電腦產業在1990年代發生了極大的變化。最主要的原因來自於科技的突飛猛進，知識工作者的覺醒，組織結構的演變以及全球經濟的不景氣。這些驅使力使電腦產業在個人電腦之外，又出現了電腦工作站的新區隔。而且特別由於組織內工作小組的出現，使得兼有大型主機與個人電腦優點的工作站配合主從架構與開放系統，成為市場的新寵兒，而且後勢看好。在電腦市場中一些新興的廠商像Sun, Hp 或晶片領導供應商Intel與軟體的領導廠商Microsoft都想包舉宇內，囊括四海。而傳統電腦市場中的IBM 與個人電腦的領導廠商Apple 也不甘勢弱，紛紛打起策略聯盟的組織戰來。 於是以HP為軸心的PRO 聯合組織，由Sun領導以銷售為導向的Sparc聯盟，以Intel與Micr- osoft等為主的ACE多頭馬車聯合組織，以及結合IBM,Apple與晶片供應商Motorola 的三角互補性聯盟乃先後形成並且各擁重兵。「策略聯盟」既是現代高科技廠商自保與進占市場的神兵利器，加以研究「策略聯盟」理論的大師們所作各種專精的研究與立論也在管理界引起重大的研究與迴響，因此本論文旨在分析比較各種策略聯盟理論的同時，兼能探討根據不同的策略聯盟理論的立論，究竟聯盟是否易於成功。最後，並以面訪或電話採訪方式收集國內參加策略聯盟廠商經理人的經驗與資料，再配合所作的四大聯盟的分析提出對我國電腦廠商參與日後策略聯盟的建議。

會計盈餘是企業向投資人傳達營運績效的指標，又投資人視公司達成分析師預測門檻與否為企業前景的重要訊號。當公司宣告策略聯盟決策時，資本市場給予正面評價，不過策略聯盟協議可能使管理當局存在機會主義與盈餘管理活動，過去文獻發現，有策略聯盟的公司，其盈餘品質較低。本文探究企業執行策略聯盟對於跨越盈餘門檻的關聯性，觀察策略聯盟事件是否為管理當局進行盈餘管理或是預期管理的工具，以迎合或擊敗分析師之盈餘預測門檻。本文實證發現策略聯盟與否及策略聯盟多寡與分析師預測門檻具有顯著正相關，而執行策略聯盟之公司從事向下引導分析師預測的機率較低，此外，實證結果亦發現，策略聯盟會降低公司管理當局採取向上調整裁決性應計數的可能性。綜上研究顯示，有策略聯盟之企業達成分析師預測門檻的機會較高，然而，其管理當局較不會選擇應計項目盈餘管理或預期管理方式來迎合或擊敗分析師之盈餘預測門檻。

Since ancient times, roads have tied people and cultures together. Roads have been createdwith the aim of facilitating trade and cultural exchange among different regions in the world. After the technologic development in vehicle industry and dramatically increase of motoring in the world during the past century road communication has gained a great importance for transporting people and goods. Thus, good safety and accessibility on roads all year round is now a vital necessity for a healthy economy in all modern societies. In order to keep roads safe, available for use with high transport quality they need to be maintained in real time. One of the most difficult tasks in this context is to keep the roads in good condition and accessible even during winter. The main objective of this doctoral thesis is to attempt to specify the most efficient ways of executing winter road maintenance.  The preliminary issue in this context is whether it is the use of current assistive tools, that is, technical aspects that should be optimized and developed or whether it is the way in which winter maintenance services are procured and outsourced, that is, contractual aspects that should be improved which could give the optimal impact for both clients and contractors and make winter road maintenance more effective, or both issues. In order to define the outline of the research project a comprehensive state of the art survey was initiated with the intention of collecting and gaining insights into the earlier studies in the research area. Three basic areas associated with the performance of winter road maintenance were considered to be most relevant for review due to the anchorage between the areas. The selected areas were climatological, technical and contractual aspects. The literature review was followed by an electronic questionnaire survey. The results of the study in this stage showed that current technical methods almost functioned in a reasonable manner but there was an imprecise dissatisfaction with the current maintenance contract. The second stage of the research consisted of a number of additional empirical investigations in order to identify contractual problematic issues behind the current winter road maintenance in Sweden. Generally, those factors that are rarely considered as potential underlying causes to costly performance of winter road maintenance in Sweden were studied in this research project for example improper use of related technical assistive tools, procurement of improper bundled winter services and inappropriate contract structure. This thesis consists of six papers, five of which are related to each other, and the first one is completely independent but within research area. Findings in the thesis contributes to extend understanding about; how designing appropriate contracts can improve