本論文包含二部分，第一部分旨在研究1996年至1999年台灣高科技產業策略聯盟之股價反應及其價值來源，股價資料來源為經濟新報資料庫(TEJ)，相關之策略聯盟宣告則取自工商時報、經濟日報、證管會各公司重大訊息以及各公司網站。本文採用之主要研究方法為事件研究法及分位數迴歸，實證結果顯示策略聯盟會為公司創造價值，且此價值來源並非財富移轉；此外，由分位數迴歸的分析結果也發現，ROA、P/B ratio及研發比率為策略聯盟價值的主要決定因素。 本論文的第二部分則是透過Grenadier&Weiss(1997)之實質選擇權分析架構，探討台灣DRAM廠商在面對一連串的製程技術創新之下如何透過策略聯盟來選擇最適的技術投資行為。本文以廠商之實際數據資料模擬發現，在允許廠商以策略聯盟的方式移轉技術下，廠商對技術將有相當不同的投資行為，當DRAM製程新技術的平均到達時間為1至1.5年時，廠商將只會採取來者不拒和買入持有策略，此結果與實際上所觀察到台灣DRAM廠商均分別透過與國外廠商策略聯盟的方式移轉技術的現象是吻合的，也與策略聯盟所提供之組織彈性及風險分攤的特性對產品變動快速、發展階段失敗率高的高科技產業特別具有價值的理論是一致的。 This paper is composed of two parts. The first part investigates share price responses to strategic alliances in Taiwan’s high-tech industry from 1996 to 1999. Our empirical findings show that the wealth effect for a strategic alliance is positive, with no evidence of wealth transfer between alliance partners. In addition, intra-industry alliances show significantly higher abnormal returns than inter-industry supply chain alliances. The horizontal and vertical alliances both have significantly positive abnormal returns, but the positive effect of vertical alliances primarily comes from lower-stream buyers. On the other hand, results from a quantile regression model show that the ROA, P/B ratio, and R&D ratio are important determinants of abnormal returns of strategic alliance announcements. Our empirical findings are consistent with the argument that the organizational flexibility offered by alliances is valuable to the high-tech industry which needs to cope with a fast-changing environment. The second part use the Grenadier& Weiss(1997) real option framework to study the behavior of Taiwan’s DRAM firms. According to the simulation results, we find that, when firms can obtain technologies by strategic alliance, they will have very different invest behavior.
