品牌聯名是現今企業為了追求品牌成功所選擇的策略。然而，品牌聯名的失敗率非常高，而且至今仍無法找到可靠的指標來代表及預測品牌間合作的前景。因此，根據過去文獻及研究，內部人持股決策可以成為一個極具關鍵性及可靠度的指標，讓我們得以觀察及推估一個即將到來的聯名品牌合作是否會成功創造價值。在這篇論文裡，我使用線性回歸 (普通最小二乘法) 來分析3. 6. 12 個月的內部人淨交易是否和品牌合作宣告後的內部人異常報酬為正向相關。接著，我納入夥伴層級變數，獨特性和夥伴經驗，以及主要企業層級變數，企業規模和資產報酬率，藉此觀察變數在聯名品牌資訊下，對於內部人淨交易和品牌合作宣告後的內部人異常報酬所造成的影響及程度。實證結果顯示，聯名宣告前3. 6. 12 個月的內部人淨交易數量和價值皆和聯名品牌後的異常報酬成正相關。除此之外，夥伴經驗、主要企業規模、主要企業資產報酬率，皆會為原本正相關的聯名宣告前3. 6. 12 個月的內部人淨交易及聯名品牌後的異常報酬，帶來正向的影響。

Cobranding is a strategy that corporates choose to be successful brands. However, the failure rate of cobranding is high, and hard to find a reliable indication to represent the perspective of the cobranding partnership. As a result, according to literature and researches, insider stockholding decisions can be one of the most critical and trustworthy indicators for us to observe and predict the success rate of an upcoming cobranding partnership. In this thesis, I use OLS to analyze if net insider trading is positively related to an insider’s future abnormal return after the cobranding announcement. Afterward, I include partnership-level and primary firm-level factors, exclusivity, and partner’s experience, primary firm size, and primary firm’s ROA to see how these partnership and firm-level factors impact the relationship between net insider stockholdings and announcement return of cobranding. Empirical result indicates that net insider trading volume and value 3, 6, 12 months before announcement are positively related to insider’s future abnormal return. Besides exclusivity, the partner’s experience, primary firm size, and primary firm’s ROA have a positive impact on the positive relationship between net insider trading and insider’s future abnormal return.

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