在全球市場競爭加劇與科技迅速發展的背景下，策略聯盟成為企業取得資源、提升創新與強化績效的重要手段。企業在進行聯盟策略選擇時，常面臨「同時聯盟」與「逐步聯盟」兩種路徑的抉擇，然而現有文獻對於企業多角化程度與聯盟偏好之間的關聯性探討仍有限。本研究以資源基礎觀點、交易成本理論與組織學習理論為基礎，探討企業產品多角化程度對聯盟策略選擇的影響，並進一步分析不同聯盟模式對創新與財務績效的影響，及多角化程度在其中所扮演的調節角色。
本研究選取美國製造業與科技業2005至2024年間之上市公司作為樣本，透過Compustat、SDC、WIPO等資料庫蒐集企業的產品多角化程度、聯盟策略、創新與財務績效資料。研究採用熵指數衡量多角化程度，以聯盟方式區分同時與逐步聯盟，並以專利數量評估創新績效，資產報酬率評估財務績效。結果發現：(1) 企業產品多角化程度對其聯盟策略選擇並未產生顯著影響；(2) 採用同時聯盟策略之企業，其創新績效顯著優於逐步聯盟企業，惟在財務績效上未呈現顯著差異；(3) 多角化程度對聯盟策略與創新績效之間的關係未呈現顯著調節效果，而對財務績效亦無明顯交互作用。
本研究填補了多角化與策略聯盟互動關係的研究缺口，亦提醒企業在擬定聯盟策略時，應聚焦於創新需求與資源配置能力，而非僅依據多角化結構做出選擇，具有理論與管理實務上的參考價值。

This study explores how product diversification affects a firm’s preference for simultaneous or one-by-one alliances and how these strategies impact innovation and financial performance. Using data from U.S. listed manufacturing and technology firms that conducted alliances during 2005 to 2024, diversification is measured by the entropy index. Alliance types are classified based on timing, while performance is evaluated through patent counts and ROA. Regression and moderation analyses are applied.
Results show that alliance strategy has a significant impact on innovation performance, with simultaneous alliances associated with better outcomes. However, product diversification does not significantly influence alliance preference. Additionally, no significant moderating effect of diversification is found on the relationship between alliance strategy and either innovation or financial performance. The study offers insights into how firms can leverage simultaneous alliances to enhance innovation regardless of their diversification level.

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