本研究旨在探討併購前不同型態的策略聯盟對主併公司併購後長期股價績效之影響。本研究以 2000 年至 2020 年間美國主併公司發動之併購案件為樣本，使用 SDC Platinum 併購資料庫與 SDC 策略聯盟與合資企業資料庫進行直接配對，以確認主併公司與目標公司於併購宣告日前是否曾建立策略聯盟關係，月報酬與財務控制變數取自 WRDS，並以 Stata 進行統計分析。
本研究將策略聯盟區分為四項特徵：探索性聯盟、水平聯盟、股權型聯盟與重複合作關係，並以三年期與五年期市場調整後 BHAR 及 Fama-French 五因子模型異常報酬衡量併購後長期績效。
實證結果顯示，多數策略聯盟類型變數在不同模型下未呈現穩定且顯著的影響。非水平聯盟在部分模型中呈現符合預期的方向；重複合作關係僅於五年期 FF5 相關模型中呈現局部顯著，但該組樣本數極少。整體而言，併購前策略聯盟可能提供資訊與學習基礎，但其效果未必會轉化為併購後長期股價超額報酬。

This study examines how different types of pre-M&A strategic alliances affect acquirers’ long-term stock performance. Using U.S. M&A deals from 2000 to 2020, this study directly matches the SDC Platinum M&A database with the SDC Strategic Alliances and Joint Ventures database to identify whether the acquirer and target had formed a strategic alliance before the M&A announcement. Monthly returns and financial control variables are obtained from WRDS, and Stata is used for statistical analysis.
Strategic alliances are classified into four dimensions: exploratory alliances, horizontal alliances, equity-based alliances, and repeated cooperation. Long-term post-M&A performance is measured by three-year and five-year market-adjusted BHAR and Fama-French five-factor abnormal returns.
The results show that most alliance-type variables do not have stable and significant effects across different models. Non-horizontal alliances show the expected direction in some models, while repeated cooperation shows partial significance in five-year FF5 models, but with very few observations. Overall, pre-M&A strategic alliances may provide information and learning benefits, but these benefits do not necessarily lead to long-term abnormal stock returns after M&A.

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