運用競爭者分析架構比較策略聯盟和併購策略之股價反應差異

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Title:	運用競爭者分析架構比較策略聯盟和併購策略之股價反應差異 Comparative Analysis of Information Value of Strategic Alliances and Mergers and Acquisition: Competitive Dynamics Perspective
Authors:	張雅鳳
Contributors:	財務金融學系
Keywords:	併購策略聯盟事件研究法資源相似性市場共同性 merger and acquisitions strategic alliance event study resource similirity market commonality
Date:	2017
Issue Date:	2017-10-03 11:24:45 (UTC+8)
Abstract:	隨著產業環境的急劇變化，競爭模式之間的動態關係，企業對供應鏈跳動和整體產業鏈的專利風險已成為日益關注的風險管理問題。因此，快速併購和策略聯盟為主要的策略去面對市場挑戰並促進競爭優勢。本研究將利用市場共同性和資源相似性來衡量企業的競爭關係(Chen, 1996)，並蒐集併購和策略聯盟的樣本，以2002- 2015年作為研究期間。藉由競爭者架構中樣本進行分類；市場共同性及資源相似性，將分析併購及策略聯盟其異常報酬之差異。此外，透過橫斷面分析，探討營業成長率、負債比率及營業利益對累積異常報酬之影響，可以提供理性的投資者比較併購和策略聯盟的訊息反映的差異並相對應地調整自己的投資組合分配。 With the drastic changes of the industrial environment, the dynamic relationship between coopetition patterns, individual jump of the firms of the supply chain and the patent risk of the overall chain has become a risk management issue of increasing concern. Hence, rapidly merger acquisition and strategic alliance as the main strategy to face the market challenges and promote competitive advantage. This study plans to use the market commonality and resource similarity to measure the competing relationships of firms (Chen, 1996), and collect the merger acquisition and strategic alliance data from 2002 to 2015 as our study sample. Moreover, based on the framework for the samples in a competitor structure are classified to determine market commonality and resource similarity, and the difference in abnormal returns between M&A and a strategic alliance are analyzed. In addition, the effect of revenue growth rate, debt ratio, and operating income margin, on cumulative abnormal returns is explored with cross-section analysis. This findings show that the investors rationally compare the differences of information effect of M&A and strategic alliance and adjust their portfolio allocation accordingly.
Appears in Collections:	[Department of Banking & Finance ] Thesis

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