A Study on the Effect of Different Types of Strategic Alliance on Firm Value:Event Study Based on Secondary Data from Chinese Stock Market
- 管理学院－已发表论文 
在竞争日益激烈的市场环境中,越来越多的企业通过战略联盟获取资源、提升竞争优势。本文基于资源基础理论,从联盟企业规模差异和资源整合方式两个维度将战略联盟分为对称一规模联盟、不对称一规模联盟、对称一范围联盟和不对称一范围联盟,并通过收集中国股票市场中的二手数据,运用事件研究法对四种类型战略联盟为企业创造的短期价值进行了比较。研究结果显示,战略联盟能为企业创造价值,但不同类型战略联盟为企业创造的价值存在差异,其中,不对称一规模联盟的表现要优于对称一规模联盟和不对称一范围联盟,对称一范围联盟的表现要优于不对称一范围联盟。本文对企业选择联盟伙伴和结盟方式提供了指导性建议。With the economic globalization and rapid changes in technology development,firms are confronting with more fierce competition and customers' demands are updating more and more quickly.Therefore,to maintain the market position and competitive advantage,firms usually will adopt alliance strategy to cope with the uncertainty of the markets and the complex changes of the competing environment.Scholars have paid more and more attention to strategic alliance,which has become one of the most essential research topics in field of contemporary strategic management.In strategic alliance research,firm scale and resource integration are two important factors which can influence alliance outcome.Prior research on finn scale put emphasis on asymmetric strategic alliance,that can be divided into two streams.One key stream of research on asymmetric strategic alliance has studied the difference in firm value that alliance created for larger firm and smaller firm in alliance.Prior research suggests that while strategic alliances do create value for ? rms,there is a lack of consensus on the division of ? nancial gains between the larger and smaller partners.A second stream of research has focused on the effects of alliance management process on value creation in alliance from larger firm or smaller firm perspective.Besides,there is few research on resource integration.After concrete literature review and analysis,we found scholars usually overlooked symmetric alliances which make up a high proportion of strategic alliance.Especially research on the difference of firm value created by asymmetric alliance and symmetric alliance is fewer.Moreover,in extant literature,most of scholars studied alliance performance which commonly used measures of alliance performance are related to effectiveness in terms of ful? llment of strategic goals,including both common and private,as well as initial and emergent goals,and only very few research studied alliance performance using secondary data,especially in China.Base on resource based theory,strategic alliance is a tool that can access to valuable resource for firms.Before establishing the alliance,firm must consider two problems:one is which kind of alliance partner that should be choose,and another is which kind of resource integration should be used in alliance.To partly solve these two problems,we divide strategic alliances into four types from firm scale and resource integration two dimensions:symmetric-scale alliance,asymmetric-scale alliance,symmetric-link alliance and asymmetric-link alliance.Using secondary data from Chinese stock market,we have compared the firm value created by these four types alliances in short term with event study.The empirical result indicates that:consistent with most of foreign research literature,strategic alliance announcements can increase positive firm abnormal returns in China stock market,and there are some difference in cumulative abnormal return affected by different type of alliance.To be specific,asymmetric-scale alliance performs better than symmetric-scale alliance and asymmetric-link alliance,and symmetric-link alliance is better than asymmetric-link alliance.Our research enriches the literature of strategic alliance in following ways.First,the categories of four types of strategic alliance lay a foundation for the future research.Second,it is the first time to use secondary data testing that alliance announcements can increase positive firm abnormal returns in Chinese context.Third,we examine that contribution to firms are different from different types of alliance,and it can offer some references for firm management when they choose alliance partners and resource integration type.