企業成長階段與多角化策略對經營績效關係之研究－以兩岸食品企業集團為對象

Corporate Growth Strategy, Diversification Strategy and Corporate Performance-Empirical Study on Food Group Company between Two-Strait

曹慧珍(Ｈui-Chen Tsao)

指導教授 ： 呂鴻德 ； 張光正

中原大學/商學院/企業管理研究所/碩士(2004年)

https://doi.org/10.6840/cycu200400001

摘要

論文摘要
本研究旨在探討企業成長階段與多角化策略配合對經營績效之影響，就企業體而言，企業存在的正當性是因為它能夠以最少成本讓社會增加最大的價值；同理，企業成長到一定程度，具備足夠的資源，基於風險分散的考量，多會嘗試新的營運範疇，而發展多角化經營，不論企業是基於資源運用或交易成本考量，企業在選擇多角化形式，最佳之資源統治策略即以極小化統治成本與極大化資源統治效益為考量，才能造就最佳之成長路徑與模式，本研究嘗試以此企業成長階段的觀點來進行食品企業集團之實證研究。

經相關文獻探討，建構本研究之研究架構，探討企業成長階段與多角化策略對經營績效之影響，並以企業規模及市場投資經驗為中介變數，以驗證其對經營績效之影響程度。

本研究針對目前兩岸食品企業集團篩選出九家個案公司，進行實證研究，本研究發現企業成長各階段，多角化策略有所不同，然而各企業成長階段之經營績效並無顯著之差異，以非相關多角化策略之先求本業產品線擴張再發展通路績效較佳。企業規模對與成長階段與多角化策略績效無顯著相關，而市場投資經驗豐富者，成長階段之多角化策略績效較佳。

本研究歸納業界過去成長之歷史軌跡，食品業者成長第一階段之基礎鞏固期由於仰賴產品發展，先求產品多角化，至第二階段之協同量產期，仰賴經銷體系，著重在垂直整合與通路發展，第三階段之資源移動期，仰賴品牌與新事業的佈局，考量原有市場瓶頸，應求相關多角化的發展，進入第四階段之市場整合期，有賴於各事業體之綜效，重點為持盈保泰，仍以發展相關多角化為主，以保持集團之競爭力與市場優勢。

關鍵字

經營績效 ； 多角化 ； 企業成長階段

並列摘要

Abstract
The purposes of the research are trying to discuss what factors between business growing stages and diversified strategies could influence the operational performance. In the business view, the reason of business existence is base on it that spent the least costs to maximize social value. In the same reasons, due to avoid operational risks some business managers would try to extend their business area to another one when business performance was grown to a certain degree and owned enough resources, no matter it rely on resource-handing thinking or lower down the transaction costs thinking. In the research we take certain food business groups for examples through the business growing stages consideration.

Research structure was constructed through some relative literature review, the research try to discuss what factors between business growing stages and diversified strategies could influence the operational performance. Further we take business scale and experience of market investment as moderation factors to verify how it could influence operational performance.

The research selects out nine food business groups between Taiwan and China as our research sample. By the result of the search it could be said that although there are some differences in business growing stages and diversified strategies between those groups, however their operational performance among the business growing stages are not different than others significantly. As we see extending business-relative product line first then developing channel performance is a better strategic choice when business uses non-relative diversified strategies.

The research generalized some conclusions from the history of the food industry. The first growing stage of food industry is called basis consolidated period. In this stage those groups seek for product development, so they focus on product diversification. The second stage is called collaborated production period. In this stage they seek for building retailing system, so that they focus on vertical integration and channel development .The third stage is called resource moving period. In this stage they seek for brands and new business arrangement, so they take the market bottleneck in consider and then focus on relative business diversificatin. The fourth stage is called market integrated period. In the final stage they seek for the synergy of their business units. The main directions are keeping business profitable then focus on relative business diversification to maintain the group’s competency and market advantages.

並列關鍵字

diversification ； growth strategy

參考文獻

25.蘇怡如（民 90），台灣集團企業多角化程度之探討，成功大學國際企業研究所碩士論文。

1. Aaker, D. A. ( 1984 ) Developing Business Strategies，New York：John Willey and Sons

2. Ansoff, H. I. ( 1957 ) Strategies for Diversification, Harvard Business Review

4. Fiegenbaum, A, Hart Stuart, Schendel Dan ( 1996 ), Strategic Reference Point Theory, Strategic Management Journal

5. Grant, R. M. and Azar P. J. (1988), Performance Differences Between The Wrigley / Rumel Strategic Categories, Strategic Management Journal