第五章 結論與建議
第二節 建議
本研究對於後續研究的建議如下：
一、 策略聯盟的宣告使得夥伴聯盟的雙方在聯盟過程中獲得的潛在利益不一 致，本研究檢驗此種不一致現象的發生是否是聯盟夥伴相對規模大小造成 的，結果並不顯著。有學者認為相對規模大小並不是決定聯盟夥伴獲取潛在 利益不對稱的唯一因素，聯盟夥伴的經驗與學習能力才是決定在聯盟過程中 可以獲取多少利益的因素。學習與發掘聯盟夥伴的知識往往是策略聯盟的一 個很重要的動機，擁有資源以及能力優勢的一方能夠快速的學習到聯盟夥伴 的知識，因此能在聯盟中獲取較多的利益（Hamel,1991）。因此，建議後續研 究者可以進一步將聯盟夥伴的經驗與學習能力納入考慮，檢驗聯盟夥伴的學 習能力是否與累積異常報酬間呈現正相關。
二、 造成規模大小與累積異常報酬之間關係不顯著的原因有可能是本研究的樣 本只納入兩間公司同時宣告策略聯盟事件，將多間公司的策略聯盟事件予以 惕除，以致於規模對於累積異常報酬的影響不明顯，因為多家公司同時宣告 策略聯盟事件可能讓群聚的效果顯現，也許納入這些研究樣本之後，規模大 小這個因素就成了聯盟夥伴雙方獲得潛在利益不一致的原因。因此，建議後 續研究者除了可以將聯盟夥伴的學習能力與經驗納入考慮之外，也可以將研 究樣本納入多家公司宣告策略聯盟事件。
三、 本研究檢驗技術聯盟的宣告效果是否大於行銷聯盟的宣告效果時，得到弱勢 的支持，建議後續研究者可以進一步去探討行銷聯盟與技術聯盟處於不同的 產品生命週期中，其宣告效果是否有顯著不同的異常報酬產生？
四、 有股權聯盟與無股權聯盟對於公司價值也會產生不同的影響，股權的參與可 以讓合作雙方建立一個所有權結構以及降低機會主義行為的發生，因此本研 究建議後續研究者可以進一步去探討股權參與對於公司價值的影響。
五、 本研究的樣本搜集期間涵蓋了四個景氣循環，景氣循環的高峰與谷底都會對 於公司價值產生一定程度的影響，建議後續研究者可以進一步以景氣循環為 切割變數，去探討在不同的景氣信號下，策略聯盟的宣告對公司產生的價值 是否有所差異？
六、 本研究僅探討策略聯盟事件的宣告效果，惟策略聯盟對於公司價值的影響應 該是長期的，所以建議後續研究者可以將事件期加長進一步去探討策略聯盟 對於公司價值長期的影響。
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