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

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