在表象中尋求根本；在虛幻中尋找永恒。資源基礎觀點顯然在今日虛幻多
變的環境中，提供了另一個思考的空間，值得企業界與學術界深入體察。
然而有關資源基礎理論的實證與理論的推展、精煉，則尚待努力。本研究
從資源基礎觀點來探討廠商之成長，對「廠商成長理論」注入了另一個新
的觀點，並且對資源基礎理論在解釋廠商範疇上，補充了理論推理上的不
足，與實證上的研究缺口。本研究認為核心資源與成長策略有關，當廠商
之核心資源為財務資產時，將傾向低相關成長，採外部成長模式。當核心
資源為組織能力時，將傾向高相關成長，採內部成長模式。當核心資源為
實體資產、無形資產或個人能力時，將傾向中度相關成長，採混合成長模
式。資源與成長二者之關係，可由資源之不可言傳特性與不可交易特性而
獲得較佳的解釋。亦即，當核心資源之資源特性為高度不可言傳性與不可
交易性時，將傾向高度相關成長，採內部成長模式。當核心資源特性為低
度之不可言傳性與不可交易性時，將傾向低相關成長，採外部成長模式。
當核心資源特性不為以上組合時，將傾向中度相關成長，採混合成長模式
。為了驗證研究假設，本研究採人員訪談方法，訪問了國內40家中大型廠
商，計獲得205 個有效成長專案供分析用，經使用變異數分析、相關分析
、因素分析與集群分析等統計方法，檢定結果顯示本研究之研究推論大部
份獲得實證支持。綜言之，本研究導入之資源特性能具體的連結核心資源
與成長策略之關係，而擴展本研究推論後之資源基礎理論可有效的解釋廠
商之範疇，是一個值得重視的新廠商理論。

This research infers the relationships between core resources
and growth strategy of the firms. When the core resources of
the firms were financial assets, the firms would trend to grow
low- related businesses,and adopt external-growth mode. When
the core resources of the firms were organizational
competenices, the firms would trend to grow high-related
businesses, and adopt internal-growth mode. When the core
resources of the firms were physical assets or intangible
assets or personal competenices, the firms would trend to
grow middle-related businesses, and adopt mix-growth mode.
The research advocates the traits of core resources, the
tacitness and the non-tradeability, will more concrete to
explain the relationships between resources and growth of
the firms. Namely, when the traits of core resources of the
firms were high tacitness and non-tradeability, the firms would
trend to grow high-related businesses, and adopt internal-
growth mode. When the traits of core resources of the firms
were low tacitness and non-tradeability, the firms would
trend to grow low-related businesses, and adopt external-
growth mode. When the traits of core resources of the firms
were the others, the firms would trend to grow middle-
related businesses, and adopt mix-growth mode. After empirical
testing, most hypotheses of the research were supported.