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研究生:林哲毅
研究生(外文):Che-Yi Lin
論文名稱:合資形成與終止關係之探討
論文名稱(外文):The Relationship between the Joint Venture Formation and Termination
指導教授:張紹基張紹基引用關係
指導教授(外文):Shao-Chi Chang
學位類別:碩士
校院名稱:國立成功大學
系所名稱:國際企業研究所碩博士班
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:2006
畢業學年度:94
語文別:英文
論文頁數:42
中文關鍵詞:合資合資形成合資終止
外文關鍵詞:joint venture terminationjoint venture formationjoint venture
相關次數:
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  • 下載下載:52
  • 收藏至我的研究室書目清單書目收藏:1
摘要

隨著合資在公司及國際策略上愈來愈重要,管理合資案的起始過程也變的受到重視。目前為止,雖然有相關論文已經探討合資案在形成時,股價如何反應的各項原因,但是卻只有少數文獻探討有關合資案的終止以及兩者之間的關係。

本論文將討論合資案形成以及終止之間的關係。本研究將使用事件研究法,並探討三個研究問題:(1)是否合資案開始時的股價反應和結束時的股價反應有關聯、(2)如果合資案達成預期目的時,相對於未達到預期目的母公司,是否股票市場在合資案結束宣告時會給予比較正面的評價、(3)當合資案結束時,在不同的目的達成情形下(達成目的或沒有達成目的),是否不同的結束方式會有相異的股價表現。

本研究顯示,在股票市場上,合資案形成與終止之間有顯著的負相關,表示合資案形成時的股價表現將影響其終止時的股價。除此之外,有證據顯示,若母公司在合資案終止時可以達成原先合資的目的,將可提升合資案終止時的股東價值。最後,不同的結束方式無法影響合資案終止時的股價表現,各種結束方式將會有相似的結果。
Abstract

As joint ventures have become more central to parent firms’corporate and international strategies, managing joint venture dynamics has also increased in importance. At present, many
papers have already discussed the reasons of how the stock market reacts for joint venture formations, but, in fact, a few of papers discuss the joint venture terminations and the relationship between them.

This paper will discuss the relationship between the joint venture formations and terminations. We use the event study and focus on three questions: (1) in the stock market, whether or not there is a relationship between joint venture formations and terminations, (2) when the joint ventures are terminated and achieve their original purposes, whether or not these parent firms can experience greater increases in market value than those parent firms that don’t achieve their original purposes, (3) when the joint ventures are terminated, whether or not the different terminative types (acquisition or divestiture) will have the different stock reactions in different degrees of the purpose completion (completion or incompletion).

Our result shows that the joint venture formations have a significantly negative relationship with the joint venture terminations in the stock price reaction. That is, the joint venture formations could influence the terminations in the stock market. Furthermore, we find that the shareholders experience wealth gain at the joint venture terminations if the parent firms can complete
their original purposes which they want to achieve at the joint venture formations. Finally, the types of the joint venture terminations do not influence the shareholder value at the joint venture termination. The different types of joint ventures have the
similar consequences at the terminations.
Contents
1. Introduction...............................1
2. Literature Review & Hypotheses.............5
3. Methodology...............................13
3.1 Sample....................................13
3.2 Variables.................................14
3.3 Model specification.......................19
4. Result....................................20
4.1 Overall Sample............................20
4.2 Analysis of Dependent Variable............25
4.3 Analysis of Independent Variable..........26
4.4 Cross-Sectional Regression Analysis.......30
5. Conclusion and Suggestion.................34
5.1 Conclusion................................34
5.2 Suggestion................................36
Reference.................................37

List of Table
Table 4.1 Descriptive Statistics for JVs’Termination Announcement...........20
Table 4.2 Situation of Cooperation............21
Table 4.3 SIC code of parent firms............21
Table 4.4 Descriptive Statistics and Correlation Matrix...................22
Table 4.5 CARs for JV Termination Announcements...............................25
Table 4.6 CARs for JV Formation Announcements...............................26
Table 4.7 Comparison of JV Terminations’CARs for Completion................27
Table 4.8 Comparison of JV Terminations' CARs for Incompletion_Acquisition..28
Table 4.9 Comparison of JV Terminations' CARs for Completion_Acquisition....29
Table 4.10 Cross-sectional regression analyses...........................31
Table 4.11 Mean Abnormal Returns from JV Termination........................33
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