winter road maintenance, how proper use of assistive tools can reduce unnecessary winter road maintenance costs and minimize road traffic disruptions and delays, how a partnering structure in contracts can create confidence and trust between clients and contractors that in turn leads to minimizing or eliminating conflicts and disputes between parties involved, how choice of appropriate procurement methods through proper bundling of winter road services can contribute to shorten the procurement process and create incentives for contractors, and how selection of proper payment mechanisms can contribute to higher service quality of performed winter road measures. Additionally, an adequate knowledge and understanding of climate, proper knowledge of road weather and its impact on winter road traffic is essential for contribution of better planning of how to maintain the road network during winter. Since understanding about winter issues and its effect on winter road traffic is far from complete and winter road maintenance in the cold regions is a similar challenge, broad and complex, the results of this research may even contribute to improving winter maintenance problems in the countries with severe winters like Sweden. / <p>QC 20140227</p>

El propósito de esta investigación es analizar las características de una posible alianza estratégica entre la industria hotelera y joyeros artesanales de Cusco, que garantice el beneficio de ambas partes y sea sostenible en el tiempo. Se utilizó una metodología cualitativa con entrevistas a profundidad realizadas a los gestores de la industria hotelera y a joyeros artesanales, de la ciudad de Cusco, y se usó la revisión de fuentes académicas secundarias. La investigación tuvo como objetivo establecer cómo los hoteles buscan alianzas con comunidades de la zona a fin de apoyar el desarrollo local. Esta temática no ha sido previamente estudiada en el ámbito hotelero y tampoco existen estudios académicos específicos para el Perú. Por lo que los resultados alcanzados, son una contribución al conocimiento para aquellos organismos que tengan interés en el tema y pudieran implementar un nuevo valor a sus negocios. De la misma manera, es útil para los joyeros artesanales pues significa una manera de reinventarse. Finalmente, se identificó que los gestores hoteleros y joyeros, se encuentran interesados ​​en realizar una alianza estratégica, asimismo, ven como un valor agregado el acercamiento del huésped con las comunidades y, de esta manera, brindar conocimiento de la cultura cusqueña. Por el lado de los joyeros, lo ven como un ingreso que puede ser recurrente, además de tener mayor alcance con sus productos. / The purpose of this research is to analyze the characteristics of a possible strategic alliance between the hotel industry and handcraft jewelers of Cusco, which guarantees the benefit of both parties and its sustainability over time. A qualitative methodology was used with in-depth interviews with managers of the hotel industry and handcraft jewelers, both from the city of Cusco, and also a review of bibliographical references from academic sources. The objective of the research was establishing how hotels seek alliances with communities in the area in order to support local development. This topic has not been previously studied in the hotel industry and there are no specific academic studies for Peru, so the results achieved are a contribution of knowledge for those public and private organizations that are interested in the topic and could implement a new value to their businesses. Likewise, it is useful for handcraft jewelers as the alliance represents a new way of reinventing themselves. Finally, it was identified that hotel managers and jewelers are interested in making a strategic alliance, on the other hand, it can be seen as an added value for the guests to have an approach with the communities and Cusco’s culture. On the other hand, for the jewelers, it can be seen as an income that can become recurrent and also a way of having greater recognition of their products. / Tesis

