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研究生:吳世賢
研究生(外文):Shih-xian Wu
論文名稱:研發聯盟能否為公司創造價值
論文名稱(外文):Do R&D Alliances Create Value for Corporation?
指導教授:張紹基張紹基引用關係
指導教授(外文):Shao-Chi Chang
學位類別:碩士
校院名稱:國立成功大學
系所名稱:國際企業研究所碩博士班
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:2008
畢業學年度:96
語文別:英文
論文頁數:32
中文關鍵詞:國家位置研發能力相似度研發聯盟
外文關鍵詞:SimilarityGeographic originR&D alliances
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在過去的文獻中已證明了策略聯盟能為聯盟伙伴創造價值。然而較少的文獻探討研發聯盟績效與研發能力相似程度及地理差異之間的關係,因此在這篇研究中我將去探討此關係。我的研究樣本從西元1996年到2005年,共包含了142件研發聯盟。我採用了異常報酬來衡量研發聯盟的績效並且利用美國專利的技術分類來衡量。在實證分析中我採用Pooling與Equal-weighted兩種不同的模式來檢定我的假設。實證結果證明了研發聯盟績效與研發能力相似度之間存在著一條曲線關係,在另一方面結果也證實了聯盟伙伴的國家位置不同並不會對宣告日當天的市場反應造成影響。
Previous studies have shown that strategic alliances create value to partner firms. However, lesser studies discuss about the relationship between R&D alliances performance and R&D similarity and geographic difference. In this study, I am going to examine this relationship.
I investigate 142 R&D alliances during the period 1996 to 2005. I measure performance of corporation by abnormal returns, and calculate R&D similarity by united state patent classification. In empirical analysis, I adopted pooling method and equal-weighted method to test my hypothesis. The empirical results show that there exist an inverted-U relationship between R&D similarity and market reaction to R&D alliance announcement. The empirical results also show that partner’s country origin does not matter in the market reactions to R&D alliance announcements.
Content

Chapter 1 Introduction................................................1
Chapter 2 Hypothesis development......................................3
2.1 R&D domain similarity.............................................3
2.2 Geographic origin.................................................5
Chapter 3 Data sources and Methodology................................7
3.1 Sample............................................................7
3.2 Methodology......................................................10
3.2.1 Dependent variable.............................................10
3.2.2 Independent variable...........................................11
3.2.3 Control variable...............................................14
3.2.4 Regression model...............................................16
Chapter 4 Empirical analysis.........................................19
4.1 Abnormal returns of alliance firms...............................19
4.2 Descriptive statistics of variable...............................21
4.3 T-test on geographic origin......................................23
4.4 Regression analysis..............................................24
Chapter 5 Discussion.................................................27
Reference............................................................30



Content of Table

Table 1 Distribution of R&D alliances across Time and Industry.......8
Table 2 Definition and description of regression-model variables....16
Table 3 Abnormal returns of alliance partner firms..................20
Table 4 Descriptive statistics......................................21
Table 5 Correlation of variable.....................................22
Table 6 T-test on geographic origin.................................23
Table 7 Ordinary least squares regression of abnormal returns.......24
Reference

Archibugi D, Pianta M. 1992. Specialization and size of technological activities in industrial countries: the analysis of patent data. Research Policy 21: 79–93.

Capron L, Mitchell W. 1998. Bilateral resource redeployment and capabilities improvement following horizontal acquisitions. Industrial and Corporate Change 7(3): 453–484.

Chan SH, Kensinger J, Keown A , 1997, Martin J, Do strategic alliances create value?, Journal of Financial Economics Vol.46 199-221

Das S, Sen P, Sengupta S, 1998, Impact of strategic alliances on firm valuation, The Academy of Management Journal, Vol.41, No.1 27-41

Freeman C. 1995. The ‘National System of Innovation’in historical perspective. Cambridge Journal of Economics 19: 5–24.

Fowler KL, Schmidt DR. 1989. Determinants of tender offer post-acquisition financial performance. Strategic Management Journal 10(4): 339–350.

Gomes-Casseresa B, Hagedoornb J, Jaffe A, 2006, Do alliances promote knowledge flows?, Journal of Financial Economics Vol.80 5–33

Gulati R. 1995. Social structure and alliance formation patterns: a longitudinal analysis. Administrative Science Quarterly 40: 619–652.

Gulati R. 1999. Network location and learning: the influence of network resources and firm capabilities on alliance formation. Strategic Management Journal 20(5): 397–420.

Gulati R, Gargiulo M. 1999. Where do interorganizational networks come from? American Journal of Sociology 104(5): 1439–1493.

Harrigan KR. 1986. Managing for Joint Venture Success.Lexington Books: Lexington, MA.

Higginsa M, Rodriguez D, 2006. The outsourcing of R&D through acquisitions in the pharmaceutical industry, Journal of Financial Economics Vol.80 351–383

Leemakdej A. , 1998. Measuring abnormal return of infrequently traded stock in event study case study of takeover targets in stock exchange of Thailand

Patel P, Pavitt K. 1999. Global corporations and national systems of innovation: who dominates whom? In Innovation Policy in a Global Economy, Archibugi D, Howells J, Michie J (eds). Cambridge University Press: Cambridge, U.K.; 94–119.

Phene A, Fladmoe-lindquist K , Marsh L, 2006. Breakthrough innovations in the u.s.biotechnology industry: the effects of technological space and geographic origin, Strategic Management Journal, Vol.27: 369–388

Ramaswamy K. 1997. The performance impact of strategic similarity in horizontal mergers: evidence from the U.S. banking industry. Academy of Management Journal 40(3): 697–715.

Sampson R, 2004.The scope and governance of international R&D alliances. Strategic Management Journal 25: 723–749.

Sampson R, 2005. Experience effects and collaborative returns in R&D alliances, Strategic Management Journal, Vol. 26: 1009–1031

Sampson R, 2007. R&D alliances and firm performance:The impact of technological diversity and alliance organization on innovation, The Academy of Management Journal, Vol. 50, No. 2, 364–386

Seth A, Song K, Pettit R. 2000. Synergy, managerialism or hubris? An empirical examination of motives for foreign acquisitions of U.S. firms. Journal of International Business Studies 31(3):387–405.

Tsai C, 2006. Horizontal strategic alliance: Analysis of wealth effects on suppliers and corporate customers. Institute of International Business, National Cheng Kung University

Wang L, Zajac E, 2007. Alliance or acquisition? A dyadic perspective on interfirm resource combinations. Strategic Management Journal 28:1291–1317

Yamin M, Otto J, 2004. Patterns of knowledge flows and MNE innovative performance, Journal of International Management Vol.10 (2004) 239– 258
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