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This paper examines the influence of risks on alliance governance modes in high-tech industries. The extant literature has devoted little attention to the preferred governance mode based on the risks surrounding alliances. In this paper, we examine why risks are key factors in the alliance governance decision and investigate the choice of alliance governance mode in high-tech industries. Hypotheses are formulated based on risk perspectives; these hypotheses are empirically tested using data on 3,228 alliance records generated over the past 5 years in high-tech industries. The results suggest that risk perspectives provide an effective rationale for choosing an alliance governance mode in a high-tech industry. In the conclusion, we discuss critical issues in the current debates on predicting alliance governance modes.