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題名：臺灣上市公司策略聯盟宣告對股東財富之衝擊
書刊名：管理學報
作者：張琬喻 引用關係／劉志旋／洪世章 引用關係
作者(外文)：Jang, Woan-yuh／Liu, Chih-hsuan／Hung, Shih-chang
出版日期：2003
卷期：20:4
頁次：頁617-653
主題關鍵詞：策略聯盟；事件研究法；股價；異常報酬；Strategic alliance；Event study mothodology；Stock price；Abnormal return
原始連結：連回原系統網址new window
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  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:87
  • 點閱點閱:25
策略聯盟乃是獲致企業成長、獲利增加的一項可行策略。本研究收集國內民國85年1月1日至民國89年12月31日期間曾正式宣告策略聯盟的上市公司，其樣本共140筆，採用事件研究法來檢定在策略聯盟宣告期間股價是否有異常報酬。實證結果發現就整體台灣上市公司而言，策略聯盟的訊息在宣告當日對股東財富有顯著正向的影響。惟若細究之，除了資本額小的公司比資本額大的公司在宣告當日之異常報酬率來得高之外，其他原因並無顯著影響性。另外策略聯盟消息尚未正式宣告時已有消息走漏的情形。
Strategic alliance is critical to firm growth and performance. In this paper, we use the event study methodology to examine investor reactions to firm announcements of strategic alliances. A sample of 140 strategic alliance announcements during 1996 and 2000 in Taiwan was obtained. Our findings show that announcements of strategic alliances had a positive effect on firm valuation. More specifically, such effect was only significant for small firms. The results also show evidence of information leakage before the alliance announcements.
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