本研究以國內上市上櫃公司於1995年至2004年間宣告策略聯盟之公司為研究樣本。其中，技術聯盟樣本有107筆；行銷聯盟樣本有90筆，共計197筆。本研究先以事件研究法檢驗策略聯盟的宣告效果，再以回歸分析檢驗異常報酬與聯盟夥伴相對規模大小、公司獲利之間的關係，得到以下結果：
一、策略聯盟的宣告會為公司帶來正向的異常報酬。
二、技術聯盟的異常報酬較行銷聯盟的異常報酬大。
三、相對規模與累積異常報酬間之間沒有顯著性的關係存在，相對規模大者之累積異常報酬高於相對規模小者；技術聯盟中相對規模較大者在策略聯盟中獲得的潛在利益較多。
四、公司獲利與累積異常報酬間呈現負相關，獲利與累積異常報酬之負向關係在行銷聯盟中較明顯。　　

This study analyzes 197 companies formed through strategic alliance during the period 1995-2004. There are 107 samples of technological strategic alliance and 90 samples of marketing strategic alliance. The empirical methodology used in this research is the event study approach, which assesses the value implications of the announcement of forming strategic alliance. This study then examines relationships between abnormal returns and relative scale of strategic alliances partners, and profitability of companies through regression analysis to find the following results:
1. The announcement will bring significantly positive abnormal return to the company.
2. Abnormal returns of technological alliance are greater than that of marketing alliance announcements.
3. There is no significant relationship between relative sizes of partners and abnormal returns. Accumulative abnormal returns of relatively larger size partner are higher than relatively smaller size partners. Relatively larger partners in technological alliances gain more benefits in a strategic alliance.
4. The profitability of firms entering strategic alliances is negatively correlated with abnormal returns attributable to alliance announcements. Such a negative correlation is greater for marketing alliances than for technological alliances.

摘要 I
Abstract II
致謝詞 II
目錄 IV
表目錄 VI
圖目錄 VII
第一章 研究動機與目的 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 論文流程與架構 4
第二章 文獻探討 7
第一節　　策略聯盟的定義 7
第二節　　策略聯盟的分類 11
第三節　　策略聯盟的優缺點 15
第四節　　相對規模大小與策略聯盟潛在利益 19
第五節　　行銷聯盟與技術聯盟 21
第六節　　策略聯盟宣告實證文獻 24
第三章　　研究設計 29
第一節　　研究假設 29
第二節　　資料來源與樣本選擇 31
第三節　　研究方法 34
第四章　　實證結果分析 40
第一節　　策略聯盟宣告效果分析 40
第二節　　技術聯盟與行銷聯盟之宣告效果分析 42
第三節　　策略聯盟宣告公司規模大小與累積異常報酬關係之檢定 46
第四節　　策略聯盟宣告公司獲利與累積異常報酬關係之檢定 49
第五章 結論與建議 51
第一節 結論 51
第二節 建議 53
參考文獻 55

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