Enhancing performance through merger and acquisition or strategic alliances? In knowledge innovation based

摘要

This paper investigates the relationships among merger and acquisition (M&A), strategic alliances and organizational performance. This paper compares the influences of M&A?and strategic alliances?from 1993 to 2008 on both stock price and trading volumes of underlying stock around the announcement date on Taiwan stock market.?The empirical?results indicate a strong relationship between strategic alliance?event and?SCAR and SCAV in electronics?industries.?The SAV results for M&A events are positive and?significant?for non-electronics industries, and?there is a strong relationship between M&A?event and?SCAR and SCAV. Furthermore, among the listed companies,?the SAV results for M&A events and strategic alliance event are positive and?significant, and there is positive effect in SCAR and SCAV for M&A events, and there is also positive effect in SCAV for strategic alliance events.