論文摘要

為探究股價研究對於策略聯盟後營運風險降低及營運績效改善的預期，本研究依循Healy & Palepu (1990)等學者的概念，針對1989年至1998年間美國企業進行國際策略聯盟行為的資料，進行策略聯盟宣告前後營運風險以及績效改變情形的分析。實證結果發現，公司宣告策略聯盟後股東權益風險有顯著降低的情形，原因傾向於資產風險的降低而非負債比例的下降，證實策略聯盟確能為公司帶來風險的降低；同時，本研究亦發現策略聯盟宣告公司在宣告前後現金流量比率有顯著的增加，顯示公司在進行策略聯盟後營運績效有明顯的改善。此外，若進一步探討策略聯盟宣告公司的股價長期報酬，則我們發現宣告公司較同產業公司有顯著較高的長期持有報酬率，驗證了宣告公司營運風險的降低以及營運績效的改善。而此一實證結果亦與策略聯盟的正向宣告效果相互呼應。

Abstract

This study investigates the long-run performance of American firms entering international strategic alliances from 1989 to 1998. The evidences suggest that firms experience significant reduction of equity beta which seems to result from reduction of asset beta rather than financial leverage. We also find that cash flow increase significantly after entering strategic alliances indicating that firms improve operating performance. In addition, we examine the three-year holding period return of strategic alliance announcing firms and find significantly positive return which is better than industry comparison firms.

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