Due to digitalization, companies face a wide range of opportunities and challenges when it comes to attracting, recruiting and retaining talents. To meet these, companies need to present and achieve originality regarding values and corporate culture. One possible solution to this may be customized Human Resource tools.  Co-creation is an increasingly common product development strategy to create customized tools. It is based on collaboration and joint production of value between a supplier and customer. Cocreation may be a favorable strategy for early stage companies to gain customers and enter the market. While there are a variety of market entry strategies, this study is based on the insufficient attention among these to the customer as a possible collaborator when entering. This lack of attention is noteworthy since theory shows that the customer is gaining increased power over a supplier’s business decisions, largely due to digitalization.  There is a need to introduce a strategy that defines how companies co-create with their customers and regards them as an allied. This close relationship provides mutual benefits, sustainable relationships and networks. Consequently, this study aims to investigate if a co-creation strategy can be used to enter a market for an early stage company. The study is based on inductive reasoning and qualitative research methods. It uses semi- structured interviews, active participating observations and a literature study to collect primary and secondary data. The study proposes that co-creation is a new type of market entry strategy and suggests three key areas to consider for an early stage company when entering. These areas are: development approach, ownership and product protection, and expectation and communication. / Digitalisering har skapat både möjligheter och utmaningar för företag när det gäller att locka, rekrytera och behålla talanger. För att möta dessa måste företag presentera och uppnå originalitet kring företagskultur och värderingar. En lösning till detta kan vara företagsanpassade Human Resource-verktyg. Co-creation är en allt vanligare produktutvecklingsstrategi för att skapa företagsanpassade lösningar. Det bygger på samarbete och gemensamt utvecklande av värde mellan leverantör och kund. Co-creation kan vara en gynnsam strategi för ett företag i tidigt stadie att bygga kundrelationer och komma in på marknaden. Baserat på den akademiska litteraturstudien identifierades bristfälligt fokus på kunden som en möjlig samarbetspartner vid marknadsinträde. Detta är anmärkningsvärt eftersom teorin visar att kunden har fått en ökad makt över leverantörens affärsbeslut, till stor del tack vare digitalisering.  Det finns ett behov av att införa en strategi som definierar hur företag samverkar med sina kunder och anser dem som allierade. Denna nära relation ger ömsesidiga fördelar, hållbara relationer och nätverk. Följaktligen syftar denna undersökning till att undersöka om en strategi baserad på co-creation kan användas för att komma in i en marknad för ett företag i tidigt stadie. Studien bygger på induktiva resonemang och kvalitativa forskningsmetoder. Den är baserad på semistrukturerade intervjuer, aktivt deltagande observationer samt en litteraturstudie för att samla primär- och sekundärdata. Studien föreslår att co-creation är en ny typ av marknadsinträdesstrategi och föreslår tre viktiga områden att överväga för ett företag i tidigt stadie. Dessa områden är: produktutvecklingsmetod, ägande och skydd av produkt samt förväntan och kommunikation.

