隱形冠軍一詞的誕生,賦予了全球無數家中小企業一個新的頭銜,也讓全世界注意到這些在專業領域獨步全球的小巨人。本研究選擇我國食品飲品包材產業內之企業-宏全國際集團做為個案研究對象,並選擇與其發展相近之國外紙包材企業-SIG Combibloc進行比較。藉由隱形冠軍相關文獻建立學理基礎,透過個案研究法瞭解兩家企業之發展歷程與經營策略,以隱形冠軍之企業特質進行判定,分析其核心能耐與企業成長模式,瞭解國內外隱形冠軍策略上的異同處及成功之原因,後於結論歸納出隱形冠軍企業的成功關鍵。 本研究之發現重點如下:第一,針對國情調整隱形冠軍對規模之定義與特性,分析結果顯示研究企業符合且擁有隱形冠軍之特質;第二,創新差異化能力為研究對象在變動快速的產業中持續獲利的重要核心能耐;第三,垂直整合的策略中,研究對象以核心能耐去創造價值鏈的深度,由內部創造競爭優勢;第四,研究對象以溫和多角化來追求成長並保持對本業之專注,避免過度分散企業資源而損害利基市場。第五,國際佈局策略以漸進式的布局模式來順應當地市場,並以能夠掌握企業營運權與實地貼近客戶為重。本文結合隱形冠軍理論與國內外企業經營實務,可作為後續我國中小企業營運上之參考。
The creation of the term “Hidden Champion” has given countless SMEs a new title, which draw people’s attentions to these small giants, who choose to be great instead of big. This research aims to find the key success factors of hidden champions by comparing two companies’ business strategies and operation. In this research, THC and SIG Combibloc, both in food and beverage packaging industry, were selected as the research objects for case study. The research structure was built by reading relative literatures, collecting information, and comparing company cases. Through analyzing the core competences and development strategies of these two companies to figure out the operating differences and the success factors. The research result reveals that: (1) Research objects are in line with the definition and characteristics of hidden champion. (2) The capability of innovation and differentiation is an important core competence for both companies to continue making profits in food and beverage packaging industry. (3) In the vertical integrate strategy, two companies use their own core competence to create deep value chain and competitive advantages. (4) Research objects not only keep focus on the niches by moderate diversification strategy, but also avoid diversifying the resources excessively. (5) Their international business strategy is to adapt to local markets progressively, and be close to the customers. This research combines the hidden champion theory with domestic and foreign firms’ business operations, hope to provide SMEs a learning reference for optimizing their operational management.