本研究探討策略聯盟宣告與交易量變化之關係，蒐集了2015至2020年間，共186件策略聯盟宣告之樣本，利用線性回歸模型分析交易量於策略聯盟宣告日前後之變動。研究結果發現，在策略聯盟宣告日前後會帶來顯著異常高交易量；另外，策略聯盟之類型及企業規模大小亦是影響策略聯盟宣告與交易量變化之重要因素。本研究之重要性在於「交易量」為市場重要的基本因子，分析其可幫助觀察市場上投資人對於策略聯盟宣告的意見及反應。

This study investigates the volume reaction to announcement of strategic alliances. The sample consists of 186 announcements, during the years 2015–2020. The results of the study show that, the announcement of strategic alliances in Taiwan produce significant positive abnormal volume before and after the announcement date. And also, it identifies the type of strategic alliances and firm size as important cross-sectional determinants of the volume reaction. This research is important because volume is a fundamental attribute of securities markets. Moreover, the analysis of trading volume and its determinants provides insights about how investors think and react towards the announcement of strategic alliances in the market.

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