本研究在探討策略聯盟與現金增資發行成本之間的關聯性，預期有進行策略聯盟之企業可產生降低資訊不對稱之訊號效果，進而降低該公司之現金增資成本，本研究檢驗1985-2014年之現金增資公司，實證結果發現有策略聯盟之公司有較低之總利差與較高之宣告異常報酬，符合預期。本研究進一步探討，策略聯盟降低發行成本的效果是否在資訊不對稱程度越高的公司會越明顯，但僅找到部分之證據。

This study examines the relationship between strategic alliances and the cost of raising equity capital. The primary issue is whether the experience of strategic alliances that three years before SEO will mitigate the flotation cost of seasoned equity offerings. We expect that the experience of strategic alliance can reduce the degree of information asymmetry, thereby mitigate the flotation cost of SEO. The costs of raising equity capital include two measurements, which are gross spread and announcement return, respectively. Our empirical results show that firms with allied experiences have lower gross spread, and less negative announcement return. That is, firms with the experience of strategic alliances enjoy a lower cost of raising equity capital. Besides, we also found this effect more obvious to firms with higher degree of information asymmetry.

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