臺灣博碩士論文加值系統

國際合資是現今非常重要的企業策略合作方式之一，之前的相關文獻指出當一公司宣告國際合資時，對股東財富將造成影響，然而研究結果卻不盡相同。而在其他的事件研究文獻方面，已證明出一事件的宣告，亦將同時對宣告公司同產業裡的競爭對手造成影響。
本研究以1991年至1998年間，有宣告國際合資的美國上市公司作為樣本，發現此事件的宣告對宣告公司的股東財富有正面的影響，而且相同的亦對同產業的競爭對手有正面的影響，證明了整體而言國際合資宣告的「蔓延效果」支配了「競爭效果」。
此外在橫對面分析中，我們發現宣告者的異常報酬、宣告者規模、Herfindahl Index、產業與宣告者的相似程度等均與競爭對手的異常報酬成正相關，而競爭者的模則與其異常報酬成負相關；在虛擬變數方面我們發現當合資目的與科技有關時，此宣告對競爭對手的異常報酬有正面影響。
再進一步的觀察各變數的交互作用後，我們發現1.當宣告公司已累積多次的國際合資經驗後，將強化此宣告的競爭效果，而使 “宣告者異常報酬”此變數的蔓延效果轉為競爭效果；2.當合資目的與科技有關時，該產業的Tobin’s Q值愈高，將有更顯著的競爭效果；3.在產業投資機會高（Tobin’s Q > 1）時，不管該產業的競爭程度高低，競爭效果均抵銷了原來的蔓延效果；4.當宣告者在該產業的支配力高時，即使在產業競爭程度低時，仍不再有蔓延效果。

目錄
第一章緒論……………………………………………………………….1
1.1 研究動機與背景…………………………………………….1
1.2 研究目的……………………………………………………………….3
第二章文獻回顧………………………………………………………..4
2.1 理論文獻……………………………………………………………….4
2.1.1 合資的定義……….…………..………..………………………..4
2.1.2 合資的動機……..……………..………..………………………..5
2.1.3 合資的優點……………………..………..………………………..6
2.1.4合資的成本………………………………..………..……………...6
2.1.5 合資的不穩定性…………………………..………..………………7
2.2實證文獻………………………………………………………………..9
2.2.1 對股東財富的影響…………………………………………………..9
2.2.2 對產業的影響…………………………………………………....14
第三章研究設計…………………………………………………………22
3.1 研究假說……………………………………………………….....…22
3.2 資料來源…………………………………………………….……….24
3.2.1 原始資料….……………………………………….…………..…24
3.2.2 相關資料….………………………………………………………..25
3.3 實證研究方法………………………………….…………………..…26
3.3.1 事件研究法…………………………………………………………26
3.3.2 橫斷面回歸分析……………………………………………………29
3.4 自變數操作定義……………………………………………………...30
第四章實證結果分析……………………………………………………35
4.1 樣本資料描述……………………………………………………...…35
4.2 國際合資的宣告結果分析………………………………………...…39
4.3 橫斷面分析………………………………………………………...…45
第五章結論………………………………………………………………53
參考文獻…………………………………………………………………..55
附錄…………………………………………………………………......61

一、中文部分
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4.謝劍平，「以公司托賓Q比率預測股價對公司投資變動的反應」，管理評論，第十四卷第一期，33∼46頁，民國84年1月。
5.黃炳彰，「國際合資宣告對股東財富影響之研究」，國立成功大學，碩士論文，民國89年。
6.陸冠瑋，「美國上市公司策略聯盟宣告對產業競爭者影響之研究」，元智大學，碩士論文，民國89年。
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