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系統識別號 U0026-0812200911082218
論文名稱(中文) 國內策略聯盟宣告對分析師盈餘預測修正的影響
論文名稱(英文) The Effect of Domestic Alliance Announcement on Financial Analysts' Earnings Forecast Revisions
校院名稱 成功大學
系所名稱(中) 國際企業研究所碩博士班
系所名稱(英) Institute of International Business
學年度 92
學期 2
出版年 93
研究生(中文) 翁義喜
研究生(英文) I-HSI Weng
學號 r6691111
學位類別 碩士
語文別 中文
論文頁數 49頁
口試委員 口試委員-陳聖賢
口試委員-鍾彩焱
指導教授-張紹基
口試委員-江明憲
中文關鍵字 策略聯盟  財務分析師盈餘預測 
英文關鍵字 financial analysts' earnings forecast revision  strategic alliance 
學科別分類
中文摘要 探討當公司建立策略聯盟,是否可以為公司創造價值,過去的衡量方法都是檢測當公司宣告策略聯盟時是否會對股價產生超額報酬,進而利用產生的財富效果來推斷策略聯盟是否會為公司創造價值,本研究提供另一個方法,即是利用當公司宣告策略聯盟,是否會影響財務分析師對宣告公司短期盈餘預測及長期盈餘成長率的變動,進而研究策略聯盟是否會為公司創造價值。
本研究針對從1991年至2001年期間,共2002筆宣告策略聯盟的樣本公司,探討當公司宣告策略聯盟時,財務分析師對宣告公司短期盈餘預測及長期盈餘成長率預測所造成的影響。實證結果發現,當公司宣告策略聯盟,分析師並不會向上調整其對宣告公司短期盈餘預測,但是分析師會向上修正宣告公司長期的盈餘成長預測


英文摘要 This research examines the revisions of financial analysts' earnings forecast when companies announce the strategic alliance. Prior researches use event study to examine whether the strategic alliance can create value for announcing firms. Beside of the event study, this paper uses the revisions of financial analysts’ earnings forecast as another measure to determine this effect.
We use the strategic alliance announcements during 1991-2001 as samples. The empirical results find that there are abnormal returns when firms announce strategic alliance. Besides, there is no significant adjustment of financial analysts’ current-year earnings forecast revisions regarding to the strategic alliance announcements. But we find that there is a significant relation between analysts' abnormal forecast revisions in five-year earnings growth rate and strategic alliance announcements.

論文目次 第一章 緒論…………………………………………………1
第一節 研究動機與背景……………………………………1
第二節 研究目的……………………………………………3
第二章 文獻探討……………………………………………4
第一節 策略聯盟的定義……………………………………4
第二節 策略聯盟的類型……………………………………6
第三節 策略聯盟的動機……………………………………9
第四節 策略聯盟的成本……………………………………11
第五節 策略聯盟的宣告效果………………………………13
第六節 財務分析師盈餘預測………………………………14
第三章 研究方法……………………………………………16
第一節 資料來源及樣本選取標準…………………………16
第二節 實證分析方法………………………………………17
第四章 實證結果分析………………………………………21
第一節 樣本資料之描述……………………………………21
第二節 策略聯盟宣告效果…………………………………25
第三節 分析師短期盈餘預測修正之分析…………………27
第四節 分析師長期盈餘成長率預測修正之分析…………34
第五章 結論與建議…………………………………………41
第一節 結論…………………………………………………41
第二節 研究限制與對後續研究的建議……………………42
參考文獻…………………………………………………… 43
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