在國際合資宣告效果之實證研究中，由於公司常基於為了籌集更多資金、技術與資本的結合、原料取得、融資的便利性、防止新進入者介入市場以及提升競爭力等策略性利益與目的，來進行合資活動以提高公司收益與競爭地位，且同時許多研究也指出國際合資之策略性意圖宣告的確會對個別公司價值及股東財富產生影響。然而，真正的影響效果還尚須考慮競爭者對於公司在進行國際合資宣告時的反應。雖然已有許多過去文獻探討國際合資宣告對公司股東財富之影響效果，以及探討策略性互動之角色對宣告效果之影響，然而卻尚未有一篇文章針對策略性互動對國際合資宣告之公司與競爭對手之股東財富的影響。故本研究將針對此議題進行研究分析，來探討策略性互動對宣告公司宣告效果及競爭對手之股東財富之影響情形。

為了探討上述之問題，本研究將採用Sundaram et al.(1996)的競爭策略衡量(competitive strategy measure)，來定義公司策略性互動的本質。並採用事件研究法來分析產業間競爭性互動對國際合資宣告的影響效果為何，以提供公司再進行國際合資之宣告時，考慮產業競爭對手間互動行為可能產生的影響效果，促使國際合資活動能替公司帶來更大的利益。而本研究所得之重要結論如下：

（1）研究美國公司從事國際合資的資料發現，公司進行國際合資可以為公司創造價值，表示此國際合資宣告活動對企業而言，是一項價值創造的活動。
（2）為了進一步驗證『策略性競爭影響公司價值』的假設，了解市場上廠商間策略性互動是否的確可以影響公司從事價值創造活動之效果，研究結果發現當公司處於策略性替代的競爭型態下，其從事國際合資宣告活動，將產生正向且顯著的異常報酬，即投資人對於此類公司從事的國際合資案件有較好的反應。
（3）由於公司是基於提升競爭力與未來發展等策略性考量下，而從事國際合資來達到其策略性目的。故當公司進行國際合資宣告活動時，會造成產業內競爭對手在營運上的威脅，但是本研究結果無法支持此項論。此外，亦發現與宣告公司同處於策略性替代的競爭對手，會遭受負向且顯著的異常報酬，而且處於策略性替代的競爭對手會較處於策略性互補競爭型態的競爭對手遭受較大的損失。

Based on raising funds, combining the new technologies and valuable resources and enhancing competitive advantages, companies often make international joint ventures with others to attain the above strategic goals. Meanwhile, some literatures indicate that international joint venture announcements will influence the firms’ value and shareholders’ wealth. However, when we consider the actual announcement effect of international joint venture, we need to take the strategic interaction between firms into account to explain its strategic role on the announcement of international joint venture.

Although many previous researches have discussed the announcement effect of international joint ventures and strategic interaction separately, no one analyzes how the strategic interaction between firms influence the announcement effect of international joint ventures. So this study will focus on this issue to find how this kind of strategic role play a role on the announcement effect of international joint ventures and shareholders’ wealth.

This study employs the competitive strategic measurement from Sundaram et al. in 1996 to define the nature of the strategic interaction between firms. Besides, we also use the event study to test the announcement effects of international joint ventures and the effect of strategic interaction on them.

Therefore, the major findings of this study are as follows: (1) the firms making announcement of international joint venture will create the positive wealth gains for shareholders, (2) the announcing firms competing in the competitive situation of strategic substitute will receive the significant positive abnormal returns, (3) the announcers making the international joint ventures will not influence the competitors’ firm values significantly. Besides, when the competitors compete in the strategic substitute, they will experience significant negative abnormal return and receive more losses than those competing in the strategic complement.

中文部分

1、王泰允，國際合資實用-企業國際化指南，遠流出版公司，民國八十一年。
2、王秀菊，台灣企業國際合資宣告對股東財富影響之研究，輔仁大學管理學研究所碩士論文，民國八十三年。
3、沈天祥，合資夥伴的選擇-台灣行動電話競標廠商之實證研究，中山大學企業管理研究所碩士論文，民國八十六年。
4、黃炳彰，國際合資宣告對股東財富影響之研究，成功大學國際企業研究所碩士論文，民國八十九年。
5、蕭喬生，美國國內合資宣告對同業競爭者股價的影響，元智大學工業工程與管理研究所碩士論文，民國九十年。

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