本研究為個案研究，以政大EMBA永續農業促進小組所創「政大一畝田」品牌專案為例，以深度訪談為研究方法，主要探討社會公民社團，如何透過策略聯盟方式，與策略夥伴為利害關係人以及社會共創新價值，並輔以相關文獻的深度分析，對農民團體策略聯盟以推廣有機農業提供具體建議。 根據農糧署2010/05發佈台灣有機認證農地共有4217公頃,僅佔所有農地的0.4％，在政府目前積極的倡導下，消費者認同與消費者支持已大幅增加，台灣的農民團體多自行組織，自產自銷，或者透過地方產銷班等，共同銷售予通路商、中盤商，但現行的銷售管道之銷量不大，又易被中盤商壓價，因此造成台灣有機小農的銷售困境。 研究者發起「政大EMBA永續農業促進小組」，透過資源分析以及環境分析，以組織內部成員之人脈資源、資金、商管知識以及服務熱忱作為基礎，再加上政大之社群資源，與農民團體合作，選定宜蘭三星行健有機合作社作為策略夥伴，推行「政大一畝田」契作稻田認養專案，建立以國內相關企業為目標客群之企業認養的銷售管道。 此公益項目增進台灣有機稻農的生計，也為認養企業與家庭提供樂活體驗、二次公益等社會企業責任的價值，更透過媒體公關行銷，使策略夥伴以及有機議題得到大眾關注，以提昇國民對有機農產的認同與支持。 / Based on the Case of NCCU's My-Farmland Project by National ChengChi University EMBA Sustainable Agriculture Promoting Organization, this paper will discuss how Non-Profit Organizations create new value of sustainability with other stakeholders by strategic alliance and offer some advice to the agricultural organization in Taiwan to promote sustainable agriculture. This paper will also provide literature review on civil society, sustainable agriculture, social enterprise and strategic alliance. According to the Council of Agriculture, the organic farmland officially recorded is 4217 hectares which only accounts for 0.4 percent of the total farmland in Taiwan. Now through the active promotion of the government, both the consumer identification and their support have increased dramatically. The agricultural organizations in Taiwan are made up almost entirely of farmers only. They produce and sell their products on their own. Their main sales channels are to wholesalers, distributors and some end consumers in low volumes. With low bargaining power, organic farmers in Taiwan have a difficult sales condition. This researcher initiated the "National Chengchi University EMBA sustainable agriculture promotion teams" to promote the Case of NCCU's My-Farmland Project through resources and environmental analysis together with the networking, capital, business management knowledge and dedicated services of the members of the NCCU or ganization, plus the community resources of the National Chengchi University. It is the goal of this project to assist the agricultural organizations in Taiwan in prospering and expanding their business. We have selected Ilan Samsung organic cooperatives as a strategic partner to promote and execute the above project and create a sales pipeline for relevant domestic enterprises as target customers. This charity project will provide Taiwan organic farmers with better lives, and also offer country life experiences for the corporations and families who join the project. Additionally, this project will allow the corporations to fulfill their corporate social responsibilities. Furthermore, with the promotion and attention through medias, this project will really increase the consumer identification and their support for the organic farmers in Taiwan.

Seit den 90er Jahren ist die Wettbewerbsstruktur im europäischen Eisenbahngüterverkehr starken Veränderungen unterworfen. Die Auflösung staatlicher Monopole sowie die Öffnung nationaler Märkte implizieren einen intensivierten Wettbewerb, bieten jedoch gleichzeitig die Möglichkeit, sich über neuartige Formen der Allianzbildung Wettbewerbsvorteile zu sichern bzw. Eintrittschancen in neue Transportmärkte zu nutzen. Die Einführung wettbewerblicher Marktstrukturen im Eisenbahngüterverkehr betrifft einerseits die Schaffung gleicher Wettbewerbsvoraussetzungen im Verhältnis der Verkehrsträger untereinander (intermodal). Weiterhin steht die Einführung von Wettbewerb zwischen Eisenbahnverkehrsunternehmen im Vordergrund (intramodal). Die vorliegende Arbeit betrachtet Allianzmöglichkeiten entlang beider Dimensionen: im Mittelpunkt stehen Partnerschaften zwischen Eisenbahnverkehrsunternehmen und/oder intermodalen Partnern, die grundsätzlich auf die Gestaltung des intramodalen Wettbewerbs ausgerichtet sind. Aufgrund des Einbezugs intermodaler Partner, der vor dem Hintergrund integrierter Logistikketten immer bedeutsamer wird, gelangt die Perspektive der Beeinflussung des Wettbewerbs der Verkehrsträger untereinander mittels Allianzen ebenfalls in das Blickfeld der Untersuchung. Übergeordnetes Ziel der Arbeit stellt die Analyse des Allianzphänomens und die Systematisierung spezifischer Allianzmodelle im europäischen Eisenbahngüterverkehr vor dem Hintergrund der sich fortlaufend verändernden Marktstruktur und fortgesetzten Deregulierung dieser Branche dar. Das Hauptinteresse gilt der Allianzrelevanz in dieser Branche im allgemeinen und der Verdeutlichung branchenstrukturprägender Allianzmuster im besonderen. Betriebswirtschaftlicher Forschung in diesem Branchenumfeld soll damit ein stärkeres Gewicht beigemessen werden.

