本文整合交易成本理论与实物期权理论研究联盟模式的选择问题,采用172个企业间的联盟数据,对影响联盟模式的交易属性和不确定性因素进行实证检验,证实了实物期权理论在不确定性环境下解释联盟模式选择问题的重要作用,是对交易成本理论在联盟治理选择研究方面的重要补充,为战略联盟模式治理问题的解决提供了思路。 This article integrates the transaction cost theory and the real option theory to study the choice of the alliance mode. Employing the alliance data of 172 enterprises, this paper empirically tests the transaction attributes and the uncertain factors that affect the alliance mode, The important role of the interpretation of the alliance mode choice in the environment is an important complement to the study of the transaction cost theory in the choice of alliance governance and provides a way of thinking for the solution of the governance of the strategic alliance model.