本文探討聯名品牌的長期績效表現，藉由買進持有異常報酬模式來衡量股票的異常報酬，本研究目的為檢驗長期之下(12個月、24個月、36個月)，聯名依然可以為公司帶來正向影響的假設是否成立，以及創新與品牌價值與股票異常報酬的關係。研究結果顯示，聯名長期下帶來負向的股票異常報酬，同時，具創新性的夥伴在24個月後穩定的呈現正向顯著的影響。除此之外，聯名企業的品牌價值對於長期報酬也有影響，第一、初級企業的品牌價值若高於合作方二級企業的品牌價值，則初級企業的聯名長期績效較好；第二、合作雙方若皆屬高品牌價值企業或皆屬低品牌價值，則長期異常報酬皆不顯著。簡而言之，聯名與長期績效無正向關係、創新性與品牌扮演重要腳色。

In this paper, I investigate an under-researched issue by examining the long-run stock return following cobranding announcements. I estimate abnormal returns with buy-and-hold abnormal return approach. The long-run stock return (i.e 12 months, 24 months, and 36 months), measured by BHARs approach, is significantly negative following cobranding announcements. Also, an exclusive partnership will lead to a better long run abnormal return. Besides, I take brand value into consideration. In my findings, primary firms receive better valuation effects in the long run when partnering with other firms with brand value lower than that of the primary firm. Meanwhile, no matter both higher brand value firms or both lower brand value firms, the result shows insignificant. To sum up, co-branding has something to do with exclusivity and brand value and is not a long-term strategy to enhance firms’ financial performance.

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