興業模式對企業多角化轉投資決策的影響 —以個案觀察為例

The Impact of Investment Structure to the Decision-making Process of Diversification – a Case Study

謝家禎(Jia-Zhen Hsieh)

指導教授 ： 葉疏

國立臺灣大學/管理學院/會計與管理決策組/碩士(2014年)

https://doi.org/10.6342/NTU.2014.10086

摘要

對台灣企業而言，不論傳統或電子產業，皆面臨新興市場的成本競爭，以及歐美企業技術、營運模式典範移轉的挑戰，使得營收及獲利能力面臨衰退壓力。固然從現有基礎追求有機成長，是最普遍的因應方法；但產業變動快速，往往讓企業未能及時跨越轉型鴻溝。
多角化轉投資提供企業成長、多元化、分散風險的機會，但也面臨極大挑戰：企業既有的資源、經驗，通常不能完全適用於多角化項目。如何建構合理的投資架構、審核機制以提高決策品質，是多角化轉投資的重要課題。
本研究透過某企業多角化興業過程，輔以同時亦投入相同內容的對照公司，從經理人、組織流程、資源取用、產業環境…等四個面向整理出多角化轉投資的決策脈絡，以及興業模式對決策的影響因素。
最後提出多角化轉投資決策模型，說明企業興業流程，並建議以「CV + VC」的方式，既給予多角化事業足夠的資源佈局，又能發揮績效審核功能，避免過度承諾續擴虛耗企業資源。

關鍵字

多角化 ； 轉投資 ； 企業興業 (CV) ； 創業投資 (VC) ； 承諾續擴

並列摘要

For most of Taiwan companies, either traditional or Hi-tech sectors, are facing the two-end challenges: the cost down pressure from the rivls in emerging companies, and the innovation and business model shift from the competitors in the US and Europe. Revenue and profit are saturated and probably decreased for Taiwan companies. It is natural for companies to adapt “organic growth” policy. However, organic growth takes time, and can’t catch up with the rapidly changing world. This has made lots of the companies not able to “cross the chasm.”
Diversificaition provides the companies with the opportunities to grow, to diversify and to minimize the risks. However, it brings challenges as well. Few of the existing experiences and resources can be leveraged to the diversified investment. The companies have to find out the way to build up the investment structure, performance evaluation mechanism to improve the decision-making.
In this thesis, we observe the decision process in the diversification of a company, as well as that of its rival at the same time. We conclude the decision-making tendancy from the aspects of managers, organization process flow, resource allocation and industry environment. Also we infer the impact to decision-making resulting from the type of venture business.
In this study, we declare a decision-making model of diversification and suggest a “CV + VC” model for diversification business. With this model, the company can ensure the new businss to have enough resources as well as to be screened by effective performance-review to prevent the company from escalating commitment.

並列關鍵字

diversification ； Corporate Venture (CV) ； Venture Capital (VC) ； escalating commitment

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