臺灣博碩士論文加值系統

這項研究試圖增加有關金融和非金融合作夥伴之間的戰略聯盟和合資企業以及它如何影響股東財富的文獻。為了與以前的文獻區別開來，我們利用全球化事件來確定全球化對合資企業和戰略聯盟的影響，特別是在國際市場上。為此，我們發現投資者對合資企業表現出強烈的偏好，因為合資企業可以為他們創造價值。我們還發現，開展合資企業和戰略聯盟的傳統金融為其股東創造了增值。我們發現，格里森（Gleason）等人（2006）的趨勢仍然成立，而且偏好仍然成立。重要的是要注意，這種現象的發展階段以及這種價值創造或損失的決定因素可能需要更多時間來確定。事件窗口也存在一些問題，因為某些事件是在非交易日建立的。

This study attempts to add to the body of literature on strategic alliances and joint ventures between financial and non-financial partners and how it affects the wealth of shareholders. To distinguish it from previous literature we make use of the event of globalization, to determine the effect it has if any on joint ventures and strategic alliances especially in the international market. To that effect, we find investors show a strong preference toward joint ventures, as it creates value for them. We also find that traditional finance that conduct joint ventures and strategic alliances create added value for their shareholders. We find that the trend in Gleason et al (2006) still holds and that preference still holds. It is important to note that this development stage of this phenomenon and as such the determinants of this value creation or loss may need more time to be established. There also were some problems with the event windows as some events were established on non-trading days.

Title Page . i
Letter of Approval ii
Abstract in Chinese .iii
Abstract in English .iv
Acknowledgements v
Table of Contents . vi
List of Tables vii
1. Introduction 1
2. Literature Review 5
2.1 Fintech 5
2.2 Strategic alliances and joint ventures 7
2.3 Financial and non-financial mergers and alliances 7
2.4 Trends in fintech 10
2.5 Closely related literature 11
2.6 Contribution to the literature 13
3. Hypotheses 13
3.1 Hypothesis 1 14
3.2 Hypothesis 2 14
4. Research Method 14
4.1 Sample selection 14
4.2 Classification of business type 16
4.3 Event Study 21
4.4 Variables definition 23
4.5 Econometric Approach 29
5. Results 31
5.1 The determinants of positive value creation on abnormal returns 31
5.2 The deal determinants and which are significant after control 38
6. Conclusion 42
References 43

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