企業組織重整策略之探討-以宏碁公司個案為例

Corporate Restructuring Strategy – The Case of Acer

林金美(Chin-Mei Lin)

指導教授 ： 鍾彩焱

元智大學/管理學院/管理研究所/碩士(2006年)

摘要

隨著全球經濟蓬勃化，現代企業處於產業結構迅速改變，市場競爭激烈的經營環境中，企業為求能永續經營，紛紛透過組織重新建構或轉型的方式，來提高企業經營效率及提升競爭優勢。雖然企業組織再造策略概有併購、分割、重整及撤資等，可經由各種企業組織再造方式，重新規劃及整合組織資源，以達到不斷提昇企業價值，進而創造股東財富，然而在欲求企業規模極大化的企業，所考量的再造策略，多為併購或多角化經營，卻忽略了過度併購所帶來的組織僵化，無法聚焦經營而無法達成原所預期的目標。

本文以宏碁公司為個案研討的案例，主要是著眼於宏碁公司在經過一連串的內在及外在環境變化，導致公司的生存受到挑戰。為了公司生存及企業價值的增加，宏碁採取企業重整策略以為因應，而其中以其第二次合併及分割事件為探討重點，藉此來觀看策略在執行上、使用時機與策略動機的運用。

本文最後希望能透過對此案例的探討，能對國內業者在面對激烈的環境競爭時，給予一些策略執行的參考借鏡。並冀望國內企業未來發展能清楚地認知企業定位，隨時因應產業環境的改變而調整企業策略，以追求公司價值與股東財富極大化

關鍵字

企業重組 ； 分割 ； 併購

並列摘要

The globalization brings in rapid changes in business environments and world-wide competition. To be viable, many firms resort to restructuring for improved efficiency and competitive advantages. Restructuring strategies include mergers and acquisitions, spin-offs, carve-outs, and divestures. However, ignoring the benefits of concentration strategy by spin-offs and divestures, many companies that pursued economy of scale by merger and acquisition have resulted in deteriorating financial performance due to the loss of business focus.

This study examines the timing and the execution of restructuring strategy of Acer, a major electronic and personal computer manufacturer in Taiwan. Through a series of spin-offs and divestures, Acer has been divided into three more focused units which enable it to emerge from dire financial conditions and become a viable business entity.

The implication of this study is that in the time when the popular strategy by Taiwan’s companies is merger and acquisition, companies should not overlook the strategy of spin-offs and divestures to stay focused as an alternative to maximize shareholders’ value in a very competitive economy environment.

並列關鍵字

Corporate restructuring ； spin-offs ； mergers and acquisition

參考文獻

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