現有文獻中，研發密集與債權人財富的關係是相當模糊的，主要原因為研發投資產生的利益具有高度的風險，且該風險的影響可能會超過研發投資的利益。Lev (2001)指出研發聯盟是一種可以降低研發風險的管理機制，本研究的目的為調查研發聯盟對於研發投資與債權人財富關係之調節效果。實證結果發現研發聯盟能夠正向調節研發投資與債權人財富的關係。本研究主要貢獻為擴充了傳統的會計議題，將研發聯盟引入研發投資對於債權人財富影響的議題中。

In existing studies, the relation between R&D intensity and bondholder wealth is ambiguous. The major reason is that the potential benefit of R&D investments is highly risky and this risk may outweight the potential benefit. Lev (2001) indicates that R&D alliance is a managerial mechanism, which reduces the risk of R&D investments. This study investigates whether R&D alliance has a moderating effect on the relation between R&D intensity and bondholder wealth. The empirical results indicate that R&D alliances positively moderate the relation between R&D intensity and bondholder wealth. This study extends the traditional accounting literature on R&D by incorporating R&D alliances into the discussion of the wealth effect of R&D.

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