為了探討企業宣告策略聯盟後之長期績效表現，本研究採用在1989年到2000年期間美國企業進行國際策略聯盟的資料，主要研究對象為不涉及股權分配的非權益策略聯盟。而依循Hertzel, Lemmon, Linck and Rees（2002）的研究，使用買入及持有異常報酬法以及時間異常報酬法，以探討策略聯盟宣告後長期是否為企業創造價值。依據實證結果發現，使用買入及持有異常報酬法，樣本公司在宣告策略聯盟後之長期績效，比起同規模、同產業以及同淨值市價比之公司，有著明顯較好的表現。本研究也發現，在時間異常報酬法的實證結果方面，無論使用Fama and French（1993）的三因子模型（市場超額報酬、公司規模與公司的淨值市價比），或是使用Carhart（1997）的四因子模型（市場超額報酬、公司規模、公司的淨值市價比與公司動量），企業進行策略聯盟宣告之後，其長期績效皆出現正向顯著的異常報酬。此外，宣告科技型策略聯盟的企業，有著顯著優於行銷型策略聯盟企業的長期報酬表現。綜合以上所述，本研究之實證結果呼應了策略聯盟之正向宣告效果。

　This study follows Hertzel, Lemmon, Linck and Rees’ (2002) research to examine long-run performance of American companies announcing non-equity international strategic alliances from 1989 to 2000. After using the buy-and-hold abnormal returns approach, the result suggests that announcing firms do have significant and positive abnormal returns compared with matching firms from the same industry and of similar size and book-to-market ratio that do not announce strategic alliances before. Moreover, the participant firms of technological alliances seem to have significant and positive abnormal returns compared with those of marketing alliances. Besides, even after using the calendar-time abnormal returns approach, no matter what we adopt Fama and French’s (1993) three-factor model or Carhart’s (1997) four-factor model, the result not only persists but also provides stronger evidences.

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