| Summary: | 碩士 === 臺中技術學院 === 事業經營研究所 === 98 === In the globalization era, companies are actively engaged in al liances with foreign partners in order to maintain their compet it ive advantage or enhance their global competi tiveness . This paper used event study method to invest igate the effect of international joint venture announcements on shareholder weal th. A data set composed of 103 internat ional joint venture announcements of a total of 95 companies over 1996-2009 was used for the study. Besides, the paper comprehensively considered the possible variables affecting the relat ionship, such as the local and world market si tuations, the ownership structure, growth opportunit ies, investment experience, and the vertical and horizontal integrat ion styles. The empirical results are as follows: (1) the announcement of the international joint venture investment would yield a significantly posi tive effect on the market . (2) The world market situation might affect the announcement effect , but Taiwan market situation did not . Finally, both vert ical and horizontal integrat ions did not significant ly affect the announcement effect .
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