全球性的產業面對國際化的競爭，企業為求生存發展，對於資源的需求必須尋求國內外最佳發展與佈局。隨著運輸系統及通信技術的進步，全球供應鏈的興盛已是必然的趨勢。這些跨國企業專注於自己的核心事業，對於非主軸業務皆採以外包方式委外執行。其中以國際物流運作因涵蓋業務範圍廣且複雜非一般產業所能承擔，採外包方式是一種正確的決策。 物流產業居於專業分工及委外需求日盛的市場中，因此物流產業的市場不斷的擴大，而且對物流需求的服務項目變得多樣且複雜，尤其是國際物流及全球供應鏈。但相對的物流業者間的競爭更形激烈，誰能提供更完整、更準確、更快速及更低廉的服務，誰就能主宰市場。 本研究首先就物流定義、國際物流、第三方物流及第四方物流等活動深入探討，以我國國際物流業者的體質來看，惟有物流業界的水平整合或垂直整合，加上資訊科技化，才能滿足趨勢需求，才能有競爭力。整合的組織方式及解決方案為何，由誰來整合最有機會與條件，本論文將以第四方物流為目標，分析國內物流業者可以採行的整合方式，在業務整合之同時探討資訊整合之可能性及整合方式。並且提出一個以SOA為核心之電子化企業協同合作架構，運用服務導向的開放式及模組化優點來架構第四方物流系統。 倉儲/物流中心及海空運承攬業者是有能力發展成第四方物流業者，因此這兩者在價值鏈中是很好的雁行領導者。透過此領導者本身之條件，再以策略聯盟的方式擴充至其他上下游物流業者，串聯成完整的價值鏈，可快速構成第四方物流組織。 第四方物流組織以策略聯盟的方式構成，目標是串聯成完整的價值鏈，但策略聯盟組織是鬆散的組織，要使價值鏈發揮效益須要藉助協同商務，尤其是資訊的協同作業。要發展協同商務，就需要有共通的標準與可用的技術。。SOA分析架構是一種新的觀念，目前沒有明確的方法可參考，經本研究驗證，使用Zachman framework的原則，使得在SOA\Web service實作較為簡單可行。 / Facing international competition, global enterprises are developing the international optimal resource allocation. Global supply chain is necessary due to the progress in transportation and communication technique. These enterprises focus in core business and outsource others. Global logistics is first priority in outsourcing, because its coverage is wide and it is very complex. The global logistics market grows bigger and bigger, because the global market are progressing towards specialization and outsourcing. The global logistics and supply chain need varied and integrated services. In the violent competitive environment, the one who can provide complete, precise, quick, and integrated service will dominate the market. This research will first discuss the definition and characteristics of global logistics, then discuss 3PL and 4PL activities and core competence. Since the service and business scope of logistics industry is very wide; and given the constitution of Taiwanese global logistics service providers, the only solution to improve the competitiveness of Taiwan local logistics industry is to integrate the logistics industry both vertically and horizontally with the support of the information technology. This paper will discuss the integration solution and the best candidate to integrate the logistics industry, followed by the discussion to build collaboration commerce system by SOA. Warehouse/logistics centers and freight forwarders are best candidates to develop 4PL. These two businesses are best leaders in logistics value chain. Base on these leaders’ capacity to extend to upstream and downstream partners by strategic alliances, they can build full logistics value chain easily and quickly. But the organization structure of strategic alliance is loose. If they want to run the 4PL organization efficiently, they must use collaboration commerce, especially, by information technique. The research confers to develop collaboration commerce using SOA. SOA is a new concept. Right now, there is no full methodology to refer. From the results of the research, we prove that using Zachman framework principle can make SOA or Web service implementation simple and feasible.

