遠東集團多角化經營策略與績效探析

Abstract

多角化經營是企業集團為求營收及獲利成長的一個重要手段，為企業管理領域的重要議題。研究指出，合宜的多角化能擴張企業版圖、帶來成長並分散經營風險，不當的多角化則會侵蝕本業獲利，甚至危害本業的生存。本研究透過對於公司財務資料、文獻刊物及報章媒體訪談資料之分析與整理，探討國內多角化代表公司-遠東集團-的發展歷程、發展模式與經營成效，希望能發掘影響遠東集團多角化成效之主客觀因素，進而增進對於促進企業多角化成效之管理要素之認識。研究發現如下： 1. 遠東集團整體多角化發展績效良好，表現在以下幾個面向上：各產業代表公司之絕對績效及相對績效多表現優異；其多角化達到分散經營風險及資源做較佳利用之目的；其早期事業體之經營績效未隨著多角化事業體的擴充、管理資源的分散而遞減。 2. 影響遠東集團多角化發展績效之正面決策及管理因素有：「進入新事業之決策依據」(配合經濟發展需要及政府政策)、「多角化綜效的管理」、「多角化進入模式的選擇」及「企業普遍之管理風格與管理能力」。其中，「企業普遍之管理風格與管理能力」包括：「財務穩健政策」、「重視及執行創新」、「開放及結合國際資源」、「重視細節及內控管理」、「資訊管理及應用能力」及「重視永續環保及社會責任」等。 3. 遠東集團多角化發展的幅度過大，致資源分散，限縮其對個別事業體投入資源的能力，進而影響其個別事業體及集團整體的競爭力及獲利能力，乃其多角化發展之隱憂。 4. 從探討影響遠東集團多角化發展績效的主觀要素中，亦發現影響其各事業體發展績效之客觀因素，包括：「進入市場時相對同業之資源能力」及「產業競爭特性及產業所處生命週期」，前者主要影響初期績效，後者則對長短期之績效皆有顯著影響。

Diversification is one of the major approaches adapted by companies seek to expend its revenue and profit. Many studies had indicated that proper diversifying may fuel the growing of the company and disperse its operation risks; however some also showed that inappropriate diversifying may reduce earnings and even threaten the continuation of company’s core business. By investigating the diversification mode and management style of Far Eastern Group, which is the typical example of diversified enterprise in Taiwan, this study is conducted to explore the factors that affect the performance of diversification and to generalize issues how to proceed diversifying in a proper way. The results of this study indicate that: 1. The main strategies/abilities applied/owned by FEG that advance the fine performance of the group are the following: (1) the decision-making logic to entering a new business area; (2) the management of synergy (3) the choice of the entering mode of diversification; and (4) the company’s general management style and ability, in which the style and ability includes moderate financial policies, innovation, open minded and integrating with the international resource, the emphasis on management of details and on internal control system, information management and application competence, and the emphasis of sustainable development and social responsibility. 2. The extending range of the business area of Far Eastern Group may have caused the corporative resource over-dispersed, therefore limited resource allocated to the individual business units, and harmed the competitive power and profitability of the units and the whole group. 3. Other key factors that affect the performance of Far Eastern Group include (1) the comparative advantage of entering a new business area (comparative to other companies of the same trade field), and (2) the competitive characteristics and the life cycle stage that the new business industry belonging to. While the prior factor affected the performance mainly in the early stage, the later one affected the performance in any stage of the development of the new business.