台灣策略聯盟之實證研究-以資訊電子產業為例

Abstract

本研究採用事件研究法，探討公司股價在策略聯盟宣告前後的變動，並針對96件於1998年1月至2007年12月間台灣上市資訊電子產業公司策略聯盟宣告樣本作為研究對象。之後，進一步利用迴歸分析探討公司規模大小、文化距離、自由現金流量、Tobin’s Q、負債比率、研發費用率等變數，在企業宣告策略聯盟前後，是否影響公司股票累積異常報酬。 研究結果顯示： (1) 整體樣本而言，國內股票市場對企業宣告策略聯盟普遍抱持正面的反應，但策略聯盟消息仍存在提前洩漏的問題。 (2) 跨國策略聯盟的宣告效果高於國內策略聯盟假說只得到部分支持。宣告日當天，國內及跨國樣本之異常報酬皆為正向不顯著。事件窗口中，國內樣本均未達到顯著水準，而跨國樣本在五個事件窗口中呈現正向且顯著的累積異常報酬。兩樣本的差距檢定中，皆未達到顯著水準。 (3) 公司規模對策略聯盟宣告效果呈現反向關係，符合過去學者實證結果。 (4) 在整體樣本中，影響策略聯盟宣告效果的變數有公司規模及負債比率; 小規模樣本中，負債比率具有部分解釋能力; 而大規模樣本中，負債比率及研發費用率為影響策略聯盟宣告效果的變數。整體而言，負債比率呈現負向，不符合負債監督假說。

This study is using event-study methodology to examine the stock abnormal returns on the anncouncement of strategic alliances. The sample consists of 96 strategic alliance announcements made by Taiwanese IT electronics industry listed firms during January 1998 to December 2007. In addition, we examine the key factors- firm size, cultural distance, free cash flow, tobin’s Q, debt ratio and R&D expenditure of the wealth effect of Taiwanese strategic alliance announcement. The results find that Taiwan stock market responded the strategic alliance announcements mostly with positive abnormal returns, but the problem that announcements leak-out in advance still exist . Moreover, we only find partial support for the hypothesis that international strategic alliances will have relatively higher abnormal returns. Our results find strong support for the hypothesis that firms with smaller size have more favorable stock price reaction. This evidence is consistent with previous research. From the cross-sectional regression results, firm size and debt ratio are factors that have inverse relationship with the stock market response to announced strategic alliances. The result rejects the debt monitoring hypothesis.