分割策略應用於解決多角化問題之研究-以個案公司為例

Spin-Off Strategies for the Solution of Diversification Problems: A Case Study

李宇玲(Yu-Lin Lee)

指導教授 ： 葉疏

國立臺灣大學/管理學院/會計學研究所/碩士(2007年)

https://doi.org/10.6342/NTU.2007.00293

摘要

隨著全球化的腳步，現今商業活動愈來愈複雜，挑戰及變化也愈多愈快，企業在面對競爭時，經常會面臨兩種選擇，一是專注聚焦經營；另一是積極透過多角化壯大自己。多角化經營為企業快速成長及分散風險的方法之ㄧ，多角化雖具備分散經營風險、擴張經營範圍、達成經濟規模效益之優勢，但隨著多角化的程度愈高，多角化的缺點亦伴隨而生，但當多角化之成本大過其帶來之效益時，企業通常會重新省思專注於本身核心競爭力的重要，進行所謂的企業重組工作，以期達成重新聚焦、再造股東利益的目的。

本研究選擇之個案公司，成立至今逾20年，在追求成長及降低風險的動機下，該公司採用了多角化的經營策略。個案公司主要事業部門包含營養保健、西藥及醫學美容三部門，三部門所面臨的經營環境、銷售模式及管理重點皆不相同，透過訪談及蒐集相關資料，我們發現個案公司已出現股價低估、排擠資源、績效獎酬等管理問題。本文從個案公司所處產業介紹起，進而分析該公司問題發生之原因，發現問題的出現多與公司多角化有關。透過分析個案公司多角化問題，同時分析個案公司不同部門間綜效與負綜效的情形後，本研究認為分割策略不失為能夠全方位解決個案公司多角化問題之方法。

透過分割模擬試算，我們發現分割能解決或預防個案公司於市場上遭逢的資訊不效率情形，進而改善個案公司股價低估之情形；透過股價低估情形的改善，有助於個案公司未來籌資、節省資金成本。本研究另利用訪談資料進行相關預估及分析，發現資源排擠現象及績效獎酬問題若能透過分割策略的執行而獲得改善，確係對個案公司長遠發展有所助益；同時分割策略能增加個案公司未來與其他公司策略聯盟的機會，使公司經營保持彈性。經綜合分析發現，分割策略係提供全面解決個案公司多角化問題方案之一，因此我們試圖提出不同的分割方案供個案公司參考，其中我們認為採用權益分割模式將營養保健部門單獨切割出去成為子公司之方案，較具可行性。另為了解分割策略執行時，有哪些應注意事項，是以我們試圖針對個案公司的分割執行，提出一套具體可行的方案，包含分割後股本的形成、股權的規劃、資產的配置、經營團隊與人才、退休金及分割後獎酬制度的設計等等。

文獻都證明分割後的一定期間內，股東享有超額異常報酬，但若將時間拉長來看，分割策略雖是企業組織改變的方式之一，但並不是企業績效及價值增加的萬靈丹或特效藥，企業之長期發展仍須眾多關鍵成功因素的配合，並非執行分割即可畢其功於一役，而需其他條件與策略、戰術等完整的配套相配合。但對個案公司而言，分割策略確能提供個案公司在處理多角化問題時一個較佳環境與基礎，使其與競爭者一較短長，進而增加成功的機會。最後我們針對個案公司執行分割策略時提出一些建議，以確保策略執行的有效達成。

關鍵字

多角化問題 ； 企業分割 ； 權益分割 ； (負)綜效 ； 資源排擠 ； 股價低估

並列摘要

With the trend of globalization, the business world has been exposed to greater complexity, daunting challenges and rapid changes. In the face of competition, enterprises usually have two options to choose from: one is to focus on their core business and the other is to grow through diversification, which is one of the ways in which businesses can grow rapidly and reduce risks. Despite its benefits of spreading operational risks, expanding the scope of business and creating economies of scale, diversification, especially a high degree of diversification, entails costs. When the cost of diversification exceeds the benefits, enterprises tend to refocus on their core competences, and engage in corporate restructuring so as to further elevate shareholder value.

This case study concentrated on a company which, having been established for over 20 years, has adopted the diversification strategy with a view to attaining further growth at reduced risk. The company has three main business divisions: pharmaceutical, nutricare, and derma-cosmetics. The three divisions differ in terms of business environment, sales/distribution model and management strategy. Through in-depth interviews and data collection, this study found the company to be suffering from stock undervaluation, the resource crowding-out effect, and problems related to performance compensation.

This study began with an overview of the industry the company is in, and went on to investigate the causes of the aforesaid problems, to which diversification was found to be the key contributor. Having examined the company’s diversification problems, and the existing synergies, positive as well as negative, among its various divisions, this study suggested the spin-off strategy as a possible solution to these problems.

Through spin-off simulation exercises, this study demonstrated that the use of spin-off may resolve or prevent information inefficiency the company faces in the market, thus alleviating the problem of stock undervaluation. Improved stock valuation would then help reduce the company’s funding cost in its future capital-raising efforts. This study also used the interview materials to conduct related analysis and forecast. Problems such as resource crowding-out effect and inadequate compensation programs were found to be improved by the spin-off strategy as well, which would be tremendously beneficial to the company’s long-term development. Moreover, the spin-off strategy allowed the company to remain flexible, more likely to engage in strategic alliances with other companies in the future.

Having proved the spin-off strategy as a possible solution to the company’s diversification problems through comprehensive analyses, this study proposed different spin-off options for the company’s reference. Among these options, equity carve-outs -- having the nutricare division split off and form a separate subsidiary -- seemed to be most feasible. Seeking the best way to implement the spin-off strategy, this study also proposed a specific program for the company, including details such as post-spin-off capital formation, equity planning, asset allocation, recruitment of talent and management teams, design of pension and compensation systems.

All literature in this field has shown that within a specific period of time following the spin-off, shareholders usually enjoy exceptionally higher returns. Yet on a longer time horizon, spin-offs prove to be just one of the many ways for corporate restructuring. Put differently, spin-offs are not a silver bullet or panacea for improved corporate performance and added value. A corporation’s long-term development, after all, still relies on a combination of various factors, rather than a one-shot spin-off. However, for the company in question, the spin-off strategy can indeed provide a better solution to its diversification problems, thus boosting the company’s chance of success in the market. Finally, this study concluded by rendering advice to the company about the implementation of the spin-off strategy.

並列關鍵字

spin-off ； carve-out ； synergy ； negative synergy ； diversification

參考文獻

1. Amy Dittmar,2004, “Capital Structure in Corporate Spin-offs”, the Journal of Business Vol.77, No.1, 9-43

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