歷年來，對於合資，學者的研究重點在於短期宣告效果，國內合資絕大多數得到正向且顯著異常報酬，國際合資卻得到較不一致的結果，有部份學者獲得了不顯著甚至是負向顯著的異常報酬。這表示投資人對於國際合資的長期績效表現，較不具信心，我們有興趣是，國際合資所帶來的長期影響，是哪一部份受到質疑?

因此，我們以美國從1989至1998年間從事國際合資的公司做實證，觀察其長期績效及風險影響，發現合資後，宣告公司和同業相比，現金流量會顯者增加，且至少持續三年，而合資後三年持有期間報酬也顯著高於同產業，因此，由這二個結果，我們認為進行國際合資會改善長期營運績效。至於在風險，我們首先觀察權益風險(Equity Betas)，宣告公司雖然有下降的趨勢，但和同業相比後，並不顯著，因此，研判同業的權益風險應該也有下降的趨勢。一般而言，權益風險降低的原因，有可能是公司營運風險降低也有是可能負債比率的下降，因此為了求證宣告公司風險降低的真正原因，我們進一步觀察了公司的資產風險(Asset Betas)及負債比率(Leverage),結果發現，在合資後，宣告公司的資產風險並沒有顯著差異，而負債比率卻有顯著下降的情況，因此，判定公司權益風險的降低是來自負債比率的改變，而非營運風險降低。

由實證結果得知，公司合資後，長期績效會顯著改善，但營運風險卻沒有顯著改變。因此，我們認為國際合資短期宣告之所以會有部份學者無法獲得顯著正向異常報酬或甚至有負的顯著結果，原因是投資人質疑長期合資對風險的影響，至於風險無法如預期降低，可能是導因於國際合資較高的協調成本及在移轉知識、技術時可能會侵蝕本身的競爭優勢的影響。因此，公司在進行國際合資時，除了長期營運績效外，也應該考量風險是否真的能降低。

From previous studies of joint venture, we find an interesting phenomenon. In short-term market reaction, investors had less confidence in international joint venture than domestic joint venture. It seemed investors don’t believe the benefit of improved performance and decreased risk that come from joint venture. Therefore, we want to identify which part of the benefits was doubted and lead to the market reaction.

Our samples are constituted of American international joint ventures from 1989 to 1998. We observe the change of long-term performance and risk. The evaluation of long-term performance includes changes in cash flow and stock return. As to risk, we take the changes in equity betas, leverage and asset betas as the measurements. The empirical results show that long-term cash flow will increase within three years after joint venture. Three years stock return will be higher than that of the industry. However, we have no significant results in change of risk.

Our results can exactly explain the short-term market reaction. The reason why investors had less confidence is that they don’t believe risk will decrease after joint venture. Compared to domestic joint venture, international joint venture need higher coordination costs. Partners coming from different countries with different cultures may need a lot of time and cost to communicate with each other. Therefore, the benefit of joint venture will be eroded. As a result, we suggest that companies should take it into consideration when they are forming a joint venture because the risk may not decrease as expected.

