本研究旨在探討研發取得策略，情境因子，研發人力資本，與公司績效之間的關聯性。藉由理論模型的推導與實務訪談研發中心主管來發展假說，進而以混合資料模型(pooled data models)與橫斷面資料模型來進行實證分析。主要結果為：當公司的研發多樣化程度較高，專利權數目較少，公司較可能採取內外部研發並進策略(R&D hybrid strategy)，而非完全內部研發策略(make strategy)。最重要地，過度/低度的外部研發取得(under-/over-external R&D sourcing)對於公司績效有負/正向影響。相較於會計績效，此效果對市場績效的影響尤其顯著。同時，研發取得策略對於公司績效的影響，取決於公司的研發人力資本。相較於採取完全內部研發策略的公司，為了吸收外來的異質技術，採取內外部研發並進策略的公司較可能聘任不同研發種類的研發人員；而如此的研發取得策略與研發人力資本契合將進而改善會計與市場績效。本研究的發現與交易成本理論與supermodular理論一致。如同預期，相較於橫斷面資料模型，本研究的實證分析在混合資料模型較為顯著。 / The association between performance and R&D sourcing strategy in relation to contextual variables and R&D human capital is determined by the analytical model coupled with field interviews with directors or managers in R&D centers. Capitalizing on a unique database of the 2001-2003 Taiwan Industry R&D Investment Survey containing more detailed information available on the R&D activities to verify this association, the researcher tests the empirical results by cross-sectional and pooled data models. The findings are that an innovating firm will prefer to implement the R&D hybrid strategy when the higher degrees of R&D diversity and fewer counts of patents are exhibited. Perhaps most importantly, this study shows compelling evidence that over-/under-external R&D sourcing affects negatively/positively a firm’s performance. This effect is more significant in the market-based performance (Tobin’s q and average two-year Tobin’s q) than accounting-based performance (ROS and ROA). Moreover, the associations between R&D sourcing strategy and a firm’s performance are contingent on the use of R&D human capital. Innovative firms with the R&D hybrid/make strategy are more/less prone to employee diverse types of R&D experts to absorb the coming external knowledge, and such alignment between R&D sourcing strategy and R&D human capital thus improves both accounting- and market-based performance. The results are consistent with both transaction cost paradigms that discriminating alignment of transactions with strategy leads to more efficient outcomes, and the supermodularity model that a firm’s performance is a function of coherent alignment between strategy and structural elements of an organization. As predicted, these effects are noticeable and more pronounced in the pooled data model than in the cross-sectional design.