摘要
過去有許多文獻已經證實策略聯盟平均而言會為合作公司創造價值。但是並沒有任何一篇的研究將主題進一步延伸，討策略聯盟對其上游供應商以及下游顧客產業的財富效果。因此，本研究將探討當水平策略聯盟宣告時，對其上下游產業的財富效果會帶來何種影響。
首先，我們檢測水平策略聯盟所帶來的兩種力量：生產綜效以及市場力量，何者會對策略聯盟的上下游產業造成較大的影響。另外，我們將探討不同目的的策略聯盟是否會對聯盟的上下游產業造成不同的影響。
本研究自SDC資料庫中，篩選了1553家曾經於1989年至1999年宣告策略聯盟的合作公司，並依據Shahrur (2005)的方法，利用美國經濟分析局所編制的「Use table」來區別出聯盟公司的上下游。最後從實證結果中，我們發現生產綜效以及市場力量可能會同時存在，且上下游產業會因為策略聯盟產業的集中度和上下游產業與聯盟的依存關係，而受到不同力量的影響。最後，我們還發現科技技術性目的的策略聯盟比非科技性目的的聯盟更容易為其上下游產業帶來正面的財富效果。

Abstract
Strategic alliances on average do create value to partner firms have been proven in many previous studies. However, no previous studies have further extended the topics to discuss about the wealth effects that strategic alliances would bring on their suppliers and customers. Therefore, in this research, we are going to examine the wealth effects of horizontal alliance partner firms’ corporate customers and suppliers.
At first, we investigate two powers that horizontal alliance would bring— productive synergy and market power, which one may dominate and affect the customers and suppliers. In addition, we discuss whether the diverse types of alliance purposes would have different effects on their suppliers and customers.
We have collected 1553 horizontal partner firms during 1989 to 1999 from SDC database. Then, we follow Shahrur’s (2005) method and employ “Use table” from the Bureau of Economic Analysis at the U.S. Department of Commerce to help us identify partner firms’ suppliers and customers.
Our results suggest that productive synergy and market power may work simultaneously. Under the high degree of concentration of partner firms’ industries, the relation of interdependence of customers (suppliers) and partner firms would affect the results. Moreover, our findings suggest that the customers or suppliers of technological alliances experience more positive wealth effects than those of non-technological alliances.

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