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系統識別號 U0026-0804202012081100
論文名稱(中文) 以信號理論探討策略聯盟夥伴的名聲對焦點企業股價的影響
論文名稱(英文) Examining the Impact of Alliance Partners’ Reputation on Focal Firms’ Stock Price from Signaling Theory
校院名稱 成功大學
系所名稱(中) 國際企業研究所
系所名稱(英) Institute of International Business
學年度 108
學期 2
出版年 109
研究生(中文) 席若瀚
研究生(英文) Juo-Han Shyi
學號 R66061140
學位類別 碩士
語文別 中文
論文頁數 47頁
口試委員 指導教授-曾瓊慧
口試委員-張紹基
口試委員-陳麗宇
口試委員-林玟君
中文關鍵字 策略聯盟夥伴名聲  策略聯盟夥伴選擇  策略聯盟後股價表現  信號理論 
英文關鍵字 alliance partner’s reputation  selecting alliance partners  stock price performance of the vocal firm  signal theory 
學科別分類
中文摘要 本研究以信號理論為基礎,探討策略聯盟夥伴的聲譽對焦點企業股價表現的影響。此外,本研究加入了兩個調節變數,分別是「夥伴公司在市場上的活躍程度」以及 「夥伴公司的研發創新能力」,以檢驗其會不會影響夥伴名聲的可信度,並加乘夥伴聲譽對於焦點公司股價表現的影響力。
本研究自SDC (Securities Data Corporation)資料庫中蒐集2018年整年度之策略聯盟公司為樣本,並依循以下篩選順序最終篩選出167家樣本。首先,所有公司皆必須為公開上市公司。再者,每個聯盟中的企業皆必須來自不同國家,且一方必須為美國企業。第三,所有公司之聯盟狀態,必須是已簽定或是已完成的狀態才會列入樣本,最後,至Yahoo Finance、Lexis-Nexis以及Compustat等資料庫取得資料後,刪除資料不齊全之樣本,得到最終樣本數為167筆策略聯盟案,並採用加權最小平方模型來進行實證研究。
經由實證結果得知聯盟夥伴企業的名聲越高,焦點企業的股價表現越好。此外,在調節效果上,若夥伴企業在市場上的活躍程度越高以及夥伴企業的研發創新能力越高,都將會加強夥伴企業聲譽對焦點企業股價表現的影響力。
本研究之貢獻,除了將過去探討信號理論的範圍從公司內部延伸至策略聯盟的不同組織間外,同時也希望藉由本研究,能讓經理人更精準地找出最合適其企業的聯盟夥伴。

英文摘要 The purpose of this thesis is to examine the impact of Alliance Partners’ Reputation on Focal Firms’ Stock Price. Based on the signal theory, we develop three hypothesis and also consider the moderating effect of the market action and the R&D innovation ability of the alliance partner.

This thesis complied a sample of 167 IJVs which were drawn from Securities Data Corporation (SDC) database and were announced between the entire year of 2018. The sampling process was proceeded as below. First, the IJV companies must be public company. Second, the IJV companies must come from different countries and one of them must be an American company. Third, the status of IJV must be completed or signed. Last but not least, after we obtained other required information from the other database including Yahoo Finance, Lexis-Nexis and Compustat, only the IJVs which contained completed data will be used as our final samples.

In the thesis, the empirical results show that the higher the alliance partners’ reputation were, the better performance the focal firms’ stock price would be. Furthermore, in terms of the moderating effects, the more market actions and the better R&D innovation ability the alliance partners possessed, the influence of partners’ reputation on vocal firms’ stock price performance would be strengthened.

As to the contribution, not only do we aim to extend the using of the signal theory from the dimension within the company to the whole strategic alliance partnership, we would also like to provide managers some practical insights when it comes to choosing the most suitable alliance partners.
Key words: alliance partner’s reputation, selecting alliance partners, stock price performance of the vocal firm, signal theory


論文目次 第一章、 緒論 1
第二章、 文獻探討 5
第一節、 策略聯盟中的夥伴選擇議題 5
第二節、企業名聲 8
第三節、信號理論 10
第四節、總結 14
第三章、 研究假說 15
第一節、企業夥伴名聲與焦點企業的股價表現 16
第二節、影響企業夥伴名聲與焦點企業的股價表現的調節變數 18
一、夥伴公司在市場上的活躍程度作為調節變數 19
二、夥伴公司的研發創新能力作為調節變數 20
第四章、 研究方法 22
第一節、研究樣本及資料搜集方法: 22
第二節、研究變數: 24
一、應變數: 24
二、自變數: 24
三、調節變項: 25
四、控制變項: 26
第三節、統計分析方法 30
第五章、 研究結果分析與討論 31
第六章、 結論與建議 37
第一節、研究結論 37
第二節、研究貢獻 39
一、對學術理論之貢獻 39
二、對實務界之貢獻 40
第三節、研究限制及建議 41
一、研究限制 42
二、研究建議 43
參考文獻 44
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