臺灣博碩士論文加值系統

本研究之主要目的在探討公司治理對策略聯盟宣告效果的影響，並檢視公司治理變數是否能夠成為策略聯盟中聯盟夥伴信任程度的來源依據。實證期間為2005年1月至2008年12月以美國上市公司所進行的策略聯盟為研究樣本，透過多元迴歸計量方法進行實證研究，作為策略聯盟宣告公司累積異常報酬的預測參考。實證結果顯示：

1. 我們發現策略聯盟之宣告的確可以讓企業獲得正面的市場反應，與Chang, Chen, and Lai(2008)的研究結果一致。

2. 聯盟合作夥伴的公司治理與宣告公司之累積異常報酬具正相關，意即聯盟合作夥伴具備良好的公司治理確實有助於提高宣告公司的累積異常報酬。

3. 利用投資組合的概念，將策略聯盟合作雙方的累積異常報酬、公司治理變數及六個控制變數依雙方規模加權平均，實證結果指出，公司治理變數對於策略聯盟的宣告效果呈正相關，當合作雙方均具備良好的公司治理時，能顯著提升整體策略聯盟宣告的累積異常報酬。

4. 在高度依賴的策略聯盟類型下，聯盟夥伴公司治理變數與高度依賴的策略聯盟之交互作用對宣告公司累積異常報酬之交互作用項的係數並不顯著，顯示策略聯盟的依賴程度並不會影響公司治理與公司累積異常報酬之間的關係。

The purpose of this study is to investigate on the impact of corporate governance over the announcement effect of strategic alliance, and furthermore it also examines whether the corporate governance factors become the source of the degree of the trust among the strategic alliance partners or not. The sample data for this study consists of the strategic alliance announcements in America from January 2005 to December 2008. With a multiple linear regression model, this study provides empirical evidences which can be regard as a prediction reference of announcement of strategic alliance to cumulative abnormal return of announcement companies. The results of these empirical analyses are shown as follows:
(1) We find that the announcement effects of strategic alliances can bring the positive effect to the companies. In addition, the results of this study correspond with the study of Chang, Chen, and Lai(2008)
(2) The governance of strategic alliances is positive relative to the cumulative abnormal return of announcement companies. That is to say, the strategic alliance partners with good corporate governance can be a value-enhancing policy for raising the cumulative abnormal return of announcement companies indeed.
(3) Based on the concept of portfolio, the weighted average variables of cumulative abnormal return of announcement companies, corporate governance index and six control variables are used in this study. The empirical results indicate that the variable of corporate governance index is positive relative to the announcement effects of strategic alliances. As both alliance partners achieve effect of corporate governance, the cumulative abnormal return of whole of strategic alliance announcemnets can be raised signigicantly.
(4) Under high degree of dependency on strategic alliance, the interaction term between the variable of corporate governance of strategic alliance partners and high degree of dependency on strategic alliance is not significant. It means that the degree of depenedence on the strategic alliances has no influence on the relationship between corporate governance and cumulative abnormal return of announcement companies.