台灣高科技公司的技術來源主要有兩種途徑，一是自行或共同研發，另一種就是直接移轉量產技術。台灣高科技公司建構生產線的資金來源不外乎獨資或合資生產。因此，台灣動態記憶體產業與國際各大廠之間的技術互動，影響了臺灣動態記憶體產業發展。 本研究採用個案探討之方式，參考知識管理及智慧資本存量的構面，同時將組織由外部及內部輸入資源的機制一起考慮，以 (1)、智慧資本的存量，(2)、有助於累積智慧資本的知識管理相關之組織活動及組織系統 (知識管理四大構面)，兩大類別來分析個案公司。 個案分析中的兩家台灣動態記憶體公司，分別採用不同營運策略模式，以兩種不同類型的技術引進方式，累積本身的核心能力；一家採用與結盟公司共同研發，另一家採用合資及移轉生產技術。 本研究經由訪談、實際案例等方法推演出個案，藉此比較不同營運策略的兩家公司，在知識管理構面和智慧資本存量的差異，並提出分析討論。 本研究發現，營運策略模式的選擇，對公司的知識管理構面和智慧資本存量會產生影響，主要發現這兩家公司有下述的異同，不同的營運策略模式的選擇，會使得兩家公司有下述的差異： (1)、關係資本存量不同，(2)、結構資本存量不同，(3)、獲取外界技術的途徑不同，(4)、取得知識的機制不同，(5)、輸入技術知識的外部來源不同，(6)、創造與整合量產技術的方式不同，(7)、內隱技術知識蓄積的手法不同，(8)、導入生產與整合新技術時機有差異，(9)、在知識創造的過程中，科層組織與專案組織兩者是不可或缺的，但運作方式及目的並不相同，(10)、有相似的知識市集形態，但內容有些差異；技術性的研討活動及組織人員輪調，有利於研發環境的培養。 除了上述較大的差異外，兩家公司在下述知識管理構面也有些相近的地方，但內容因策略選擇而有些差異： (1)、管理外顯知識蓄積的手法相近，(2)、解決問題之手法相似，(3)、運用系統化的管理方式，將分散各地的人力資本所擁有之資訊和智慧，轉化成組織性的知識。 本研究最後並提出一些實務上與後續研究上的建議。 / There are two major technology sources of Taiwan Hi-Tech companies, first, they develop technology by themselves or joint develop technology with technical cooperation partners; second, they transfer the production technology directly from technical cooperation partners. They set up their production line either by themselves or joint venture with other companies. So the technology alliance relationship between Taiwan DRAM companies and world wide major DRAM supplier will affect the long term development of Taiwan DRAM industry. This research takes the utilization of internal and external resources of the organization into consideration and focus on the knowledge management and the intellectual capital constructs of a company. I base on the following two categories to analyze the cases: (1) the stock of the intellectual capital, (2) the knowledge management related organizations and activities contributing to accumulate the intelligence capital (four major constructs of knowledge management). The research takes two Taiwan DRAM companies as an example; the two companies have different operation strategy and different technology implementation strategy to accumulate their core compentance. One company joint develops technology with technical cooperation partners; another company sets up the joint venture production line and transfers the production technology directly from technical cooperation partners. This research digs deeply into these two companies and wishes to find some useful clues to compare and explain the differences between these two differerent operational strategy companies about the constructs of the knowledge management and intellectual capital. This research finds the selection of the operation strategy will affect the constructs of the knowledge management and intellectual capital; the differences can be summarized as bellow: (1) the stock of relational capital is different, (2) the stock of structual capital is different, (3) the ways to get external technology are different, (4) the mechanisms of making knowledge are different, (5) the external sources of inputting technology knowledge are different, (6) the ways to create and integrate production technology are different, (7) the tactics that accumulate tacit technical knowledge are different, (8) the time to implement technology to mass production and integrate new technology is different, (9) while knowledge creation stage, the hierarchical organization and project team are both needed, but the operation method and purpose are not the same, (10) having the similar knowledge market, but the content is different; Technical workshop and job rotation are good for the research and development environment. Beside the above major differences, there are some similar knowledge management constructs, but the contents are different: (1) The tactics of managing explicit knowledge are similar, (2) the tactics of problem solving are similar, (3) to transfer the information and intelligence everywhere into the organization knowledge by using the systematic management tactics. Finally, this research proposes some suggestions for working level and future study reference.

