美國公司從事水平與垂直國際合資對公司本身、競爭對手和上下游之影響

Abstract

隨著全球化時代來臨，產業環境競爭日益激烈，各公司透過與外國夥伴結盟從事跨國經營，藉以提昇自身的全球競爭力。本論文以美國公司從事國際合資(international joint venture)為主軸，探討此一策略性投資對宣告公司本身、競爭對手和上下游的影響。此外，並將國際合資的型態，區分成水平與垂直國際合資(horizontal and vertical international joint venture)，依此區分兩種不同類型合資的動機和對競爭者與上下游之影響。 本論文採用事件研究法(event study)探討國際合資事件對股市表現的影響。實證結果發現，宣告公司成立垂直合資供應自己原料所需，一方面可能因而取代原有供應商，同時也展現跨足上游產業的能力，使得上游產業產生負面影響；下游顧客則因為上游在面臨宣告公司強大議價能力下可能採取的低投資行為(underinvestment)，使其遭受不利影響。然就水平合資而言，上游供應商和下游顧客則沒有顯著正向或負向表現。 本論文不同於過去文獻之處，一則將國際合資加以區分成水平與垂直型態，了解其背後動機。再者將研究範疇延伸至競爭對手和上下游的影響，使得研究更為完整，也更能了解公司合資策略影響範圍的全貌。

The main objective of this paper is to test the value creation of horizontal and vertical international joint venture on US announcers, industry counterparts, suppliers, and corporate customers. I include American firms participating in international joint ventures during 1990-2003 in the sample. Then I distinguish horizontal and vertical international joint venture based on the relationship between US announcing companies and the venture established in America. An international joint venture is considered horizontal if US announcers share the same four-digit SIC codes with the venture. The definition of vertical international joint venture in my study is that US firms establish the venture in supplier industries that are identified by benchmark input-output accounts for the US economy. The empirical results indicate that the difference between horizontal and vertical international joint venture. Both suppliers and customers in vertical international joint venture samples experience negative price effects during announcement period. However, there is not significant impact of horizontal international joint ventures on suppliers and customers. Finally, I conduct cross-sectional analysis to examine the relation between abnormal returns and some independent variables, such as the IJV industry structure, the competition of supplier industries, customer concentration, etc. I find evidence suggesting that if the industry is concentrated, the players in the industry will experience more wealth gains than those in a more competitive industry.