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국제적 제휴와 기업가치에의 효과

International alliances and its impact on firm value

이상희|박종훈
한국국제경영학회 (Korean Academy of International Business)|2005.09|국제경영연구 (International Business Journal)|제16권 제3호|pp. 1-25

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참고문헌

키워드

사건연구기업가치Firm Value국제적 제휴의 속성International alliancesEvent Study.
주제분류경영학

초록

본 논문은 국제적 제휴의 속성이 기업가치에 미치는 효과에 대해서 연구함으로써 어떤 조건 하에서 국제적 제휴가 기업가치 제고에 기여하는지에 대해서 실증적으로 분석하였다. 본 연구는 국제적 제휴의 속성을 제휴 수준과 기업 수준에서 조망하였고, 각각의 제휴 속성들이 기업가치에 미치는 효과에 대해서 가설을 수립하였다. 1989년부터 1998년까지 다우존스 데이타베이스(Dow Jones Database)에 공시된 국제적 제휴 가운데 항공 산업과 통신 산업에서 발생한 양자간 제휴를 연구대상으로 삼아 실증 분석한 결과, 제휴의 협력범위, 제휴에서의 지분참여정도, 참여 기업의 상대적 성과가 기업가치에 유의한 영향을 주는 것으로 나타났다. 반면, 파트너기업 간 국가문화 유사성 및 참여 기업의 상대적 규모는 기업가치에 유의한 영향을 미치지 않는 것으로 나타났다. 이러한 연구결과를 바탕으로 시사점과 향후 연구 방향에 대해 토의하였다.

Abstract

This study examines the conditions under which international alliances have positive effects on the market value of the firms participating in international alliances. This study analyzes the conditions at both the alliance and the partner levels. We used 89 firm- announcements of international alliances formed in airline and telecom industries during the period 1989-98. Our results reveal that alliance characteristics such as scope of cooperation and equity investment have positive effects on partner firms’ stock prices, whereas partner characteristics such as relative performance have a positive impact on partner firms’ stock prices. We discuss the implications of the results and provide directions for future studies.

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