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系統識別號 U0026-0812200911091759
論文名稱(中文) 電信產業策略聯盟對公司股價的影響
論文名稱(英文) Impact of Strategic Alliances on Firm Valuation: An Assessment in the Telecommunications Industry
校院名稱 成功大學
系所名稱(中) 電信管理研究所
系所名稱(英) Institute of Telecommunications and Management
學年度 92
學期 2
出版年 93
研究生(中文) 李蕙伶
研究生(英文) Huei-Ling Lee
電子信箱 hueiling@tcm.ncku.edu.tw
學號 r9691103
學位類別 碩士
語文別 中文
論文頁數 63頁
口試委員 指導教授-蔡東峻
口試委員-張紹基
口試委員-曾瓊慧
中文關鍵字 策略聯盟  電信產業  市場價值  事件研究法 
英文關鍵字 Telecommunications  Event Study  Market Value  Strategic Alliances 
學科別分類
中文摘要   為因應環境的變遷,電信業者尋求外在合作管道以降低營運上的成本。由於過去關於電信產業的研究主要在於合資與購併行為的探討,較少有學者針對電信產業的策略聯盟行為對於公司股價的影響進行討論。本研究透過公司股價反應來作為衡量策略聯盟對於電信服務業者企業績效表現的外部性指標,並結合規模及產業多角化跨部門整合等概念加以探討。本研究蒐集1996年至2002年的電信服務業者宣告策略聯盟事件資料,利用事件研究法進行分析,研究結果發現電信服務業者進行策略聯盟宣告對於股價會產生正向報酬。此外,在相對規模小的電信業者股價反應,整體而言都優於相對規模大者。從多角化策略聯盟來看,可以發現電信服務業者與相關程度高的企業進行結盟對於公司股價會有顯著的影響效果。此外,研究中也發現,電信服務業者之間從事市場導向的策略聯盟相較於技術導向可能更能為企業創造市場價值。
  綜合上述,從本研究的實證結果驗證,也呼應了策略聯盟對於電信產業(從股價的績效表現來看)是有正面影響,也無怪乎許多電信相關策略聯盟也不斷成為注目的焦點,除了對於公司股東有正面的報酬,對於公司整體營運體質的強化、長久經營的目標,策略聯盟是電信廠商可以採行的措施。此外,對於具有規模經濟的電信產業而言,在與相對規模小的企業進行市場性的結盟時更應審慎評估,並且慎選合作夥伴,方能發揮聯盟綜效並且確保公司市場價值。


英文摘要   In conformity with the changing environment, telecoms alliance with other firms to increase the market share and cut down operation cost. Previous researches, however, had analyzed the impacts of merger and joint venture on firms’ performance but less of strategic alliances announcement effect. Thus, this research tries to use the abnormal stock market returns as a measure of its impact on firm value in terms of firms’ relevant size, diversification, and alliances types. This study analyzed 113 strategic alliance events in the telecommunication industry from 1996 to 2002 by conducting the event study methodology. We found that announcements of strategic alliance generally increase market value. Consistent with our expectations, smaller firms in strategic alliances appeared to benefit more. Further, the related industries alliances’ contributions had a significantly positive abnormal return for telecoms than those unrelated. Finally, when the strategic alliances are formed between the telecommunications service companies, the market value will increased through marketing alliances more than from technological alliances.
  In sum, the evidence suggests that strategic alliance has positive results on firms’ value which echoes recently booming strategic actions (cooperative mode, not equity mode) among telecoms. Strategic alliances not only maximize shareholders’ value, but also strengthen business operation in such uncertain, volatile industry. We recommend that strategic alliance is a feasible strategy for telecoms. On the other hand, choosing right partners is critical to succeed or not, with right ones, firms can take advantages of cooperative synergies.


論文目次 目錄.............................................I
表目錄...........................................II
圖目錄...........................................III
第一章 緒論......................................1
第一節 研究背景與動機............................1
第二節 研究目的..................................4
第二章 概況分析與文獻回顧........................5
第一節 電信產業概況..............................5
第二節 策略聯盟理論..............................9
第三節 電信產業策略聯盟..........................14
第四節 聯盟成員間相對規模大小對公司股價的影響....19
第五節 聯盟類型差異對公司股價的影響..............22
第六節 多角化策略聯盟對公司股價的影響............25
第三章 研究方法..................................32
第一節 研究架構..................................32
第二節 資料蒐集..................................33
第三節 研究變數操作性定義........................34
第四節 事件分析法................................37
第四章 研究結果與討論............................40
第一節 資料敘述性統計分析........................40
第二節 研究假設驗證分析..........................41
第五章 結論與建議................................53
第一節 研究結論..................................53
第二節 實務建議..................................55
第三節 研究限制..................................57
第四節 後續研究建議..............................58
參考文獻.........................................59
參考文獻 【中文參考文獻】
沈中華、李建然(民89),「事件研究法:財務與會計實證研究必備」,華泰書局。
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