集團母子公司間財務報酬率之比較： 以台灣地區工業電腦集團為例

本研究主要是針對華碩集團與其旗下的五家子公司及鴻海集團與其旗下的十三家子公司的財務報酬率下去比較。來看母子公司間獲利能力的相對關係，子公司因為公司規模較小、需要的資金投入較小，股本較小、起伏比較大，是否因此獲利能力就比母公司高。傳統的PC/NB大廠及大型ODM/OEM業者，在面對其原有的產業及供應鏈的成熟發展，透過合資或入股進入工業電腦，如:鴻海入股樺漢及仁寶入股安勤。各持著本身的動態能力(Dynamic Capabilities Perspective, DCP) 優勢 (Teece et al., 1997) (包含企業動態能力和策略管理等)，透過併購合作及交叉持股的方式，擴大其生存空間及發展的可能性。因此，我們針對目前集團發展設立之母子公司間的財務關係，來探討企業發展方向及其面向。企業除了以營利為主要目標外，也有永續經營的概念，希望能基業長青。所以，因應未來的發展勢必要做資源重新的整合與投入，當然這部分資金取得是很重要的部分。本論文發現，子公司會不會比目公司賺錢，最主要還是跟產業跟未來發展趨勢有關，對於服務跟產品的開發進行持續地投入資源，以因應公司未來發展的多角化及多元化發展，也是企業發展中相當重要的一環。所以，子公司不一定會比母公司賺錢，發現對於企業後續的發展來說，集團產業相關布局的整體規劃是很重要的。怎麼樣才能產生企業成長的動能，哪些部份要及時止損，企業才能有效地將資源投入到正確並有效的地方。所以，集團是以整個集團的發展為目的，所以，子公司不一定獲利會比較高，而是需要以其發展的產業與未來趨勢發展是比較有相關的產業，才是獲利的來源。我們常說基業長青，還有企業應該是要看長期的遠程發展，而非只是眼前的短線操作利益，越是大型企業，便對這社會有著更大的責任。

關鍵字

交叉持股；企業動態能力；產業分析；獲利能力

並列摘要

This study focuses on comparing the financial status of ASUS Group with its 5 subsidiaries and Hon Hai Group with its 13 subsidiaries. To examine the relative relationship between the profitability of the parent company and the subsidiary company. We assume that the subsidiary company with smaller capital and required investment, and the profitability is higher than that of the parent company. The traditional PC/NB manufacturers and large ODM/OEM companies are entering the industrial computer through joint ventures or shareholdings in the face of the mature development of their original industries and supply chains, such as: Hon Hai invests in Huahan and Compal invested in Avalue. Each company owns its Dynamic Capabilities Perspective (DCP) advantage (Teece et al., 1997), expanding its survival through mergers and acquisitions and cross-shareholdings. Therefore, we will explore the direction and the company's development in relation to the financial relationship between the parent company and the subsidiary company. In addition to the main goal of profitable company, it also has the concept of sustainable management, hoping to achieve a long-term success. Therefore, it is necessary to integrate and invest resources for future developments, and capital is a very important part. In view of the future development trend, it is also a very important of continuously invest resources in the development of services and products in response to the diversification of the company's future development. For the continuous development of the company, the overall planning of the industry layout is very important.