本研究主要探討生技產業公開說明書之風險因子揭露以及首次公開發行(IPO, initial public offering)前之策略聯盟關係對首次公開發行折價所產生之影響。本研究以美國生技產業首次公開發行公司為研究對象，樣本期間為1997年至2012年。 許多文獻指出當初級市場認購人間資訊不對稱程度越大時，IPO價值之事前不確定性(ex ante uncertainty)越高，因此以事前不確定性的概念來衡量資訊不對稱程度，並透過公開說明書中資訊之揭露作為事前不確定性的代理變數以探討其與IPO折價現象之關聯。本研究即利用公開說明書之風險因子揭露作為事前不確定性的代理變數，並預期揭露的數量多寡與內容描述將影響IPO折價。另外，由於文獻指出策略聯盟所傳達的正面訊號，可能有助於生技公司減少因產業特性所造成的不確定性，因此本研究預期生技公司於IPO前擁有策略聯盟關係將影響IPO折價。 本研究參考過去文獻，建立資訊揭露的四級指標加上風險因子所揭露的項目多寡，系統性地衡量生技公司公開說明書之風險因子，並以多元迴歸分析檢測假說。實證結果顯示：風險因子的內容描述越具量化或越具體，IPO折價越大，並且發現大公司之風險因子揭露數量與IPO折價具正向關係，而生技公司於IPO前擁有策略聯盟關係對IPO折價幅度具有顯著負向關係。研究結果顯示公開說明書之風險因子揭露及策略聯盟與事前不確定性所產生之IPO折價現象之關聯性。 / This study investigates whether disclosure of risk factors in the prospectus and the effect of strategic alliances before IPO date will influence underpricing of the biotech firms. Data is collected for biotech companies of U.S IPOs issued from 1997 to 2012 as the research sample. Much literature indicates that the greater is the information asymmetry between different investors, the higher is the ex ante uncertainty about an initial public offering’s value. Hence, the ex ante uncertainty is measured as the degree of asymmetric information. And there are a number of studies that use different measurement as a proxy for ex-ante uncertainty including disclosures in the prospectus to examine its relation to underpricing. This study uses risk factors in the prospectus as a proxy for ex-ante uncertainty and expects that the quantity of risk factors and the content or description of risk factors will influence underpricing. Furthermore, since previous studies consider that strategy alliances convey a positive signal to investors which would reduce the uncertainty from the industrial characteristics of the biotech industry and would mitigate investors’ concern, this study expects that a biotech IPO with strategic alliances before IPO date will affect underpricing. Referring to past literature, this study builds four-class index for disclosure score and uses the number of risk factors to systematically measure risk factors in the prospectus. The empirical results show that a biotech IPO with more quantitative information or some specific information of risk factors will experience higher underpricing. In addition, in larger firms the greater are risk factors disclosed no matter the quantity or the content and its description, the higher is underpricing. And there is a significantly negative relation between strategic alliances before IPO date and underpricing. In conclusion, disclosure of risk factors in the prospectus and the effect of strategic alliances are related to underpricing as expected.