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DC 欄位 | 值 | 語言 |
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dc.contributor.advisor | 吳學良(Hsueh-Liang Wu) | |
dc.contributor.author | Yi-Zu Su | en |
dc.contributor.author | 蘇奕儒 | zh_TW |
dc.date.accessioned | 2021-06-08T01:50:19Z | - |
dc.date.copyright | 2020-08-24 | |
dc.date.issued | 2020 | |
dc.date.submitted | 2020-08-17 | |
dc.identifier.citation | 劉佳宜、李振宇、吳學良(2019)。策略聯盟能傳遞價值訊號嗎?以生技製藥 初次上市公司為例。組織與管理,12(1),47-82。 朱文儀、黃延聰(2002)。國際策略聯盟中廠商間知識移轉與廠商能力發展。台 灣管理學刊,2(1),105-124。 林振興(2011)。網路討論、投資者情緒與IPO抑價。山西財經大學學報, 33(2),23-29。 Allen, F., Faulhaber, G. R. (1989). Signaling by Underpricing in the IPO Market. Journal of Financial Economics, 23, 303-324. Andrea, C., George, H. T., Michele, R., Paolo, T. (2020). Measuring the impact of organizational complexity, planning and control on strategic alliances’ performance. Measuring Business Excellence. Baron, D. (1982). A model of the demand of investment banking advising and distribution services for new issues. The Journal of Finance, 37(4), 955–76. Bengtsson, M. Johansson, M. (2012). Managing coopetition to create opportunities for small firms. SAGE journals, 32(4), 401-427. Changa, S. C., Chen, S. S., Lai, J. H. (2008). The effect of alliance experience and intellectual capital on the value creation of international strategic alliances, OMEGA, 36(2), 298-316. Chen, G., Firth, M., Kim, J. B. (2004). IPO underpricing in China’s new stock markets, Journal of Multinational Financial Management, 14(3), 283-302. Daily, C. M., Certo, S. T., Dalton, D. R., Roengpitya, R. (2003). IPO Underpricing: A Meta-Analysis and Research Synthesis. SAGE journals, 27(3), 271-295. Das, T. K., Teng, B. S. (2000). A Resource-Based Theory of Strategic Alliances. Journal of Management, 26(1), 31-61. Gils, A. V. Zwart, P. (2004). Knowledge Acquisition and Learning in Dutch and Belgian SMEs: The Role of Strategic Alliances. European Management Journal, 22(6), 685-692. Hagedorrn, J., Schakenraad, J. (1994). The Effect of Strategic Technology Alliances on Company Performance. Strategic Management Journal, 15(4), 291-309. Huyghebaert, N., Hulle, C. V. (2005). Structuring the IPO: Empirical evidence on the portions of primary and secondary shares. Journal of Corporate Finance, 12(2), 296-320. Kirmani, Rao (2000). No Pain, No Gain: A Critical Review of the Literature on Signaling Unobservable Product Quality. SAGE journals, 64(2), 66-79. Levinthal, March (1993). The Myopia of Learning. Strategic Management Journal, 14(S2), 95-112. Levis, M. (1990). The Winner's Curse Problem, Interest Costs and the Underpricing of Initial Public Offerings. The Economic Journal, 100(399), 76-89. Li, S. X., Rowley, T. J. (2002). Inertia and Evaluation Mechanisms in Interorganizational Partner Selection: Syndicate Formation among U.S. Investment Banks. Academy of Management Journal, 45(6), 1104-1119. Morrow, J. L., Sirmon, D. G., Hitt, M. A., Holcomb, T. R. (2007). Creating Value in The Face of Declining Performance: Firm Strategies And Organizational Recovery. Strategic Management Journal, 28(3), 271-283. Mowery, D. C., Oxley, J. E., Silverman, B. S. (1996). Strategic Alliances And Interfirm Knowledge Transfer. Strategic Management Journal, 7(2), 77-91. Niosi, J. (2002). Alliances are not enough explaining rapid growth in biotechnology firms. Research Policy, 32(5), 737-750. Neter, J., Wasserman, W., Kutner, M. H. (1990). Applied linear statistical models. Homewood, IL: Irwin. Zollo, M., Reuer, J. J., Singh, H. (2002). Interorganizational Routines and Performance in Strategic Alliances. Organization Science, 13(6), 601-740. | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/19243 | - |
dc.description.abstract | 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。 | zh_TW |
dc.description.abstract | 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. | en |
dc.description.provenance | Made available in DSpace on 2021-06-08T01:50:19Z (GMT). No. of bitstreams: 1 U0001-1708202015382300.pdf: 3148216 bytes, checksum: a5c359b5233cb744b5fe93c215b6ab11 (MD5) Previous issue date: 2020 | en |
dc.description.tableofcontents | 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 | |
dc.language.iso | zh-TW | |
dc.title | 策略聯盟與IPO抑價關係:全球高科技產業之實證研究 | zh_TW |
dc.title | Study on Strategic Alliance and IPO Underpricing: Evidence of global hi-tech industries | en |
dc.type | Thesis | |
dc.date.schoolyear | 108-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 李佳蓉(Chia-Jung Lee),葉峻賓(Chun-Ping Yeh),蕭義棋(Yi-Chi Hsiao) | |
dc.subject.keyword | IPO折價,策略聯盟,產業領域,異域結盟,Heckman二階模型, | zh_TW |
dc.subject.keyword | IPO underpricing,strategic alliance,industrial differences,inter-industry alliance,Heckman two-stage model, | en |
dc.relation.page | 22 | |
dc.identifier.doi | 10.6342/NTU202003774 | |
dc.rights.note | 未授權 | |
dc.date.accepted | 2020-08-18 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 國際企業學研究所 | zh_TW |
顯示於系所單位: | 國際企業學系 |
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