經理人管理能力為影響公司投資績效的重要因素之一，過去研究發現管理能力較高的經理人在併購宣告期間能獲得較高的股價異常報酬。然而過往研究並未探討經理人管理能力是否影響合資宣告異常報酬。本文研究企業進行合資時，經理人管理能力與合資宣告異常報酬的關係。本研究採用 1994 至 2016 美國上市公司資料，發現經理人管理能力與合資宣告異常報酬有正向關聯。此外，本文測試了環境不確定性以及市值對管理能力與合資宣告異常報酬的調節效果，發現環境不確定性對管理能力跟合資宣告異常報酬有正向調節效果，市值對管理能力跟合資宣告異常報酬有負向調節效果。

Managerial ability is one of the important issues that may affect investment performance. Previous literature indicates that managers with better managerial ability are more likely to have higher M&A announcement-period abnormal return. However, there is still no literature study about the relationship between managerial ability and joint venture announcement-period abnormal return. In this thesis, I examine the effect of managerial ability on joint venture announcement-period abnormal return. I find that joint ventures participating firms with higher managerial ability can generate higher announcement cumulative abnormal returns than firms with low managerial ability. Furthermore, I test the moderating effect of environmental uncertainty and firm size. I find that environmental uncertainty has a positive moderating effect of managerial ability on joint venture announcement-period abnormal return. Firm size has a negative moderating effect of managerial ability on joint venture announcement-period abnormal return.

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