本研究檢視董事會人脈網絡與策略聯盟宣告報酬的關係，樣本為6,872家有進行策略聯盟的美國上市公司，研究期間為1996年至2012年。我們利用市場模型計算策略聯盟宣告日前後共計三日（－1,＋1）之累積異常報酬作為應變數，並以四種指標衡量董事會的人脈網絡作為主要解釋變數。結果顯示董事會人脈網絡與策略聯盟宣告報酬呈現顯著正向關係，我們進一步將樣本分別區分成大/小公司、同產業/非同產業策略聯盟、所有參與公司/非所有參與公司都為美國本土公司，結果顯示董事會人脈網絡對於市場反應的效果，在小公司、非同產業策略聯盟、所有參與公司都為美國本土公司效果較為顯著。我們的研究結果支持董事會人脈網絡可以提升資訊傳遞的效率並減緩資訊不對稱的問題。

This paper examines the association between board network and the announcement returns of strategic alliance. Board network is a double-edged sword in that it would reduce information asymmetry on the one hand but erode corporate governance on the other hand. Our sample consists of 6,872 firm-year observations that announce strategic alliance during 1996 to 2012. Using market model to measure the three-day abnormal returns centered on the announcement date and measuring board network by four different proxies, we find that board network significantly increases the market reactions to the announcement of strategic alliance. Further analyses suggest that the positive relation between board network and the announcement returns of strategic alliance is stronger for small firms, intra-industry strategic alliance, and domestic-participant strategic alliance. Overall, our results suggest that board network increases the communication efficiency among participants and reduce the problem of information asymmetry.

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