集團企業多角化之探討

Diversification of Business Group

10.6342/NTU201704440

王珊彗

能力 ； 策略選擇 ； 產業多角化 ； 集團企業 ； 內生性 ； 權力距離多角化 ； 政府所有權 ； 海外所有權 ； 集團企業 ； Ｓ型假設 ； Capability ； Strategic choices ； Portfolio of industry diversification ； Business group ； Endogeneity ； Power distance diversification ； Government ownership ； Foreign institution ownership ； S curved

臺灣大學商學研究所學位論文

2017年

博士

郭瑞祥;陳忠仁

英文

本研究主要探討集團企業多角化對其績效之影響。本研究包含兩個子研究，第一個研究探討能力、產業多角化策略與集團企業績效之關係; 第二個研究主要探討在國際化過程中，權力距離多角化如何影響集團企業的績效。兩篇摘要分別如下： 研究一： 本研究主要建構在資源基礎理論下，利用台灣前百大集團企業為樣本（依據銷售額排名），探討集團企業的能力、產業多角化策略選擇與績效之關聯性。研究結果顯示，有較高行銷與營運能力的集團企業，較偏好採用高多角化策略;相反的，有較高研發能力的集團企業，偏好採用低多角化策略。整體來說，採用高多角化策略的集團，其績效會比採用低多角化的集團來的高。本研究亦發現，產業多角化策略並非通用的，唯有當集團本身的能力與其多角化策略達到配適時，才能產生較高的營運績效。 研究二： 本研究以組織學習理論為基礎，利用台灣前百大集團企業14年的資料，探討權力距離多角化、政府所有權、海外機構所有權與集團企業績效之關聯性。本研究發現權力距離多角化與集團企業的績效，並非線性關係且呈現一個Ｓ型的關聯：績效會先下降、後上升、再下降。表示在國際化的過程中，權力距離多角化本身伴隨著利益與成本，兩者在不同程度的權力距離多角化下，會相互抵銷進而形成非線性的關係。此外，政府所有權，對權力距離多角化與績效之關聯有負向調節效果。表示在國際化過程中，政府持有過多所有權，可能會降低權力距離多角化帶來的利益並增強成本部分。本研究亦發現，海外所有權對權力距離多角化與績效之關連有正向調節效果。表示海外機構所有權會增加權力距離多角化帶來的利益並減弱成本部分。最後，本研究根據實證結果，於結論與建議部分，提出未來的研究方向與相關實務的的建議。

The purpose of this thesis is to explore the relationship between business groups’ diversification and their performance, and two studies are included. The first study explores the relationships among capabilities, industry diversification strategic choice and performance. The second study focus on how power distance diversification affects groups’ performance as their internationalization process. The abstract of each study is summarized as following: Study 1: Based on the resource-based perspective, this study plans to examine the relationships among business group’s capabilities, industry diversify strategic choice, and business group performance. This study demonstrates how different types of capabilities in terms of marketing, operational, and R&D capabilities affect the industry diversification strategic choice and business group performance. By using data from the Top 100 business groups in Taiwan, this study expects that business groups are more likely to adopt a high level of industry diversification strategy when they have better marketing and operational capabilities, conversely, they are more likely to adopt a low level of industry diversification strategy when they have superior R & D capability. Besides, on average, high industry diversification groups perform better than low ones after controlling the endogeneity issues. In addition, business groups achieve a better performance if their industry diversification strategy matching the conditions they encounter. This study plans to show that business groups’ performance from their industry diversification strategy are not universal but depend on different types of their capabilities. Study2: This study examines the effects of portfolio of power distance, shareholding of government and shareholding of foreign institution on business group performance. This study suggests that there is an S-shaped relationship between power distance diversification and business group performance. Performance decreases in the low level of power distance diversification, increases in the moderate level of power distance diversification, and decreases again in the high level of power distance diversification. In addition, shareholding of government is hypothesized to have a negative moderating effect on the S-shaped relationship; while shareholding of foreign institution is hypothesized to have a positive moderating effect on the S-shaped relationship. Top 100 business groups in Taiwanese during a 14-year period are collected to test the hypotheses. The empirical findings support all the main hypotheses of this study. This study also provides important theoretical and managerial implications for strategic and international business management.

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