本實證之主要目的在探討集團成員宣告策略聯盟對整體網絡多元關係的影響，並找出影響其成員公司宣告效果的因素及其連動性。實證期間為1997年1月至2002年5月以台灣地區股票上市集團企業宣告非股權策略聯盟為研究樣本，以敍述性統計探討集團企業策略聯盟的宣告效果及整體網絡的多元交易關係，透過多元迴歸計量方法進行實證研究，作為策略聯盟的宣告對成員公司異常報酬的預測參考。
實證結果顯示：
1.我們發現策略聯盟的關係的確為宣告公司及其成員公司創造正向的財富效果，與Chan et al. (1997)之研究結果一致。
2.本研究另一項結果為成員公司與聯盟夥伴屬於相同產業，產生網絡互斥效果，則在聯盟的宣告中之異常報酬將會明顯小於屬於不同產業者。因此，成員公司與聯盟夥伴屬於不同產業，可分享彼此豐富的資源，能穩定策略聯盟關係，進而為策略聯盟之合作創造綜效，產生多元交易關係的正效果，與司徒達賢 (2001)之著述一致。
3.股權結構關係及宣告公司異常報酬的大小等集團因素，亦會使成員公司產生正向的異常報酬，表示集團股權關係愈緊密愈能透過網絡組織對成員公司造成影響。
4.在科技策略聯盟及非科技(行銷)策略聯盟上，之前的文獻認為科技策略聯盟會對宣告公司股東帶來正向的財富效果，但本研究發現其對成員公司無顯著的影響，表示成員公司只是網絡成員之一，策略聯盟的宣告不會對其產生直接的助益。
5.文獻中，宣告公司規模的大小對異常報酬的產生有顯著的影響，然而，本研究發現成員公司本身的規模因素對異常報酬的創造則無影響，表示成員公司只是透過網絡組織間接受到策略聯盟的影響，故本身的因素影響不大，反而是與宣告公司及聯盟夥伴的多元關係才是促成異常報酬的重要因素。

The main purpose of this empirical evidence is to discusses the influences of strategic alliance announced by group members on multiple relationship of whole network, and find out the factors and connection that affect the announced effects of member companies. The period of empirical evidence is from January 1997 to May 2002, taking the strategic alliance for non-stock ownership announced by the stock on sale group enterprise in Taiwan as study samples to discuss the announced effects for strategic alliance of group enterprise and multiple trade relationship of whole network by narrative statistics, carrying out empirical evidence research by the multiple regression calculating method to regard as a prediction reference of announcement of strategic alliance to cumulative abnormal return (CAR) of member companies.
The results of empirical evidence show that:

1. We can find out that strategic alliance have more positive financial effect on
announcement companies and member companies which is same with the result of Chan et al. (1997).

2. Another result of this study is that member companies and alliance partners
belong to the same industry, which produce the effects of mutual discrimination from network, then the cumulative abnormal return (CAR) announced by alliance will obviously less than that of at the different industries. Therefore, when member companies and alliance partners belong to different industries, they can share the abundant resources of each other, stabilize the relationship of strategic alliance, and furthermore to create synthetic effects for cooperation of strategic alliance, produce the positive effect of multiple trade relationship which is correspondent with the writings of SIH TU, DA-SIAN (2001).

3. The factors of business group including equity structure relations and Cumulative Abnormal Return (CAR) of announcement companies can also produce the positive cumulative abnormal return of member companies. It showed that the closer the equity relations of business group, the more the emphases will be put on the member companies through the networked organization.

4. In terms of technology strategic alliance and non-technology (i.e., marketing) strategic alliance, the literature indicates that technology strategic alliance has the positive financial effect on the shareholders of announcement companies, however, non-positive impact upon member companies according to our analysis. The research finds that strategic alliance announcement has no influence on member companies since they are just one of the whole networked organization.

5. In the literature, firm size announcement has significant emphasis upon cumulative
abnormal returns. However, we found that the creation of cumulative abnormal returns is non-positive from firm size of member companies. Based on the findings﹐this paper showed that member companies are mainly influenced by strategic alliance through the networked organization instead of themselves. On the other hand, the multi-relations among member companies, announcement companies, and alliance partners are correlated with cumulative abnormal returns.

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