1. Aiken, M. and J. Hage, 1968, “Organizational Interdependence and Intraorganizational Structure”, American Sociological Review, 33,912-930
2. Alchian, A., and S. Woodward., 1987, “Reflections on the Theory of the Firm”, Journal of Institutional and Theoretical Economics, 143, 110-136
3. Bartov, E., 1991, ”Open-market Stock Repurchases as Signals for Earnings and Risk changes”, Journal of Accounting and Economics 14, 275-294
4. Bresser, R., 1988, “Matching collective and competitive strategies”, Strategic Management Journal, 9, 375-385
5. Chen, S.S., K.W., Ho, C.F., Lee and G.H.H. Yeo, 2000, “Investment Opportunities, Free Cash Flow and Market Reaction to International Joint Ventures”, Journal of Banking & Finance, 24, 1747-1765
6. Chen, H., M.Y. Hu, and J.C.P. Shieh, 1991, “The Wealth Effect of International Joint Ventures:The Case of U.S. Investment in China”, Financial Management, 20, 31-41
7. Crutchley, C.E., E. Guo and R.S. Hansen, 1991, “Stockholder Benefits from Japanese-U.S. Joint Ventures”, Financial Management, 20, 22-30
8. Finnerty, J.E., J.E. Owers, and R.C. Rogers, 1986, “The Valuation Impact of Joint Ventures”, Management International Review, 26, 14-26
9. Franko, L., 1971, Joint Venture Survival in Multinational Corporations, New York:Praeger
10. Gatignon, H. and E. Anderson, 1988, “The Multinational Corporation Degree of Control over Subsidiaries: An Empirical Test of a Transaction Cost Explanation”, Journal of Law, economics and Organization, 4,305-336
11. Geringer, J.M., and L. Hebert, 1988, Joint venture partner selection: Strategies for developed countries. West port, Conn: Quorum Books
12. Geringer, J.M., and L. Louis, 1989, “Measuring Performance of International Joint Ventures”, Journal of International Business Studies, 2, 249-263
13. Gomes-Casseres, B., 1989, “Ownership Structures of Foreign Subsidiaries: Theory and Evidence”, Journal of Economic Behavior and Organization, 11, 1-25
14. Gomes-Casseres, B., 1990, “Firm Ownership Structures of Foreign Subsidaries: Theory and Evidence, Journal of Economic Behavior and Organization, 11, 1-25
15. Gupta, A., C.B. McGowan, Jr., L. Misra and A. Missirian, 1991, “Gains from Corporate Multinationalism: Evidence from the China Experience”, The Financial Review, 26, 387-407
16. Gupta, A. and L. Misra, 1999, “Ownership Structure, Governance, and Value in Bilateral Contracts: Evidence from International Joint Venture Agreements”, Working Paper
17. Gupta, A. and L. Misra, 2000, “The Value of Experiential Learning by Organizations: Evidence from International Joint Ventures”, The Journal of Financial Research, 33, 77-102
18. Hamada, R.S., 1972, “The effect of the firm’s capital structure on the systematic risk of common stocks, Journal of Finance, 27, 13-31
19. Healy, P.M., and K.G. Palepu, 1990, “Earnings and Risk Changes Surrounding Primary Stock Offers”, Journal of Accounting Research 28, 25-48
20. Hennart, J.F., 1988, A Theory of Multinational Enterprise, Univ. of Michigan Press, Ann Arbor, Mi
21. Hennart, J.F., 1988, “A Transaction Costs Theory of Joint Ventures”, Strategic Management Journal, 9, 361-374
22. Hennart, J.F., 1991, “The Transaction Costs Theory of Joint Ventures: An Empirical Study of Japanese Subsidiaries in the United States”, Management Science, 37, 483-497
23. Hertzel, M. and P.C., Jain, 1991, “Earnings and risk changes around stock repurchase tender offers”, Journal of Accounting and Economics, 14, 253-274
24. Hladik, K., 1985, International Joint Venture, D.C. Heath, Lexington, MA
25. Johnson, S.A., and M.B. Houston, 1999, ”A Reexamination of the Motives and Gains in Joint Ventures”, Journal of Financial and Quantitative Analysis, 2, 519-536
26. Killing, J.P., 1983, ”Strategies for Joint Venture Success”, New York: Praeger
27. Koh, J. and N. Venkatraman, 1991, “Joint Venture Formations and Stock Market Reactions: An Assessment in the Information Technology Sector”, Academy of Management Journal, 34, 869-892
28. Kogut, B., 1988, “Joint Ventures: Theoretical and Empirical Perspectives”, Strategic Management Journal 9, 319-332
29. Lee, I. And S.B. Wyatt, 1990, “The Effects of International Joint Ventures on Shareholder Wealth”, Financial Review, 25, 641-649
30. McConnell, J.J., and T.J. Nantell, 1985, “Corporate Combinations and Common Stock Returns: The Case of Joint Ventures”, Journal of Finance, 519-536
31. Mclaughlin, R., A. Safieddine, and G.K. Vasudevan, 1998, “The Long-run Performance of Convertible Debt Issuers”, Journal of Financial Research 4, 373-388
32. Moxon, R. W. and J.M. Geringer, 1985, “Multinational Ventures in the Commercial Aircraft industry”, Columbia Journal of World Business, 20, 55-62
33. Myers, S. and N. Majluf., “Corporate Financing Decisions When Firms Have Information that Investors Do Not Have”, Journal of Financial Economics, 13, 187-221
34. Nelson, R., and S. Winter, 1982, An Evolutionary Theory of Economic Change, Harvard University Press, Cambridge, MA
35. Perfect, S. and D. Peterson, 1997, “Day-of-the week effects in the long-run performance of initial public offerings”, Financial Review, 32, 49-70
36. Pfeffer, J. and P. Nowak, 1976, ”Joint Ventures and Interorganizational Interdependence”, Administrative Science Quarterly, 21, 398-418
37. Porter, M.E., and M.B. Fuller, 1986, “Coalitions and Global Strategy”, in M.E. porter(ed.), Competition in Global Industries, Harvard Business School Press.
38. Reuer, J.J., 2000, “Parent Firm Performance across International Joint Venture Life-cycle Stages”, Journal of International Business Studies, 31, 1-19
39. Ritter, J., 1991, “The long-run performance of initial public offerings, Journal of Finance, 46, 3-27
40. Stopford, J. and L. Wells, 1972, Managing the Multinational Enterprise, Basic Books, New York
41. Vicker, J., 1985, “Pre-emptive Patenting, Joint ventures, and the Persistence of Oligopoly”, International Journal of Industrial Organization3, 261-273
42. Vernon, R., 1983, “Organizational and institutional responses to international risk”, In R. Herring, editor, Managing International Risk, New York: Cambridge University Press
43. Williamson, O., 1983, “Credible Commitments: Using Hostages to Support Exchange”, American Economic Review, 73, 519-540
44. Williamson, O.E., 1975, Markets and Hierarchies: Analysis and Antitrust Implications, New York: Free Press
45. Williamson, O.E., 1985, The Economic Institutions of Capitalism, New York: Free Press
46. Woolridge, J.R. and C.C. Snow, 1990, “Stock Market Reaction to Strategic Investment Decision”, Strategic Management Journal, 11, 353-363