| Summary: | 碩士 === 淡江大學 === 會計學系 === 89 === In recent years, information revolution improves all high-tech industries which are in the world, and high-tech corporates which are in Taiwan have owned the most important degree in the world on basis of good production technique、lower product price and flexible production. For Taiwan, improvement of high-tech corporates also makes economics grow during the recent years. In the other way, the changes of price index of stock market in Taiwan were usually effected by information and electronic industry. The condition shows that the information and electronic industry plays a very important role in Taiwan.
High-tech industry faces the more competition than other industries because of its industrial characteristics (example: shorter product life cycle). In Taiwan, most production and R&D techniques of information and electronic corporates are hold by foreign corporates, so the condition makes them accept more competition pressure. Under some factors, such as competition of domestic corporates and foreign corporates、bad R&D techniques etc., the information and electronic corporates in Taiwan have to adopt more flexible method of enterprise growth to make up their defects and improve or keep their competition advantages. The importance of international strategic alliance will showed up gradually.
The studying samples are the information and electronic corporates of stock listed on SEC or OTC in Taiwan and they announced international strategic alliances between Jan. 1996 and Dec. 2000. I got eighty-four samples and adopted event study. The results reveal that:
1. Announcements of international strategic alliances have obviously obverse effect to common stock price.
2. Whatever domestic information and electronic corporates are listed on SEC or OTC, their announcements of international strategic alliances have obviously obverse effect to their common stock price.
3. Announcements of international strategic alliances have more obviously obverse effect to information and electronic corporates of stock listed OTC than information and electronic corporates of stock listed SEC.
4. When partners of international strategic alliances are not listed on Nasdaq or NYSE, this kind of alliance has more obviously obverse effect to their common stock price than the other kind of alliance which partners of international strategic alliances are listed on Nasdaq or NYSE.
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