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研究生:葉貞儀
研究生(外文):Jhen- Yi Ye
論文名稱:台灣上市公司國際合資宣告對股東財富影響之研究
論文名稱(外文):A study on the Effects of International Joint Ventures of Taiwan Listing Companies
指導教授:戴錦周戴錦周引用關係
指導教授(外文):Jin-Jou Dai
學位類別:碩士
校院名稱:臺中技術學院
系所名稱:事業經營研究所
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:2010
畢業學年度:98
語文別:中文
論文頁數:79
中文關鍵詞:國際合資事件研究法異常報酬垂直國際合資水平國際合資
外文關鍵詞:International Joint VentureEvent StudyAbnormal ReturnHorizontal Joint VentureVertical Joint Venture
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隨著全球化時代的來臨, 各公司積極與外國夥伴結盟從事跨國經營, 透過國際間資源整合, 藉以保持其競爭優勢或提昇自身的全球競爭力。本文主要採用事件研究法 (Event study)探討進行國際合資宣告對公司股東財富的影響, 以1996 年至2009 年8 月間, 台灣地區之上市公司的國際合資事件,計有103 件,共95 家公司的資料,來探討國際合資的宣告效果。進一步瞭解是否有其他可能的影響變數, 包括景氣、股權結構、成長機會、投資經驗、垂直水平相關等。結果發現:(1)當公司宣告國際合資的投資決策時, 市場皆呈現顯著且正向的反應。(2)發現全球景氣可能會影響國際合資宣告效果, 台灣景氣則否。另外, 無論合資公司與母公司產業為垂直相關與水平相關皆不顯著。

In the globalization era, companies are actively engaged in al liances with foreign partners in order to maintain their compet it ive advantage or enhance their global competi tiveness . This paper used event study method to invest igate the effect of international joint venture announcements on shareholder weal th. A data set composed of 103 internat ional joint venture announcements of a total of 95 companies over 1996-2009 was used for the study. Besides, the paper comprehensively considered the possible variables affecting the relat ionship, such as the local and world market si tuations, the ownership structure, growth opportunit ies, investment experience, and the vertical and horizontal integrat ion styles. The empirical results are as follows: (1) the announcement of the international joint venture investment would yield a significantly posi tive effect on the market . (2) The world market situation might affect the announcement effect , but Taiwan market situation did not . Finally, both vert ical and horizontal integrat ions did not significant ly affect the announcement effect .

目錄
謝詞 .................................................................................................. I
中文摘要 .......................................................................................... II
英文摘要 ........................................................................................ III
目錄 ................................................................................................ IV
表目錄.............................................................................................. V
圖目錄............................................................................................. VI
第壹章、 緒論 ................................................................................... 1
第貳章、 文獻探討 ............................................................................ 6
第一節 合資與國際合資介紹 ...................................................... 6
第二節 國內合資對股東財富的影響 ......................................... 19
第三節 國際合資對股東財富的影響 ......................................... 20
第四節 影響宣告報酬的因素 .................................................... 21
第參章、 研究設計 .......................................................................... 31
第一節 研究假說 ...................................................................... 31
第二節 研究方法 ...................................................................... 33
第三節 資料來源 ...................................................................... 49
第肆章、 研究結果 .......................................................................... 51
第一節 國際合資的宣告效果 .................................................... 51
第二節 分類樣本分析 ............................................................... 58
第三節 國際合資宣告效果之影響因素 ...................................... 61
第伍章、 結論與建議 ...................................................................... 67
第一節 結論 ............................................................................. 67
第二節 後續研究與建議 ........................................................... 68
參考文獻 ......................................................................................... 69

表目錄
表3- 1 變數設計表 ............................................................................ 48
表4- 1 國際合資樣本之年度分佈 ...................................................... 52
表4- 2 國際合資樣本之產業分佈 ...................................................... 54
表4- 3 國際合資事件之平均異常報酬(AR) ................................... 55
表4- 4 國際合資宣告之平均累計異常報酬率 .................................... 57
表4- 5 分類樣本異常報酬差異之t 檢定 ........................................... 59
表4- 6 敘述統計分析......................................................................... 62
表4- 7 影響國際合資宣告效果之迴歸檢定 ........................................ 63

圖目錄
圖1- 1 研究流程圖 ............................................................................. 5
圖3- 1 時間參數架構圖 ..................................................................... 34
圖4- 1 國際合資伙伴分佈圖 .............................................................. 53
圖4- 2 國際合資事件平均異常報酬(AR) 趨勢 ................................ 56
圖4- 3 國際合資事件平均累計異常報酬( CAR) 趨勢 ...................... 56

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