論文摘要 多角化成長一直是策略管理的重要課題,而有關多角化策略類型對經營績效的影響,多數學者認為企業遵循相關多角化較遵循非相關多角化容易獲致成功,這樣的看法也在實務界獲得普遍認同。然而,對於一家欲以多角化策略追求成長的企業而言,最重要也最根本的問題應該是去思考相關多角化的「相關性」從何而來?在兩種多角化成長策略邏輯中:是由外而內的「機會選擇」概念抑或是由內而外的「能力建構」概念?哪一種才是促使企業能夠永續經營的成功之途?本研究透過個案研究法,深入探討企業多角化成長之策略邏輯,期對於企業多角化成長模式提出探索性觀點。 本研究以復盛集團為主要研究個案,首先瞭解復盛集團在多角化成長歷程中所跨足三個產業的產業概況,再分別以復盛集團旗下三大事業部:機械事業部、運動器材事業部與電子事業部為主體,運用動態能力架構觀察集團在各個階段的資源佈局與能耐結構,並結合外部環境之變化,以勾勒出復盛集團之動態能力演進過程;另外,本研究更進一步透過企業協同凝聚(Corporate Coherence)的角度,探討復盛集團之多角化策略選擇,並探究企業協同凝聚與動態能力之關係,以歸納企業追求多角化成長策略之根本邏輯。 分析個案公司-復盛集團超過半個世紀的成長歷程可以發現,就客觀的認定而言,其多角化成長各階段的策略選擇之間似乎並沒有太多的相關性或相似性;然而,依據其資源佈局與能力的發展歷程而言,則呈現出一致性的脈絡。故本研究推論復盛集團之多角化策略選擇,是在「企業協同凝聚」動態觀點的引導下,依據企業經營者的「主導邏輯」,並配合「動態能力」的建構過程,使其每一個成長階段的企業活動與資源佈局之間能夠產生「動態綜效」,持續為企業長期成長注入能量。
ABSTRACT Diversification has always been the favorite empirical domain of theorists of strategic management. Prior researches show that the related diversification outperforms unrelated diversification. However, prior researches lack to show how relatedness being achieved. This thesis, therefore, focused on the achievement of relatedness to complement this theoretical gap. This research selected Fu Sheng Group as research target and adopted a single case study method to explore how a firm can achieve relatedness through various strategic imperatives. This thesis first studied the three industries which Fu Sheng Group has entered and then identified the resource allocation and competences of Fu Sheng in these three industries. Finally, the evolution of dynamic capabilities can be recognized. The findings of this thesis showed that despite the characteristics of three industries are quite diverse, the dominant logic and resource deployment of Fu Sheng Group’s entering in these three industries are quite consistent. Therefore, this research concluded that Fu Sheng Group’s diversification strategy choices are leaded by dynamic corporate coherence.