策略聯盟的契約不完整性與高失敗率指出尋求可信任聯盟夥伴的重要性，
然則，相關文獻對於判斷聯盟夥伴信任之來源及其可信任程度之衡量，仍是莫
衷一是，缺乏統合性概念。本研究依據利害關係人理論，探討參與聯盟企業本
身之公司治理健全度可否作為聯盟夥伴可信任程度的衡量指標。基於公司治理
之兩大核心利益⎯⎯道德誠信內涵與透明資訊揭露，本研究欲探討一個具備健
全公司治理制度的企業在從事策略聯盟時，可否提升合作廠商對它的信任程
度，進而作為夥伴選擇的重要參考依據？當企業的公司治理機制愈健全時，聯
盟夥伴能否獲得更為顯著之利益？聯盟雙方的公司治理健全度與整體策略聯盟
績效是否有關聯？當聯盟廠商間存在公司治理良窳不一致時，是否會對整體策
略聯盟造成負面影響？最後，因公司治理的內涵受到國家文化之影響，本研究
預測，上述議題對台灣企業與美國企業將呈現顯著差異。本研究之實證結果與利害關係人理論之主張一致，公司治理健全度可正向增進夥伴可獲得的聯盟利
益，而當聯盟參與公司雙方治理健全度愈高時，整體策略聯盟績效愈佳，上述
實證所得在台灣與美國樣本均顯著成立，顯示利害關係人理論在不同文化環境
中均具有重要意涵。

Based on stakeholder theory, this study aimed to discuss if the soundness of
corporate governance mechanisms of a firm can be viewed as a measure of its
degree of trustworthiness. According to the two main corporate governance values
of moral integrity and information transparency, this study investigates that if the
soundness of a firm’s corporate governance will increase partner’s benefit, and
firm’s probability of being selected as alliance counterpart? Will the difference of
governance soundness between partners destroy the alliance outcome? Finally, is
the content of corporate governance affected by national culture? The empirical
result shows that a firm gains more when the partner institutes a better governance
system. The sounder the governance of both partnering firms, the better the
alliance outcome will be as a whole. The results held true in both Taiwan and U.S.
samples, indicating that stakeholder theory has a significant impact and no cultural
boundaries.