企業集團總部母合優勢研究：以台灣電信產業為例

1996年，台灣受電信自由化風潮影響通過電信三法，電信市場走向開放，自此台灣電信市場先後出現許多新進者加入，也發生多次的併購交易，經過這二十多年的演進，目前形成整合行動通訊以及固網業務的中華、台哥大與遠傳三大電信集團，整體市佔率超過八成，而其中台哥大以及遠傳電信背後分別為擁有不同資源的富邦集團以及遠東集團所支持。根據母合優勢的理論，透過母公司或企業集團總部評估集團內部資源與事業體的業務性質契合度，方能規畫出公司層級(corporate level)而非事業層級(business level)的策略，進而創造出比競爭對手更高的價值，而本研究透過母合優勢理論對於台灣的富邦與遠東兩大集團進行資源盤點，並歸納出母公司優勢與子公司策略契合之處。　　經過歸納與分析，發現遠東集團具有行政支援、跨部門整合與創新研發的母合優勢，而富邦集團則具備資源整合、投資評估以及人才培養與任用的優勢。研究結果認為，遠傳切入物聯網後在集團內部擁有許多可以實施的場域，將有助於改善集團內部企業的表現；而富邦集團中的電信與金融，累積了龐大的客戶資料庫，同時集團中又具備投資併購的評估能力，因此台灣大哥大選擇透過新創投資的方式尋求成長機會。而檢視兩間企業的行為，符合母合優勢理論之中企業必須妥善評估所屬集團所擁有的資源之後，再執行相對應的策略。

關鍵字

母合優勢；企業集團；企業總部；電信產業

並列摘要

The telecommunications liberalization started since AT T was forced to disintegrate because of violating antitrust laws in 1984 and Taiwan moved towards telecommunications liberalization through 1996. Many new entrants have joined the telecommunications market since then, and mergers and acquisitions have occurred over time. After twenty years passed, there are only three major telecommunications company in Taiwan, CHT, TWN and FET, which three company have overall market share more than 80%. There are Fubon and Far East conglomerate behind TWN and FET which have different resources. According to the Parenting Advantage, business strategy should fit conglomerate resource, and valued by headquarter to form corporate level strategy rather than the business level strategy so as to create higher value than competitors. The research analyzes Fubon and Far East and summarizes that Far East has the advantages of administrative support, cross-department integration and innovative research and development, while Fubon has the advantages of resource integration, investment evaluation, and talent training and appointment. The research results believe that there are many fields that can be implemented within the group after FET enters the IoT, which will help to improve the performance of enterprises within the group. Fubon has ability to evaluate investment and mergers and acquisitions, make TWN seek growth opportunities through new venture investment. Examining the behaviors of Fubon and Far East conglomerate, it matches with Parenting Advantage theory that companies must evaluate resources owned by the group, and then implement corresponding strategies.