垂直整合策略之績效研究-以台塑集團為例

Abstract

本篇論文以台塑集團為實證研究對象，運用統計分析的方式，輔以競爭策略、垂直整合、資源基礎理論等文獻，從產業及台塑集團的發展概況分析，探討台塑集團的垂直整合策略的利弊得失。

此研究選擇台塑集團石化產業中的公司（台塑、南亞、台化、福懋及台塑石化）為研究對象，主要以1999年~2003年為研究期間，採用股東權益報酬率(Return on Equity；ROE)、總資產報酬率(Return on Asset；ROA)、營業淨利率(Return on Sales；ROS)和營收成長率(Sales Growth Rate)－四項學者最常使用的財務指標，來作為衡量指標，觀察其平均值及標準差，代表其報酬與風險狀況，並佐以統計檢定五個假說，以探討台塑集團的經營報酬風險與對照組成員是否顯著差異。

透過研究使我們知道，垂直整合能使台塑集團有顯著較佳的經營績效，但將使企業面臨產業景氣變化後而產生的需求不穩定性，無法轉嫁之系統風險。研究中還發現，垂直整合並非唯一的策略，合作策略成功運用或生產產業價值鏈位置較佳的產品，仍然可以令績效表現亮眼。

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.