隨著世界各國的開放以及各種經貿合作的日漸密切，各國企業合作策略(併購或策略聯盟)的選擇決策之議題也逐漸受到學界的重視。相較於過去的學術文獻多將研究著重在已開發國家企業，本研究則側重研究現今全球經濟佔比日重的開發中國家企業，進而探討企業策略選擇和生產力的組合是否能有效發揮提升其績效的作用。

本研究針對13個國家的開發中國家之同產業企業進行分析，分析其生產力高低是否會影響其在上述開發中國家的策略決策，同時探討 其企業策略選擇決策和生產力的組合是否能對公司淨利提升發揮作用，我們並分析了開發中國家的制度缺陷因素，如金融流通度與政府貪腐程度對上述關係是否造成調節作用影響。我們的分析結論指出在上述的開發中國家企業的策略決策確實和其生產力高低有相關性，並且高生產力的企業選擇併購時對於其公司績效提升具有正向關係。基於我們的研究結果，我們也提供了後續在此領域可研究的議題供有興趣的學者參考。

With the increasingly close economic and trading relationships among countries, the issue of decision making on the cooperation strategy (between M&A or strategic alliances) of enterprises has also received significant attention of the academic community. However, compared to the past literature, which mostly focuses on enterprises of more developed economies, our study focuses on enterprises of developing countries, and we explore whether the combination of corporate strategic choices and productivity of the enterprise can effectively enhance their firm performance.
Our study analyzes enterprises of the same industrial categories in 13 developing countries, to test whether the enterprises’ productivity will affect their strategic decisions in these developing countries, and we also test whether the combination of strategic choices and their relative productivity can play a role in improving the company's performance. In addition, we also test the potential moderating effects of the environmental factors in developing countries, such as country-level financial liquidity and the degree of government corruption, to see whether these factors have an impact in the above-mentioned relationships.
This study concludes that the strategic decisions made by these enterprises in the above-mentioned developing countries are related to their relative productivity, and that the relationship is positive between enterprises with high productivity choosing M&A and their financial performance.

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