企業組織型式與董事會結構對策略聯盟財富效果之影響

Organization Form, Board Structure, and the Wealth Effect of Strategic Alliance

文獻指出專業或多角化經營的不同企業組織型式與不同董事會結構下的決策機制與過程，不僅會改變公司資源的利用效率，也會影響決策的品質。因此本研究預期企業組織型式與董事會結構的不同，應會影響公司策略聯盟的決策，進而影響策略聯盟後的股東財富效果。本研究從企業組織型式與董事會結構的相關理論出發，利用 1999 年到 2006 年台灣集中市場上市上櫃公司宣告策略聯盟的資料，探討企業組織型式與董事會結構的不同對公司進行策略聯盟宣告的公司股東財富之影響。本研究發現不論專業經營公司或多角化公司進行策略聯盟宣告後，對股東財富皆有顯著正向的影響。多角化公司不論進行同業或異業聯盟之宣告，皆有顯著正向的股東財富效果；但專業經營公司對於股東財富的顯著正向效果，多來自於同業聯盟。另外本研究也發現，一公司董事會組成結構對公司策略聯盟宣告的財富效果有重要的影響。當董事會中獨立董事或外部董事席次比例愈高時，對公司宣告策略聯盟後的股價累積超額報酬有顯著正向的效果；而當公司的董事長與總經理為同一人時，其策略聯盟宣告之超額報酬則有顯著負向的效果。本研究結果在考量了集團企業因素後依然成立。 Organization form and board structure of a firm may not only have the impact on the resource utilization but also influence the investment decisions. Literature addresses little about that. Hence, this study is aimed to examine how the different organization form and board structure influence firm’s stock performance of strategic alliances. The results show that the average stock price response is significantly positive for both alliances initiated by focused firms as well as by diversified firms. We find both same-industry and different-industry alliances have significantly positive impacts on stock price performance of diversified firms. However, the positive stock price performance of focused firms that make the announcement is mainly from same-industry alliances. In addition, the board structure of a firm which announces the strategic alliance influences the wealth effect of shareholders significantly. Our empirical results indicate that the announced firm will have significant positive stock responses when the board has characteristics with higher ratio of independent directors, higher percentage of outside directors, and the chairman of the board not serving as chief executive officer. Our empirical results still hold after controlling the effect of strategic alliance within the same business group.