本文選題：戰(zhàn)略聯(lián)盟　切入點(diǎn)：股價(jià)　出處：《安徽大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著全球化的快速發(fā)展以及科技的不斷進(jìn)步,越來越多的公司認(rèn)識到:僅憑企業(yè)自身的力量難以在激烈的市場競爭中立于不敗之地,積極尋求合作,建立戰(zhàn)略聯(lián)盟才是企業(yè)生存發(fā)展的佳徑。國家也制定了一系列相關(guān)的政策來支持和規(guī)范戰(zhàn)略聯(lián)盟的推進(jìn)和發(fā)展,為開展技術(shù)攻關(guān)及后續(xù)產(chǎn)業(yè)化發(fā)展提供強(qiáng)有力的支撐。隨著各種法律、法規(guī)、規(guī)范的不斷完善,戰(zhàn)略聯(lián)盟的數(shù)量呈現(xiàn)出激增的趨勢。戰(zhàn)略聯(lián)盟可以減少信息的不對稱性,減少企業(yè)的交易成本,也給上市公司帶來利用各種互補(bǔ)性資源、整合聯(lián)盟內(nèi)資源的機(jī)會,戰(zhàn)略聯(lián)盟還為企業(yè)向合作伙伴學(xué)習(xí)更多的顯性知識提供了通道,有利于上市公司掌握新知識、開發(fā)新技術(shù),增加上市公司的價(jià)值。因此,在有效市場中,戰(zhàn)略聯(lián)盟公告就會對股票市場反應(yīng)產(chǎn)生正向的影響,也就能引起股價(jià)的上漲,那么,中國作為發(fā)展中國家,其證券市場是否會對戰(zhàn)略聯(lián)盟的宣告產(chǎn)生反應(yīng)呢?另外,戰(zhàn)略聯(lián)盟多為全局性、長期性的聯(lián)合與合作,而不是短期的,那么戰(zhàn)略聯(lián)盟是否能給企業(yè)帶來長期的財(cái)務(wù)績效也值得進(jìn)一步的研究。本文在現(xiàn)有理論的基礎(chǔ)上,運(yùn)用事件研究法,檢驗(yàn)戰(zhàn)略聯(lián)盟宣告對股價(jià)的影響,并通過構(gòu)建財(cái)務(wù)指標(biāo)體系,結(jié)合主成分分析法,探討戰(zhàn)略聯(lián)盟對公司長期業(yè)績的影響。本文的研究內(nèi)容包括五章。第一章為緒論,主要介紹研究背景、研究意義及創(chuàng)新點(diǎn),并整理了國內(nèi)外關(guān)于股價(jià)變動和公司業(yè)績影響因素、戰(zhàn)略聯(lián)盟與公司業(yè)績關(guān)系的相關(guān)文獻(xiàn)。第二章界定了相關(guān)概念并闡述了相關(guān)研究理論。第三章為理論分析與研究假設(shè),該部分主要介紹了戰(zhàn)略聯(lián)盟對股價(jià)以及公司業(yè)績的影響機(jī)理,并在此基礎(chǔ)上提出本文的研究假設(shè)。第四章為實(shí)證檢驗(yàn),包括樣本選擇與數(shù)據(jù)來源、研究設(shè)計(jì)、實(shí)證結(jié)果與分析。本文主要以2011-2015年間在上交所、深交所公告戰(zhàn)略聯(lián)盟的A股上市公司為樣本,運(yùn)用事件研究法,對戰(zhàn)略聯(lián)盟宣告對股價(jià)的影響進(jìn)行實(shí)證檢驗(yàn),并通過構(gòu)建財(cái)務(wù)指標(biāo)體系,結(jié)合主成分分析法,檢驗(yàn)戰(zhàn)略聯(lián)盟對公司長期業(yè)績的影響。第五章為研究結(jié)論與政策建議。研究發(fā)現(xiàn):(1)戰(zhàn)略聯(lián)盟宣告對股價(jià)有顯著正向的影響。(2)不管是市場聯(lián)盟還是技術(shù)聯(lián)盟,其宣告都能對股價(jià)產(chǎn)生顯著正向影響,各種聯(lián)盟都能增加公司的價(jià)值。(3)企業(yè)建立戰(zhàn)略聯(lián)盟能提高公司的長期業(yè)績。(4)不同類型的聯(lián)盟對公司業(yè)績的影響不同。公司進(jìn)行市場聯(lián)盟后,公司的業(yè)績有了明顯的提升,而進(jìn)行技術(shù)聯(lián)盟后,企業(yè)的業(yè)績表現(xiàn)不如市場聯(lián)盟。主要原因是企業(yè)進(jìn)行技術(shù)聯(lián)盟,在獲取聯(lián)盟伙伴技術(shù)知識溢出的同時(shí),也會將自己的技術(shù)轉(zhuǎn)移給他人,且研發(fā)的結(jié)果具有不確定性,可能遭遇研發(fā)失敗的風(fēng)險(xiǎn),技術(shù)聯(lián)盟還需要投入巨大的研發(fā)成本,這些都可能會使得技術(shù)聯(lián)盟的負(fù)效應(yīng)大于正效應(yīng)。本文的實(shí)證結(jié)果拓展了戰(zhàn)略聯(lián)盟經(jīng)濟(jì)后果的研究范圍,也為企業(yè)的戰(zhàn)略聯(lián)盟行為提供了一定的依據(jù)。
[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.

