臺灣博碩士論文加值系統

本研究旨在探討美國資通訊(ICT)產業中外部投資者如何看待公司競合聯 盟的價值和其可能引發的資訊模糊，以及公司如何在科技產品生命週期短、技 術動盪的 ICT 產業裡，向投資市場證明自身創新能力及未來價值。本研究蒐集 1993 年至 2016 年美國資訊通訊科技(ICT)產業上市公司相關資料為樣本，研 究結果顯示，競合聯盟與投資市場對公司的市場價值評估呈正相關，然而當競 合聯盟程度比例高過一定的程度後，原先預期因管理競合關係的複雜度大幅提 高，造成投資人對公司市場價值之疑慮的影響效果並不顯著，而資訊模糊程度 顯著地降低投資市場對公司市場價值之評價，資訊模糊也顯著地負向中介了公 司競合關係比例與其市場價值間的正向關係;此外，研究結果發現公司核心技 術一致性雖無法顯著調節競合聯盟與資訊模糊之關係，但可減緩資訊模糊與市 場價值的負向影響，並正向調節競合聯盟比例與公司市場價值的關係。

This study investigates how (1) external investors evaluate the value of firms’ coopetition strategy and (2) the influence of information ambiguity associated with the coopetition strategy. Also, this study examines how firms convince external investors their innovation abilities and future value while engaging in coopetitive alliances. The research sample includes the public firms in ICT industry in the United States from 1993 to 2016. The results show that a firm’s coopetition strategy can increase its market value. Even if the coopetitive alliance ratio is higher than a certain level, the additional managerial costs and complexity do not significantly raise external investors’ concerns about the firm’s market value. However, information ambiguity significantly reduces external investor’s evaluation of a firm’s market value, which negatively mediates the positive relationship between the coopetition and market value of firms. In addition, the results found that although the coherence of a firm’s core technology cannot effectively moderate the relationship between the coopetition and information ambiguity, it can (1) positively mitigate the negative impact of information ambiguity on the firm's market value, and (2) positively moderate the relationship between coopetition and the firm's market value.

摘要 i
Abstract ii
圖目錄 v
表目錄 vi
第一章、緒論 1
1.1 研究背景及動機 1
1.2 研究目的 3
1.3 假說研究模型關係圖表 4
第二章、文獻回顧 5
一、合作夥伴間的競合關係與市場價值 5
1.1 創新與策略聯盟 5
1.2 合作夥伴間的競合與市場價值 5
二、資訊模糊與其中介效果 7
2.1 資訊模糊(Information ambiguity) 7
2.2 合作夥伴間的競合與資訊模糊 9
2.3 資訊模糊與公司市場價值 11
2.4 資訊模糊的中介效果 13
三、技術一致性的調節效果 13
3.1 技術一致性(Technological Coherence) 13
3.2 技術一致性與創新績效 15
第三章、 研究方法 17
一、樣本及資料來源 17
二、變數衡量 17
2.1 應變數:公司的市場價值 17
2.2 自變數:競合聯盟(coopetition) 18
2.3 中介變數:資訊模糊 19
2.4 調節變數:核心技術一致性 19
2.5 控制變數 20
三、 模型研究方法 22
3.1 迴歸模型 22
3.2 中介變數 22
第四章、 實證結果 24
4.1 描述性統計 24
4.2 相關性統計 25
4.3 迴歸分析 26
第五章、 結論與建議 35
5.1 研究討論與結果 35
5.2 研究限制與未來建議 40
參考文獻 42

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