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• Main Authors: Wan-ting Liao, 廖婉婷
• Other Authors: none
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/45968978477533974438

碩士 === 東吳大學 === 會計學系 === 99 === Light emitting diode (LED) industry is a high growth industry, the Enterprise must make the right decisions in order to follow the growth of LED industry. Strategic alliance is one of business decisions. In recent years, LED business strategic alliance happens frequently. The study which is based on event study method and t-test analysis to observe whether after the Asian LED strategic alliance events that their equity return on investment (ROI) have increased during 2006 to 2011 first quarter. Then using regression analysis to explore the relevance, including stock price volatility and strategic alliances, corporate capital, return on assets and revenue growth rate and so on. According to the event study, the return of rate in the previous day (T =- 1) before strategic alliance announced and the cumulative past two days (-2,0) before strategic alliance announced show a significant positive abnormal returns. However, two days after the announcement (T = 2) show a significant negative abnormal returns. This situation showed that the message has been leaked in advance and profit-taking after good news announcement. Then strategic alliance announced in the latter period, a total of three sections including the period (20,169) (20,319) (20,469), the cumulative abnormal returns show a significant negative response. However, the use of regression analysis, the cumulative annual growth rate of abnormal returns is mainly affected by changes in sales revenue. To explore the results of business performance based on event study method. Accumulation of excess sales revenue growth ratio and accumulation of excess gross margin growth ratio is not significantly correlated after LED business strategic alliances. The study is to analyze stock price variations by regression analysis. Stock price and sales revenue growth rate showed a significant positive correlation of 1%, and number of objects in a strategic alliance appeared a significant positive correlation of 10%, and strategic alliance announced emerged significant negative correlation of 1%, and with capital showed a significant negative correlation of 1%.