Cooperation And Its Influence Mechanism On Enterprise’s Value

Cooperation is an important way for enterprises to seek and combineresources to improve their own value, which is very important for thecompany’s operation and development. Cooperation can enhance theconnection between enterprises, improve efficiency, save cost, andcombine resources to create values so that to influence the enterprise’svalue. We can always see in the stock market that when the cooperationhappened, it always follows a big up-and-down of the company’s stockprice.At present, the theory research about cooperation are mainly usinggame theory, transaction costs theory and resource management theory toanalysis the necessity and significance of cooperation. While researchesstudied the cooperation affecting factors are relatively fewer. And they aremainly focus on cooperation content and how to choose cooperation mode.Researches about cooperation content are focus on R&D cooperation andresults showed that R&D cooperation had a positive effect on enterprise.And researches about cooperation mode choose showed that thecooperation mode must be suitable to the characteristics of cooperationenterprises. But there are still no systematic researches studied thecooperation affecting factors.The main question we studied here is that what kind of factors thatwill affect the cooperation performance. So I studied1017cooperation announcements (include all kinds of cooperation) released by551Shanghai-listed or Shenzhen-listed enterprises since1995, through thecooperation content, partner, mode and stage using the empirical methods.And our results showed that: cooperation had an obvious positive effect oncooperation enterprise, and the stock market’s reaction to cooperation wasfirst increased and then decreased, finally return to a rational level. At thesame time, our in-depth systematic study about cooperation affectingfactors show that: for the positive influence on the cooperation enterprise,R&D cooperation is larger than others; intra-industry cooperation isstronger than the inter-industry cooperation; one-partner cooperation isbetter than the multi-partner cooperation; cooperation agreement is higherthan the joint ventures; cooperation progress was a moderator weaken theinfluence of cooperation partner number, while was a moderator strengthenthe influence of cooperation mode. The results of our study have certainreference value in the theory and practice field.