Research On The Impact Of Strategic Alliances On Company Performance

With the rapid development of globalization and the continuous improvement of technology,more and more companies realize that a single company is difficult to be in an invincible position in the fierce market competition and cooperating with other companies actively and establishing strategic alliance is a good development way to company.The government has also formulated a series of policies to support the development of strategic alliance and the research of technology.With the improvement of various laws and regulations,the number of strategic alliance increase sharply.Strategic alliance can reduce the asymmetry of information,decrease transaction costs,provides an opportunity for the listed companies to make use of complementary resources and integrate resources within the alliance.Strategic alliance also provides a channel to learn more knowledge from partner,which is conducive to acquire new knowledge,research new technologies and increase the value of listed companies.Therefore,in the efficient market,the announcement of strategic alliance will have a positive impact on the stock market reaction and the share price will rise.As a developing country,what impact will the announcement of strategic alliance have on China's stock market?What's more,as an overall and long-term cooperation,rather than a short-term joint,whether the strategic alliance can bring long-term financial performance for the enterprise is worthy of further study.On the basis of the existing theories,this paper uses the method of event study to test the effect of strategic alliance on stock price,constructs the financial index system and uses the principal component analysis to explore the influence of strategic alliance on the long-term performance of the company.This paper includes five chapters.The first chapter is introduction that introduces the research background,research significance and innovation,and reviews domestic and foreign literatures related to the influence factors of stock price and corporate performance,the relation of strategic alliance and corporate performance.The second chapter defines the relevant concepts and expounds the relevant research theories.The third chapter is theoretical analysis and research hypothesis.This part mainly introduces the mechanism of strategic alliance influence on stock price and corporate performance,and puts forward the research hypothesis of this paper.The fourth chapter is the empirical research,including sample selection and the data source,research design,empirical results and analysis.Based on the data of the A-share listed companies announcing strategic alliance in Shanghai and Shenzhen Stock Exchange in 2011-2015,this paper makes an empirical study on the impact of strategic alliance on stock price by using the event study.This paper also constructs the financial index system and uses the principal component analysis to test the influence of strategic alliance on the company performance.The fifth chapter is research conclusion and policy suggestions.The results show that:(1)the announcement of strategic alliance has a significant positive impact on.the stock price.(2)The announcement of the market alliance and technology alliance have a significant positive impact on stock price,two types of alliances can increase the short-term value of the company.(3)Strategic alliance can improve the long-term performance of the company.(4)The influence of two types of alliances on long-term performance is different.Compared with technology alliance,market alliance can significantly improve the long-term performance.The main reason is that after technology alliance,the enterprises will transfer own technology to each other when get knowledge spillover from the alliance partners.Besides,the result of R&D is uncertain and R&D has the risk of failure,the cost of technology alliance is also high,all of these may make the negative effect of technology alliance is larger than the positive effect.This research expands the empirical results about consequences of strategic alliance and provides a basis for the strategic alliance of enterprises.