高科技公司的主要競爭優勢來源為其所擁有無形的智慧資產。企業無形資產的累積有兩種途徑:內部發展或向外取得。前者透過組織內部研發資源的投入取得專利、開發新產品或新製程、推動技術創新以累積與組織能耐有關的無形資產;後者為透過與企業外合作夥伴建立良好關係,以取得顧客資本的累積、關係資本,與商譽等與組織外合作關係的無形資產;其中企業關係夥伴可包括顧客、供應商與其他策略聯盟夥伴。本研究將探討高科技企業對外策略聯盟模式、技術研發支出對長期無形資產價值的影響,長期而言能否累積無形資產,為股東創造價值。本研究以美國95 家上市高科技公司為實證對象,分別觀察1985-1990與1991-1996兩段期間,樣本公司的涉及股權、非涉及股權策略聯盟傾向、研發支出與Tobin's Q為衡量的企業長期績效間的關係,結果顯示當公司傾向採用涉及股權的策略聯盟方式時,長期會降低無形資產的價值。當公司傾向採用非涉及股權的策略聯盟方式時,長期會提高無形資產的價值。當公司研發支出增加時,亦會增加公司無形資產的價值。
Intangible assets were major sources of competitive advantages for technology-based firms. A firm's intangible assets can be accumulated through internal developments or external acquisitions. Technology based firms can increase their R&D expense to acquire patens, to develop new products/processes, and to promote knowledge innovation in order to accumulate core competence of the organizations. Cooperation with other organizations is another way to increase the firm's intangible assets including partnership with customers, suppliers, and even competitors. This paper examines how strategic alliances and R&D expenditures affect corporate long-term performance. This study collects data from 95 high-tech companies. We divided the observation periods into two sub-periods: 1985-1990 and 1991-1996. Results suggest that a firm tending to adopt equity-based strategic alliances will decrease its value of intangible assets in the long run. However, a firm can be efficient in accumulating intangible assets if it tends to adopt non-equity-based strategic alliances or increases its R&D investments.