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系統識別號 U0026-2706201316565400
論文名稱(中文) 策略聯盟的價值:以權益成本之觀點
論文名稱(英文) Value of Strategic Alliances:Evidence from the Cost of Equity
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 101
學期 2
出版年 102
研究生(中文) 柯東育
研究生(英文) Dong-Yu Ko
電子信箱 chrisko1217@gmail.com
學號 r66004106
學位類別 碩士
語文別 英文
論文頁數 39頁
口試委員 指導教授-張紹基
口試委員-康信鴻
口試委員-許永明
中文關鍵字 策略聯盟  權益成本  系統性風險 
英文關鍵字 Strategic Alliances  Cost of Equity  Systematic Risk 
學科別分類
中文摘要 本文研究公司宣告策略聯盟是否會對權益成本產生影響。我假設公司會藉由三種方式提升公司價值以降低籌資的權益成本,包含穩定公司未來的收入、減低資訊不對稱性以及產生綜效。本文利用SDC資料庫蒐集2000~2009年策略聯盟的資料,變數的資料則利用CRSP和COMPUSTAT資料庫蒐集。本文計算系統風險在市場模型和三因子模型中的變化來檢視權益成本。利用4,128筆策略聯盟的資料,我發現策略聯盟確實能降低公司的系統性風險和權益成本。對於策略聯盟的公司而言,經理人能利用策略聯盟這項工具來降低公司在財務上的成本,對股東而言,投資者可將公司進行策略聯盟視為正面的信號。另一方面,我亦發現公司在面臨較差的商業環境時,策略聯盟降低公司權益成本的效果越明顯,包含研究和發展資金投入的程度、公司的財務限制以及市場競爭的程度。
英文摘要 The objective of this study is to examine the relationship between strategic alliances and cost of equity. I hypothesize that the participation of strategic alliances lowers a firm’s cost of equity because of three functions of strategic alliances, including stability of firm’s future profit, reduction in information asymmetry and creating synergy effect. I obtain strategic alliance data for the period 2000–2009 from the Security Data Corporation’s (SDC). My supplementary data are collected from the Center for Research in Security Prices (CRSP) and Compustat. To calculate the cost of equity, I measure changes in the systematic risk of equity based on the market model and the three-factor model. Based on 4,128 alliances, I find that strategic alliances firms experience a significant decline in systematic risk relative to their peer firms. Furthermore, we find that the effect of strategic alliance is stronger for firms located in the high-tech industries, experiencing tighter financial constraints and facing stronger product market competition.
論文目次 Contents
1. Introduction 1
1.1 Background and Motivation 1
1.2 Research Questions 4
1.3 Contribution 5
2. Literature review and Hypotheses Development 7
2.1 Strategic Alliances 7
2.2 Benefits of Strategic Alliances 8
2.3 Cost of Equity 10
2.4 Strategic Alliances and Cost of Equity 11
2.5 Strategic Alliances, Firm situational constraints and Cost of Equity 13
3. Data and Research Design 16
3.1 Data and Sample Selection 16
3.2 Estimation of the Cost of Equity 16
3.3 Control Variables 18
3.4 Model Specification 19
3.5 Variables Measurement 22
4. Empirical Results 23
4.1 Descriptive Statistics 24
4.2 Effect of strategic alliances on cost of equity 25
4.3 Firm situational constraints and risk change 28
5. Conclusions 32
5.1 Discussion 32
5.2 Managerial Implication 33
5.3 Limitation and Future Research 33
Reference 35
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