策略聯盟訊息對股東財富價值的影響—以台灣光電產業為例

Abstract

光電產業在台灣的產業結構中扮演舉足輕重的角色，其亦為政府重點發展的產業之一。策略聯盟是1980年代開始興起的一種公司策略，有助於企業跨入一新產業或新市場。本研究即以策略聯盟為研究主體，探討策略聯盟訊息對股東財富效果是否有影響，並以台灣光電產業為主要樣本進行研究。 本研究主要以台灣上市櫃光電產業公司為研究樣本，搜集期間為2006年至2011年第一季，有效樣本包含66筆策略聯盟資訊，總計55家公司國內公司，共98個事件樣本。實證結果如下: (1.)策略聯盟訊息的確會為企業帶來正向且顯著的異常報酬，且從異常報酬的反應時間看來在市場中可能有消息提前洩漏的現象 (2.)平均來看本土聯盟異常報酬較高，但在事件日當天為國際聯盟異常報酬較本土聯盟高，且檢定結果為顯著 (3.)顯示器產業聯盟異常報酬較太陽能產業聯盟異常報酬高，但檢定結果無顯著差異 (4.)水平擴張聯盟異常報酬較垂直擴張聯盟異常報酬高，但檢定結果無顯著差異 (5.)小公司聯盟的異常報酬高於大公司且差異非常顯著

The photonics industry is a developing industry in Taiwan. However, it takes an important role in Taiwan high-tech industry and also receives many resources from the government. Strategic alliance is a strategy that has been generally executed by companies since the 1980s. Moreover, it would be helpful for companies to enter a new market or industry. The research is going to examine whether the strategic alliance information of the company will make any impact on the stockholders’ wealth. The research analyses 98 samples in local photonics industry which has strategic alliance information during 2006 to 2011 quarter1. The results are as following: (1.)The information will result in positive and significant abnormal return to the stock of the company. Base on the event study result we can tell that maybe the information was early released to the market. (2.)The abnormal return of international alliance is significantly higher than local alliance but only appears in event day. (3.)The abnormal return of display industry is higher than the photovoltaic industry but not significant. (4.)The abnormal return of horizontal alliance is higher than the vertical alliance but not significant. (5.)The abnormal return of small company alliance is significantly higher than large company alliance.