This　paper　aims　to　comment　on　the　rationale　of　strategic　alliances.　A　number　of　theoretical　approaches　shown　in　the　mainstream　literature,　including　transaction　cost　economics,　resource-based　view,　and　knowledge-based　view,　are　reviewed　and　analysed.　The　results　show　that　none　of　the　three　perspectives　can　provide　a　complete　explanation　for　alliance　formation　and　management.　The　paper　thus　proposes　an　integrative　framework　for　organising　the　literature　on　the　alternative　perspectives　of　strategic　alliances.　The　foregoing　three　perspectives,　as　well　as　organisational　learning　and　innovation　theories,　are　integrated　to　provide　a　more　thorough　understanding　for　the　evolving　complex　phenomenon　of　strategic　alliances.　©　2011　Inderscience　Enterprises　Ltd.