策略聯盟及企業併購之資訊價值研究 －從產業競爭觀點分析

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Title:	策略聯盟及企業併購之資訊價值研究－從產業競爭觀點分析
Authors:	林冠伸
Contributors:	國際企業管理學系
Keywords:	策略聯盟 strategic alliance 企業併購 merger and acquisition 事件研究法 event study 異常報酬 abnormal return
Date:	2012
Issue Date:	2012-11-01 09:59:31 (UTC+8)
Abstract:	隨著科技日益進步，競爭越趨激烈，為早日進入市場，搶得先機，獲取高額利潤，企業經常透過合作來達到外部成長、增加競爭優勢等目的，策略聯盟及企業併購則是企業最常見之企業行為，本研究透過Porter 之五力分析來將各樣本作分類，以產業競爭觀點之角度為出發點，並用事件研究法來分析當企業宣布合作時，對其股價有無異常報酬之影響。研究結果發現，策略聯盟樣本之股價，在消息宣布後隔天即有正的顯著異常報酬，但隨後即轉為負向報酬，股價反應消息迅速；而企業併購之樣本之股價在事件日前後均未發現顯著之異常報酬，顯示資訊可能產生外溢。此外透過橫斷面複迴歸分析也發現在策略聯盟部分，長期負債佔資產比率皆為顯著正向影響；而企業併購部分除長期負債佔資產比率外，代表成長機會的Tobin’s q 值同樣也呈現顯著正向影響。 Technological advances and increased competition recently, firms usually through co-operation strategic to enter the market quickly, got the high profits, and to achive external growth, increasing the competitive advantage. Now strategic alliances and mergers and acquisitions behavior was the strategic what we always seen. In this research, we used the five forces analysis (Porter, 1980) to separate and classify each samples, try to use the view of industry competition, and use the event study methodology to analyze whether the abnormal return happened when the enterprise announced the news of co-operation relation. First the results show the significant abnormal return when firms announced co-operation in the samples of strategic alliance, shares reflected the news quickly, but we didn't see the same result in the samples of mergers and acquisitions, it's means information spillover. Second, through the cross-sectional regression analysis, we found the long-term liabilities to total assets ratio was significant in part of the strategic alliance, and long-term liabilities to total assets ratio, and the Tobin's q are significant in part of mergers and acquisitions.
Appears in Collections:	[Department of Business Administration & Graduate Institute of International Business Administration ] Thesis

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