長久以來在財務文獻中有個迷思，即是初次公開上市的公司在發行股票時，平均而言，其長期績效表現不好。然而，沒有研究探討初次公開上市公司從外部環境取得資源對其長期績效表現之影響。這些公司藉由聯盟網路取得獨特的資源以形成競爭優勢，進而為公司帶來正的長期績效。為了要解決這個迷思，本計劃從策略理論為基礎以建構出企業聯盟網路對IPO公司長期績效的影響。首先，實證結果顯示，當初次公開上市的公司在發行股票前，若有企業聯盟網路的經驗時，其有較好的長期股價績效及長期營運績效。第二、當IPO公司在網路中佔有重要的位置時，其有較好的長期股價績效及長期營運績效。第三、當IPO公司的聯盟夥伴在網路中佔有重要的位置時，發行公司將有較好的長期股價績效及長期營運績效。第四、與IPO公司在聯盟網路中的位置相較下，他們的聯盟夥伴在網路中所處的位置較重要時，IPO公司有較好的長期股價績效及長期營運績效。另外，企業聯盟網路也扮演第三者認證機制的功能，以降低投資人評估IPO公司價值的不確定性。當初次公開上市的公司在發行股票前，若有企業聯盟網路的經驗時，有較高的承銷價格、付給承銷商較低的承銷費用、吸引較好商譽的承銷商來承銷股票、更多的機構投資人投資這些股票以及發行較多的承銷量。此計劃的研究結果建議聯盟網路是個有效地區分IPO發行廠商的品質。

It is well documented that IPO firms experience decline in long-run stock and operating performance. However, no prior research examines the association between firms accessing value-generating resources from environment and their post-IPO performance. IPO firms could have access to idiosyncratic resources via alliance networks to form the basis for competitive advantage, which lead to positive abnormal performance. The purpose of this paper is to investigate the relationship between alliance networks and firms’ post-IPO performance. First, I find that IPO firms with alliances experience better long-run stock and operating performance than those without alliances. Second, IPO firms occupying more important position in a network experience better long-run stock and operating performance compared to those with less important position in a network. Third, the evidence further demonstrates that the partners’ position in the network also has significant impacts on a firm’s post-IPO performance. Finally, while IPO firms’ partners occupy more important position in a network than IPO firms, they experience better post-IPO performance. Additionally, I find that IPO firms with alliances have higher offering price, lower underwriter expenses, more prestigious underwriter, greater institutional interest, and larger offer sizes. Our overall results suggest that alliance networks play an important role in a firm’s post-IPO performance.

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