策略聯盟組合之功能多樣性對企業績效之影響 －探討組織寬裕資源與策略聯盟參與者個數之調和效果

Abstract

本研究從組合觀點探討企業在一段期間內進行之所有策略聯盟，其功能多樣性對企業財務績效之影響，選擇全球生技與製藥業股票公開發行之企業為實證研究對象，來驗證過去文獻針對不同產業或其他組合特性之研究結果，在生技製藥業之策略聯盟組合的適用程度。 本研究之分析樣本係由SDC資料庫收集2001至2005年間之全球生技與製藥業企業策略聯盟案件，且參與企業之財務資訊可由Compustat資料庫取得者，共154家生技與製藥業企業，在該期間內累計進行521次策略聯盟。以此批資料為分析基礎，本研究嘗試透過迴歸分析進行實證研究，釐清關於企業之策略聯盟組能合與財務績效間的直接關係，及組織寬裕資源和組合內策略聯盟參與者個數平均值對前述主效果造成之調和效果。 研究結果顯示，企業策略聯盟組合功能多樣性與其財務績效間有顯著之Ｕ型關係；且組織寬裕資源對財務績效有顯著且正向之調和效果；另一方面，組合內策略聯盟參與者個數平均值則對前述財務績效產生顯著且負向之調和效果。

The main objective of this research is to investigate how does the functional diversity of an alliance portfolio effects the financial performance in the biotechnological and pharmaceutical industry from a portfolio view. This research runs an empirical study, trying to test the universal applicability of previous researches. According to the objected data of global biotechnology and pharmaceutical companies' strategic alliances from SDC database collected from 2001 to 2005 as case analysis, 154 biotech and pharmaceutical companies have been accumulately conducted strategic alliances for 521 times. The empirical data is objectively examined in this research through regression analysis. The main focuses of this study attempt to clarify the direct relationship between alliance portfolio and the financial performance, and to understand moderating effects of organizational slack resources and average number of participants per alliance per alliance portfolio. The results show that the functional diversity of an alliance portfolio and the financial performance is in a significant U-shaped relationship. Furthermore, the organizational slack resources have a significantly positive moderating effect on the financial performance. Last but not least, the average number of participants per alliance per alliance portfolio produce a significantly negative moderating effect on the financial performance.