為了探討企業進行策略聯盟後長期績效之表現，本研究依循Clarke, Dunbar and Kahle（2001）與Hertzel, Lemmon, Linck and Rees等學者所提出的方法，而使用1989年至2000年進行國際策略聯盟之美國企業的資料，探討策略聯盟宣告後長期是否為公司創造價值。實證結果發現，企業宣告策略聯盟後之長期績效顯著地比沒有宣告策略聯盟的公司好，亦即樣本公司在宣告策略聯盟後，其長期績效比起同規模、同產業、以及同淨值市價比之公司有明顯較好之表現；而本研究同時發現使用Fama與French（1993）的時間異常報酬法也出現一致性的結論，即控制影響報酬之三項變數（市場報酬、淨值市價比與規模）之後，發現企業進行策略聯盟的宣告之後，其長期績效出現正向且顯著的異常報酬。此外，進一步探討影響策略聯盟長期績效之因素時，發現僅有成長機會對於策略聯盟長期績效之結果有顯著的影響；而公司規模、獲利能力、策略聯盟之型態、策略聯盟之經驗均對於策略聯盟長期之績效無顯著的解釋能力。本研究之實證結果呼應了策略聯盟之正向宣告效果。

This study examines long-run performance of American companies announcing international strategic alliances from 1989 to 2000. We find that announcing firms can have significantly and positively abnormal return comparison with matched firms from the same industry and of similar size and book-to-market ratio that did not announce strategic alliances. The result persists even after using calendar-time abnormal return that is proposed by Fama and French (1993). In addition, we also find that, in cross-sectional regression, the result is only correlated with Tobin’s Q but we do not find the significant correlation with firm’s size, firm’s probability, type of strategic alliances and the experience.

<中文部分>
1. 賴宜鴻（民90），『企業策略聯盟長期績效之研究』，國立成功大學國際企業研究所碩士 論文。

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