多角化策略及多角化進行方式對經營績效之影響-以金屬製品業為例

Abstract

摘 要 近年來多角化經營已成為企業提昇競爭優勢的主要方法，然而採行不同的多角化策 略與進行方式，對經營績效可能會有不同之影響。有鑑於中小企業為我國經濟發展之主體 ，本研究以金屬製品業內已實行多角化之廠商為分析對象進行實證分析，探討多角化策略 、進行方式、動機及企業規模對經營績效之關聯性影響，以提供相關企業在實施多角化規 畫時之參考。在多角化策略方面，主要分為垂直整合、相關及非相關多角化三類。研究結 果顯示，在績效表現上，採取垂直整合策略在財務績效上的表現較佳。 在多角化進行方式方面，其變數區分為獨資、內部發展、策略聯盟三 項。研究結果顯示，採內部發展方式進行多角化在分散風險之績效上表現較佳，但對財務 性及銷售力績效之影響則不顯著。 在使用策略配合方面，本研究將多角化策略、多角化進行方式 結合成九種不同的配合類型，以探討其對經營績效之影響。結果顯示，企業以垂直整合策 略，搭配內部發展方式在銷售力與分散風險績效均有顯著良好的表現，但對財務性績效之 影響則不顯著。 多角化動機與企業規模為兩個中介變項，探討多角化配 合類型對經營績效之影響，結果顯示多角化動機及企業規模對績效影響不顯著，但二者交 互作用卻對績效呈現顯著影響，此現象說明了多角化動機與企業規模並非影響績效之主要 因素，但可視為權變性的中介變項。 AbstractDiversification has been taken by firms as a major strategy to gain co mpetitive advantage. There are many strategic directions and operating tactics influencing the business performance of the firms. This essay aims at correla ting the strategic and tactic variables with business performance, and a case study of Taiwan's fabricated metal industry was used to reflect the interdepen dencies of diversification strategy and the business performance. .We construc ted a model of analyzing the relationships among business performance, diversi fication strategy, tactics, motive, and business scope. The results show that the diversification strategy and the tactics of each company are very differen t. In terms of diversification strategy, there were three groups in the compan ies studied, namely vertical integration, related diversification, and unrelat ed diversification. With regards to financial performance, vertical integratio n companies showed superior performance.In terms of the diversification tactic s, there were three groups in the companies studied, namely wholly-own, in-hou se development, strategic alliance. For risk-reduced performance, in-house dev elopment showed superior performance.This study also grouped diversification s trategy and the tactics into nine categories. The group having a combination o f vertical integration and in-house development showed superior growth and ris k-reduced performance.This model exploits the impacts of diversification motiv e and business scope as intermediate factors. The results show that these two factors were not the critical variables for the all business performance.