再探策略聯盟資訊內涵之研究：生命週期觀點

Revisit the Information Content of the Announcements of Strategic Alliances: Life-cycle Perspective

10.30142/RAAS.201206.0002

林瑞青(Ruey-Ching Lin)；卓佳慶(Chia-Ching Cho)；賴筠婷(Yun-Ting Lai)；鄭栢岳(Paul Cheng)

生命週期 ； 策略聯盟 ； 資訊電子業 ； 事件研究 ； Life-cycle ； Strategic alliance ； Electronics industry ； Event study

會計審計論叢

2卷1期（2012 / 06 / 01）

31 - 60

繁體中文

本文主要探討台灣資訊電子業在不同生命週期下，公司宣告策略聯盟的資訊內涵。研究期間為2001年到2010年，以具備公開訊息條件的聯盟宣告為研究樣本。採用綜合生命週期判斷因子將樣本區分為成長期、成熟期與衰退期公司等三類，接著以事件研究法估算聯盟宣告在各事件窗期的累積異常報酬，進一步透過均數差異檢定與迴歸分析，探討不同生命週期公司在不同聯盟型態宣告下的資訊內涵差異。實證結果顯示，資本市場對於策略聯盟的宣告具有正向的評價，其中投資人對於成長期公司宣告的正面反應較強。而考慮企業生命週期與聯盟類型的綜合影響，成長期與衰退期公司都是搭配宣告研發聯盟時，市場將給予最高的正面評價。而成熟期公司，則宣告行銷聯盟會有較高的資訊內涵。總而言之，投資人對於公司宣告聯盟的價值判定，會同時受到聯盟類型與生命週期兩方面的影響，尤其關注會給企業帶來成長機會的組合。

The purpose of this study is to investigate the information content of the announcements of strategic alliances under different life-cycle stages. Our research samples regarding alliance announcements with public information disclosure conditions were gathered between 2001 and 2010. We adopted comprehensive life cycle factors to subdivide samples into growth, maturity, and decline stages. We, then, applied event study to estimate the accumulated abnormal returns for alliance announcements in each event window. A difference-of-means test and regression analysis were applied to discuss the differences of information contents for enterprises at different life cycles with different alliance states. Empirical results have shown that capital market announcement disposition for strategic alliances had positive evaluations, among which investors displayed stronger positive reactions towards announcement by enterprises in a growth state. Enterprises in a growth stage or a decline stage were given the highest positive evaluation by markets when collocated with the announcement of research alliances when considering the comprehensive influence of enterprise life cycles and alliance types. Enterprises in a maturity stage had higher information content when conducting marketing alliances.In conclusion, investors believe that the value determination of enterprises by announcing alliances is simultaneously affected by alliance type and life cycle. In particular, paying close attention to alliance announcements will bring about better growth opportunity portfolios for enterprises.

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