高於聯盟集團，這也跟台灣企業的聯盟趨勢相符合，卻跟學者的建議相違背 (Benjamin, 1994)，推論當中仍有其他干擾因素存在。

This study uses event study to investigate whether announcement of strategic alliance will affect both corporations and shareholders’ value or not. In order to prevent the influence of dynamic in data collecting such as former studies, this study uses Strategic Management Data Base which is formed by National Science Council in 2007. This study includes 907 strategic alliance announcements which happened during 1999~2007. According to such great amount of samples in alliances form, alliance experiences and alliance member, this study could point out results more accurately. What’s more, this study use standardizing process to add reliability, then getting following results:

1.The announcement will indeed bring significant positive abnormal return to the corporation and shareholder, it’s also accord with the study results of Anand & Khanna (2000) and Das, Sen & Senguptal (1998).

2.Abrnormal returns of technological alliance are greater than marketing alliance, supporting that study announced by Das, Sen & Senguptal (1998) and others, overthrowing study that Park, Mezias & Song (2004) announced.

3.Prior alliance experience is a negative factor to abnormal returns, it’s different from expert’s suggestion that alliance experience helps to increase performance. In this study, more announcement of alliance could decrease corporation’s abnormal returns.

4.Alliance with one partner could cause more abnormal return than alliance constellation, coming up with Taiwan alliance tendency, but departure from expert’s suggestion (Benjamin, 1994).

目錄

第一章 緒論.................................1
　　第一節 研究背景與動機...................1
　　第二節 研究問題與目的...................4
　　第三節 研究架構.........................5
　　第四節 論文章節安排.....................6
第二章 文獻探討.............................7
　　第一節 策略聯盟相關定義.................7
　　第二節 策略聯盟的分類..................10
　　第三節 技術聯盟與行銷聯盟……..........13
　　第四節 策略聯盟與組織學習理論..........14
　　第五節 策略聯盟與聯盟集團…………………16
　　第六節 策略聯盟宣告效果相關文獻整理……18
第七節 研究假設........................28
第三章 研究設計........................... 30
　　第一節 資料來源與樣本選取..............30
　　第二節 研究方法........................31
第四章 實證結果............................41
　　第一節 策略聯盟宣告對企業價值影響效果分析.........41
　　第二節 技術與行銷聯盟宣告對企業價值影響效果分析...44
　　第三節 策略聯盟宣告次數對企業價值影響效果分析.....48
　　第四節 策略聯盟宣告對象多寡對企業價值影響效果分析.54
第五章 結論與結議..........................58
　　第一節 研究結論........................58
　　第二節 研究貢獻........................59
　　第三節 研究限制與後續研究建議..........60
參考文獻...................................61










表目錄

表1.1 1999~2007年台灣非股權相關策略聯盟類型彙整表....................2
表1.2 1999~2007年台灣非股權相關策略聯盟經驗次數分配彙整表....3
表1.3 1999~2007年台灣非股權相關策略聯盟對象彙整表.……….......3
表3.1 本研究策略聯盟樣本數整理表…………...................................30
表4.1 全體樣本平均異常報酬率檢定結果…………...........................41
表4.2 全體樣本平均累積異常報酬率檢定結果...................................42
表4.3 技術聯盟樣本平均異常報酬率檢定結果...................................43
表4.4 行銷聯盟樣本平均異常報酬率檢定結果...................................44
表4.5 技術聯盟樣本累積平均異常報酬率檢定結果...........................46
表4.6 行銷聯盟樣本累積平均異常報酬率檢定結果...........................46
表4.7 無聯盟經驗之宣告樣本平均異常報酬率檢定結果...................47
表4.8 聯盟經驗一次之宣告樣本平均異常報酬率檢定結果...............48
表4.9 聯盟經驗二~三次之宣告樣本平均異常報酬率檢定結果.........48
表4.10 聯盟經驗四次經驗以上之宣告樣本平均異常報酬率檢定結.49
表4.11 無聯盟經驗之宣告樣本累積平均異常報酬率檢定結果.........50
表4.12 聯盟經驗一次之宣告樣本累積平均異常報酬率檢定結果.....51
表4.13 聯盟經驗二~三次之宣告樣本累積平均異常報酬率檢定結果…...…………………………………………………………..51
表4.14 聯盟經驗四次以上之宣告樣本累積平均異常報酬率檢定結果.................................................................................................52
表4.15 單一聯盟宣告樣本平均異常報酬率檢定結果.........................53
表4.16 聯盟集團宣告樣本平均異常報酬率檢定結果.........................54
表4.17 單一聯盟宣告樣本累積平均異常報酬率檢定結果.................55
表4.18 聯盟集團宣告樣本累積平均異常報酬率檢定結果.................55
表5.1 研究結果整理表……………………………………...................58











圖目錄

圖1.1 研究架構圖.....................................................................................5
圖3.1 估計期與事件期示意圖...............................................................33
圖4.1 全體樣本之平均異常報酬率折線圖...........................................41
圖4.2 全體樣本累積平均異常報酬率折線圖.......................................42
圖4.3 技術聯盟樣本平均異常報酬率折線圖.......................................44
圖4.4 行銷聯盟樣本平均異常報酬率折線圖.......................................45
圖4.5 技術聯盟與行銷聯樣本平均異常報酬率比較折線圖...............45
圖4.6 技術聯盟與行銷聯盟樣本累積平均異常報酬率比較折線圖...47
圖4.7 聯盟經驗樣本平均異常報酬率比較折線圖...............................49
圖4.8 聯盟經驗樣本累積平均異常報酬率比較折線圖.......................52
圖4.9 聯盟對象樣本平均異常報酬率比較折線圖……………...........54
圖4.10 聯盟對象樣本累積平均異常報酬率比較折線圖.....................56

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