臺灣博碩士論文加值系統

本論文探討策略聯盟對於企業，以及投資人之影響。目的在了解公司在IPO前的策略聯盟數是否為一有效的訊號或是指標，對投資人反映公司未來的價值、績效、融資能力，進而在公司IPO的時候，對公司IPO折價現象產生影響。
本研究以2010~2020年間於美國證券市場上市的公司為樣本，並針對在IPO前有實行策略聯盟的公司進行研究，欲觀察策略聯盟產業領域與企業自身產業領域，乃至於盟友產業領域三者之關係。 接著透過Heckman Two-Stage 模型，我們控制住一些選擇偏誤與內生性的問題，達到控制模型穩定度的目的。
從直覺上來看，我們可能會認為企業在策略聯盟時，越是專注於自身產業相關的項目，越能發揮優勢，並創造更多價值，增加投資人信心，反映在IPO折價上。本研究的結論支持上述說法，進行越多同產業領域的策略聯盟項目，則IPO折價幅度越大。然而在本研究的結果中也同樣發現，企業若是從未進行過同產業領域的策略結盟，也會產生一個對IPO折價的正向效果。其原因推估有二，一為投資人看好異域結盟，認為可以增加企業本身的多角化能力，二為進行異域結盟有太多不確定因素，讓整個市場更難推估企業價值，因此造成折價偏差。
而除了IPO當日的折價之外，為了衡量企業在未來是否能同樣彰顯IPO前策略聯盟的價值，我們也針對3年後ROA與流動股數變動率做研究，ROA用來衡量企業的收益能力，ROA越高代表公司越能替投資人帶來效益。流動股數變動率則是反映企業的籌措資金需求與能力，越高則代表公司透過股權融資的能力越強。結果顯示，上述這兩項指數中，與相同產業盟友一起進行策略聯盟的企業，聯盟得越是多次，則能帶來更多正向效果。綜上，本研究以產業層面，來補足策略聯盟對於IPO折價之影響。

This thesis focuses on finding out the impact between strategic alliances and companies and investors. We aim to understand whether the amount of pre-IPO strategic alliances is a powerful signal can reflect companies’ ability, including value, performance, and financing. In a sample of 73 IPOs in the US during 2010 ~ 2020, we divided the data into three major industries, biotechnology, computer, and semi -conductor. Then we use Heckman two–stage model to control the sample selection bias to make sure the accuracy of results.

The study shows that when a company has more strategic alliances in the same industry with the company, it shall enjoy a higher IPO underpricing. And when it comes to “performance” and “financing”, we find that when a company has more strategic alliance participants in the same industry, it shall enjoy higher post-IPO performance and financing ability.

謝詞 i
中文摘要 ii
Abstract iii
目錄 iv
圖目錄 vi
表目錄 vi
第壹章 緒論 1
1.1研究動機與目的 1
1.2產業與聯盟之關係 2
第貳章 文獻回顧 4
2.1訊號理論 4
2.2策略聯盟是否能成為一個有效的訊號？ 4
2.3產業與假設 5
H1：策略聯盟與IPO折價 5
H2：策略聯盟與長期營運績效 6
H3：策略聯盟與股權融資 7
第參章 樣本與實證架構設計 8
3.1樣本選取 8
3.2實證模型設計 9
3.3變數衡量 10
依變數 10
解釋變數 11
控制變數 12
第肆章 實證結果 13
4.1 IPO前策略聯盟數 13
4.2策略聯盟項目產業與IPO企業之關係 13
4.3策略聯盟盟友產業與IPO企業之關係 14
第伍章 結論 18
第陸章 研究限制與未來建議 20
參考文獻 21

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