| Summary: | 碩士 === 國立臺灣科技大學 === 企業管理系 === 90 === The purpose of this paper is to study the impact of announcement of strategic alliance to stock price. Our sample includes 172 announcement events of 73 firms from 1997 to 2001. First, this paper distinguishes the companies into knowledge intensive companies and capital intensive companies. Then the paper defines cooperative relationship among companies as no equity alliance, equity alliance and joint venture alliance. At last, the paper also defines different alliances as research and development alliance, production alliance and marketing alliance. Using event study and empirical model to compare stock price of the different types of companies or alliances when they are announced and get empirical results are followed:
1. The stock price has significant positive effect when firms announce strategic.
2. The announcements of strategic alliances of the different types of firms have significant different effect on stock price. And stock price of the knowledge intensive company is more positive than capital intensive company.
3. The announcements of strategic alliances of the different cooperative relationship among firms have significant different effect on stock price. When firms belong to knowledge intensive companies, the announcement of no equity alliance has best effect on stock price. When firms belong to capital intensive companies, the announcement of joint venture alliance has best effect on stock price.
4. The announcements of the different types of alliances have significant different effect on stock price. When firms belong to knowledge intensive companies, the announcement of production alliance has best effect on stock price. When firms belong to capital intensive companies, the announcement of R&D alliance has best effect on stock price.
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