The Impact of Strategic Alliances Information on Stockholders’ Wealth— a Research on Photonics Industry in Taiwan

• Main Authors: Tseng, Chu-Ting, 曾姝婷
• Other Authors: Chung, Hui-Min
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/38995246184194520284

碩士 === 國立交通大學 === 財務金融研究所 === 99 === The photonics industry is a developing industry in Taiwan. However, it takes an important role in Taiwan high-tech industry and also receives many resources from the government. Strategic alliance is a strategy that has been generally executed by companies since the 1980s. Moreover, it would be helpful for companies to enter a new market or industry. The research is going to examine whether the strategic alliance information of the company will make any impact on the stockholders’ wealth. The research analyses 98 samples in local photonics industry which has strategic alliance information during 2006 to 2011 quarter1. The results are as following: (1.)The information will result in positive and significant abnormal return to the stock of the company. Base on the event study result we can tell that maybe the information was early released to the market. (2.)The abnormal return of international alliance is significantly higher than local alliance but only appears in event day. (3.)The abnormal return of display industry is higher than the photovoltaic industry but not significant. (4.)The abnormal return of horizontal alliance is higher than the vertical alliance but not significant. (5.)The abnormal return of small company alliance is significantly higher than large company alliance.