臺灣連結器產業企業多角化及其經營績效之分析

The Effect of the Diversification Strategy on Performance in Taiwanese Connector Industry

溫迪興(Ti-Hsin Wen)

指導教授 ： 林惠玲 ； 陳正倉

國立臺灣大學/社會科學院/經濟學研究所/碩士(2008年)

https://doi.org/10.6342/NTU.2008.00671

摘要

企業要進行多角化，其理由包括綜效的追求、資源的活用、風險的規避或股票上市櫃等諸多因素。在諸多的多角化類型中，選擇何種類型進行對公司經營績效最為有利，除卻經營者獨到的生意眼光及靈敏的商業嗅覺外，廠商在進行多角化的規劃時，不僅要衡量外在的情勢、自己的能力，還要擺脫以往的習慣模式、思考邏輯，因為失誤不但會出現在細節中，還長存於假設的前題上。
綜效的追求一般被認為是企業進行多角化最大的動機，其主要分為「因資源共享與技術移轉而來的營運綜效」以及「相同經營邏輯之經營綜效」，企業可透過此兩種多角化策略而達到降低成本與差異化的競爭優勢。透過本研究亦發現了，連結器廠商在進行多角化時會產生了另一種綜效 —「具交叉補貼效果的產品綜效」。
本研究之樣本資料期間為1997年至2007年，在這 11個年度裡，除了 2001年的「Y2K效應」影響前後年的需求提前及遞延外，連結器產業的結構並沒多大改變；但自 2007年下半年就開始，產業的經營環境就起了大變化，在面臨新台幣匯率與人民幣匯率雙升、原物料與大陸勞工成本雙漲壓力，連結器廠商的營運逐漸面臨近年來罕見的困境，使得在2008年第一季，有超過三分之一以上的上市櫃公司因此呈現虧損現象。
研究顯示，廠商進行垂直整合，確實對經營的績效有很大的幫助；而作複式整合，對短期績效的影響卻是負面的。然而，如同面臨2008年第一季的困境時，分散市場風險的複合整合，若以較長的時間觀察，其對經營績效的助益可能是「逐步漸進」的顯現。

關鍵字

連結器 ； 多角化 ； 經濟附加價值 ； 多元羅吉斯模型 ； 面板資料

並列摘要

The reasons for an enterprise to implement diversification are to pursue synergy, to make good use of resources, to avoid risks, to become a listed company…etc. However, what kind of diversification a company should choose to make the best effect? It depends not only on the top manager’s unique vision and sharp observation, but on how an enterprise plans its diversification strategy. When planning diversification, an enterprise should evaluate external environment and internal capability, in the meantime, should get rid of the old behavior and traditional thinking, because critical mistakes would happen on details and more tricky, on hypothetical assumption.

Pursuing synergy as every enterprise’s perception is the biggest reason to implement diversification. Synergy is mainly divided into “synergy from resource sharing and technology transferring” and “synergy from the same operation logic”. An enterprise can use these diversification strategies to gain competitive advantages of cost decreasing and differentiation. Besides, the study also learned that connector companies bring another synergy while they execute diversification – “product synergy from mutual subvention”.

The samples the research used are from 1997 to 2007. Except for the demand shift of Y2K effect around 2001, there is no big change for the structure of connector industry in these 11 years. However, the environment of connector industry changed since the second half year of 2007. Due to the raise of NT Dollar and RMB and the cost increase of material and China labor, connector companies have faced the most serious operating difficulty in the recent years. There are more than 1/3 connector listed companies have deficits.

The research shows that vertical integration indeed enhances a company’s business. “Multiple” integration which executes diversification strategy after vertical integration, on the contrary, has negative result in short term. However, when the connector industry jumps out the “stable” environment that it usually has and faces the difficulties as 2008 Q1, “multiple” integration which spreads the market risk could be a slow but lasting benefit to a company’s business for long term.

並列關鍵字

connector ； diversification ； EVA ； multinomial logit model ； panel data

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