過去研究策略聯盟宣告案之宣告效果的實證研究中，對於策略聯盟對宣告公司價值創造效果，出現不一致的結果。此外過去的文獻多只提及公司策略聯盟的宣告是否會帶給宣告公司正面的宣告效果，很少著重於探討宣告效果是否會受到產業間競爭互動（competitive interaction）情勢的影響。因此本研究利用Sundaram, John, and John（1996）所建構的競爭策略指標（CSM, competitive strategy measure），將公司之間的競爭互動形式加以分類為：策略性替代（strategic substitutes）及策略性互補（strategic complements）兩種。本研究欲探討在不同的競爭情勢下，國際策略聯盟的宣告是否會產生不同的宣告效果。
本研究以1989年至2000年間，美國上市公司宣告之國際策略聯盟案件為研究樣本，研究結果發現，當宣告公司宣告形成國際策略聯盟時，將會對宣告公司產生正向且顯著的價值創造效果；相反的，對於宣告公司之競爭對手而言，則是會產生負向而且顯著的價值創造效果。接下來，本研究利用Sundaram et al.（1996）建立的競爭策略指標（CSM, competitive strategy measure），將宣告公司及其競爭對手競爭環境分類為策略性替代及策略性互補兩種不同競爭情況。本研究發現，當宣告公司處於策略性替代競爭之情況下，其宣告期間之異常報酬將會比在策略性互補競爭情況下的宣告公司來的高，但是兩者平均數差異並不顯著。但是，另一方面，就競爭對手而言，當國際策略聯盟宣告案發生在策略性替代之情況下，宣告公司之競爭對手股價反應會比宣告案發生在策略性互補情況下的競爭對手來的差勁，而且兩者平均數差異顯著。

We examine the role of strategic interaction in analyzing the valuation effect of international strategic alliance announcements. We employ Sundaram, John, and John’s (1996) competitive strategic measure (CSM) to operationalize a firm’s competitive interaction. We use a sample of international strategic alliance announcements during 1989 to 2000. We find announcing firms’ stock price response is positively related to the announcement；on the contrary, industry rivals’ stock price response is negatively related to the announcement. We also find that industry rivals competing in strategic substitutes experience a more negative announcement effect than those rivals competing in strategic complements.

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