Corporate Equity Ownership, Strategic Alliances, and Product Market Relationships
研究公司长期持有其他公司股权后，目标公司的业绩变化，发现当股权持有与联盟、合资等产品市场关系结合时，目标公司的股价、投资和运营利润显著提升，尤其在研发密集型行业。
This paper examines long‐term block ownership by corporations and performance changes in firms with corporate block owners. We also examine potential reasons for corporate ownership including benefits in product market relationships, alleviation of financing constraints, and board monitoring by corporate owners. We find the largest significant increases in targets' stock prices, investment, and operating profitability when ownership is combined with alliances, joint ventures, and other product market relationships between purchasing and target firms, especially in industries with high research and development. Our findings are consistent with the conclusion that block ownership by corporations has significant benefits in product market relationships.