战略联盟对公司业绩的影响研究

发布时间：2018-03-09 15:11

本文选题：战略联盟　切入点：股价　出处：《安徽大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着全球化的快速发展以及科技的不断进步,越来越多的公司认识到:仅凭企业自身的力量难以在激烈的市场竞争中立于不败之地,积极寻求合作,建立战略联盟才是企业生存发展的佳径。国家也制定了一系列相关的政策来支持和规范战略联盟的推进和发展,为开展技术攻关及后续产业化发展提供强有力的支撑。随着各种法律、法规、规范的不断完善,战略联盟的数量呈现出激增的趋势。战略联盟可以减少信息的不对称性,减少企业的交易成本,也给上市公司带来利用各种互补性资源、整合联盟内资源的机会,战略联盟还为企业向合作伙伴学习更多的显性知识提供了通道,有利于上市公司掌握新知识、开发新技术,增加上市公司的价值。因此,在有效市场中,战略联盟公告就会对股票市场反应产生正向的影响,也就能引起股价的上涨,那么,中国作为发展中国家,其证券市场是否会对战略联盟的宣告产生反应呢?另外,战略联盟多为全局性、长期性的联合与合作,而不是短期的,那么战略联盟是否能给企业带来长期的财务绩效也值得进一步的研究。本文在现有理论的基础上,运用事件研究法,检验战略联盟宣告对股价的影响,并通过构建财务指标体系,结合主成分分析法,探讨战略联盟对公司长期业绩的影响。本文的研究内容包括五章。第一章为绪论,主要介绍研究背景、研究意义及创新点,并整理了国内外关于股价变动和公司业绩影响因素、战略联盟与公司业绩关系的相关文献。第二章界定了相关概念并阐述了相关研究理论。第三章为理论分析与研究假设,该部分主要介绍了战略联盟对股价以及公司业绩的影响机理,并在此基础上提出本文的研究假设。第四章为实证检验,包括样本选择与数据来源、研究设计、实证结果与分析。本文主要以2011-2015年间在上交所、深交所公告战略联盟的A股上市公司为样本,运用事件研究法,对战略联盟宣告对股价的影响进行实证检验,并通过构建财务指标体系,结合主成分分析法,检验战略联盟对公司长期业绩的影响。第五章为研究结论与政策建议。研究发现:(1)战略联盟宣告对股价有显著正向的影响。(2)不管是市场联盟还是技术联盟,其宣告都能对股价产生显著正向影响,各种联盟都能增加公司的价值。(3)企业建立战略联盟能提高公司的长期业绩。(4)不同类型的联盟对公司业绩的影响不同。公司进行市场联盟后,公司的业绩有了明显的提升,而进行技术联盟后,企业的业绩表现不如市场联盟。主要原因是企业进行技术联盟,在获取联盟伙伴技术知识溢出的同时,也会将自己的技术转移给他人,且研发的结果具有不确定性,可能遭遇研发失败的风险,技术联盟还需要投入巨大的研发成本,这些都可能会使得技术联盟的负效应大于正效应。本文的实证结果拓展了战略联盟经济后果的研究范围,也为企业的战略联盟行为提供了一定的依据。
[Abstract]:With the rapid development of globalization and the progress of science and technology, more and more companies realize that only with their own strength to an invincible position in the fierce market competition, actively seeking cooperation, the establishment of strategic alliance is the enterprise survival and development of the good path. Developing countries have formulated a series of relevant policies to support and the specification of strategic alliances, providing strong support for the development of technology and the subsequent industrialization. With various laws, regulations, standards continue to improve, showing a surge in the number of strategic alliances trend. Strategic alliance can reduce information asymmetry, reduce the transaction costs of enterprises, but also bring listed companies use various complementary resources, integration of resources and opportunities within the alliance, strategic alliance also provides a channel for enterprises to learn more knowledge to partner, is conducive to the listing The company to acquire new knowledge, develop new technologies, increase the value of listed companies. Therefore, in an efficient market, strategic alliance announcement will have a positive impact on the stock market reaction, also can cause the stock price up, then, China as a developing country, the stock market would react to the announcement of the strategic alliance in addition? For global, strategic alliances, joint cooperation and long-term, rather than short-term, so whether the strategic alliance can bring to the enterprise long-term financial performance is worthy of further study. Based on the existing theory on the use of event study method, test the strategic alliance declared the impact on stock prices, and through construction the financial index system, combined with principal component analysis method, to evaluate the effect of strategic alliance on the long-term performance of the company. The content of this paper includes five chapters. The first chapter is the introduction, mainly introduces the research background, The significance of the research and innovation, and analyzed at home and abroad on the stock price and the factors affecting the performance of companies, a review of the relationship between strategic alliance and the performance of the company. The second chapter defines the related concepts and describes the relevant theoretical research. The third chapter is the theoretical analysis and research hypothesis, this part mainly introduces the strategic alliance and the impact on stock price the performance of the company's mechanism, and put forward the hypothesis of this research. The fourth chapter is the empirical test, including sample selection and data sources, research design, empirical results and analysis. In this paper 2011-2015 years in Shanghai and Shenzhen Stock Exchange announcement of the strategic alliance of A shares of listed companies as sample, using the event study method. An empirical test of the strategic alliance announcement effect on stock price, and through the construction of financial index system, combined with principal component analysis method, examines the influence of Strategic Alliance for the company's long-term performance. The fifth chapter is the conclusion and policy suggestions. The study found that: (1) strategic alliances have a significant positive impact on the stock market. (2) whether union or the technology alliance, the announcement can have a significant positive effect on the stock price, all kinds of alliance can increase the value of the company. (3) enterprises to establish strategic alliances to improve the company's long-term performance. (4) effects of different types of alliances on the performance of the company. Company market alliance, the company's performance has been significantly improved, and the technology alliance, enterprise performance is not as good as the market alliance. The main reason is the enterprise technology alliance, alliance partners in the acquisition of overflow technical knowledge at the same time, will also own technology transfer to others, and development is the result of the uncertainty, may encounter risk research failures, technology alliance also need to invest in research and development costs, these are possible It will make the negative effect of Technology Alliance bigger than positive effect. The empirical results in this paper extend the scope of economic consequences of strategic alliance, and provide a basis for enterprises' strategic alliance behavior.

【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F275;F832.51

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