标题: | 垂直整合策略之绩效研究-以台塑集团为例 The Performance of Vertical Integration-An Empirical Study of the Formosa Plastics Group |
作者: | 陈妍君 Yen-Chun Chen 朱博涌 Po-Young Chu 管理科学系所 |
关键字: | 垂直整合;资源基础理论;绩效;风险;vertical integration;resources-based view;performance;risk |
公开日期: | 2004 |
摘要: | 本篇论文以台塑集团为实证研究对象,运用统计分析的方式,辅以竞争策略、垂直整合、资源基础理论等文献,从产业及台塑集团的发展概况分析,探讨台塑集团的垂直整合策略的利弊得失。 此研究选择台塑集团石化产业中的公司(台塑、南亚、台化、福懋及台塑石化)为研究对象,主要以1999年~2003年为研究期间,采用股东权益报酬率(Return on Equity;ROE)、总资产报酬率(Return on Asset;ROA)、营业净利率(Return on Sales;ROS)和营收成长率(Sales Growth Rate)-四项学者最常使用的财务指标,来作为衡量指标,观察其平均值及标准差,代表其报酬与风险状况,并佐以统计检定五个假说,以探讨台塑集团的经营报酬风险与对照组成员是否显着差异。 透过研究使我们知道,垂直整合能使台塑集团有显着较佳的经营绩效,但将使企业面临产业景气变化后而产生的需求不稳定性,无法转嫁之系统风险。研究中还发现,垂直整合并非唯一的策略,合作策略成功运用或生产产业价值链位置较佳的产品,仍然可以令绩效表现亮眼。 This paper presents an empirical study exploring the performance of spin-offs through vertical integration. Statistical analysis methods were adopted to examine the performance of the Formosa Plastics Group. Following the theories of competitive advantages, vertical integration, and resource-based views, along with the development of the Formosa Plastics Group, the study conducts analysis of the strength and weakness of the vertical integration strategy. The result of this study provides a valuable insight for the vertical integration strategy for mature industries. In this research, we did several case studies on the spin-offs of the Formosa Plastics Group in the petrochemical and textile industries. We use four financial performance indices of these companies between 1999 and 2003, namely the return on equity, the return on asset, the return on sales, and the sales growth rate. The means and standard deviations of these indices are used as proxies for the returns and risks. Additionally, statistical testing is used to validate and contrast the performance of the companies of the Formosa Plastics Group versus that of other companies in the petrochemical and textile industries. As a result, we find out that vertical integration does have significant benefits for the Formosa Plastics Group case. But the vertical integration strategy cannot reduce the system risk because of the turbulent business cycles. Moreover, vertical integration is not the only strategy leading to success. Several examples that successfully use cooperate strategies or put themselves with unique/valuable position also enjoy outstanding performance. |
URI: | http://140.113.39.130/cdrfb3/record/nctu/#GT009131546 http://hdl.handle.net/11536/56723 |
显示于类别: | Thesis |
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