【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F275;F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 章衛(wèi)東;張江凱;成志策;徐翔;;政府干預(yù)下的資產(chǎn)注入、金字塔股權(quán)結(jié)構(gòu)與公司績效——來自我國地方國有控股上市公司資產(chǎn)注入的經(jīng)驗(yàn)證據(jù)[J];會計(jì)研究;2015年03期

2 文鳳華;肖金利;黃創(chuàng)霞;陳曉紅;楊曉光;;投資者情緒特征對股票價(jià)格行為的影響研究[J];管理科學(xué)學(xué)報(bào);2014年03期

3 紀(jì)建悅;李坤;;利益相關(guān)者關(guān)系與企業(yè)財(cái)務(wù)績效的實(shí)證研究——基于中國房地產(chǎn)上市公司的面板數(shù)據(jù)分析[J];管理評論;2011年07期

4 蔣明霞;;基于利益相關(guān)者的企業(yè)社會資本測量研究[J];商業(yè)時(shí)代;2011年20期

5 王新霞;劉志勇;孫婷;;股權(quán)分置改革對股權(quán)結(jié)構(gòu)與公司績效關(guān)系變遷的影響機(jī)理及實(shí)證分析[J];上海經(jīng)濟(jì)研究;2011年02期

6 顧湘;徐文學(xué);;基于利益相關(guān)者的社會責(zé)任與企業(yè)價(jià)值相關(guān)性研究[J];財(cái)會通訊;2011年03期

7 黃雷;葉勇;藍(lán)輝旋;;股改后國有控股上市公司股權(quán)結(jié)構(gòu)與公司績效研究[J];統(tǒng)計(jì)與決策;2010年10期

8 苗淑娟;杜金秋;魏仲航;;股權(quán)分置改革背景下的上市公司股權(quán)結(jié)構(gòu)與績效關(guān)系的再研究[J];工業(yè)技術(shù)經(jīng)濟(jì);2008年11期

9 里昕;;縱向戰(zhàn)略聯(lián)盟對企業(yè)績效的影響[J];統(tǒng)計(jì)與決策;2008年02期

10 劉超;原毅軍;;智力資本對企業(yè)績效影響的實(shí)證研究[J];東北大學(xué)學(xué)報(bào)(社會科學(xué)版);2008年01期

，

本文編號：1589068