企業分離策略之研究 伊頓公司半導體事業部

Abstract

本文主要在探討企業分離之策略，討論有關”企業藉由合併及購併，以求快速成長及發展”之相關文獻，已相當多。根據以往之經驗，合併及購併成功之案例相當少，部分原因是資源不當之分配。歸根究底，沒有一家公司能有無限之資源以擴充其企業之規模。在某種程度上，企業必有合理及有效的資源規劃。因此，企業對事業部之取捨，以達整合其具有核心競爭優勢之事業，面對未來之挑戰。本文以伊頓公司半導體事業部之分離，以探討企業策略－－分離。這不僅是因伊頓公司成功的分離半導體事業部，更因其優異之經營績效，在過去十年中期股東報酬率達18﹪以上。 本文主要包含兩個觀念：（一）合併及購併與脫離及分離對企業成長之衝擊。（二）分離策略對企業成長及核心事業所扮演之角色。第一章介紹伊頓公司及其使命與價值，並涵蓋其主要之企業活動。第二章為相關文獻之探討。如何應用合併、購併及脫離等策略以強化企業之核心事業。第三章及第四章說明伊頓公司之長期策略，半導體事業部之分離過程及結果之分析，對公司財務、營運、員工及股東之影響。本文最後，強調分離策略及核心事業之重要性，企業應時常評估其事業單位，並以脫離及購併建構其核心競爭事業，以降低多角化或單一事業對企業經營之風險。

The purpose of this thesis is to identify the strategy of corporation spin off. There are a lot of articles and books to discuss the issues about mergers and acquisitions to help corporation to develop and grow rapidly. Based on the past experiences, fewer cases succeed in mergers and acquisitions. Some reasons come from the improper resources allocation. It does not balance the resources and corporation growth strategy. Eventually, there are not any companies that have boundless resources to expand its business size. To some extent, it has to make some reasonable and effective resource planning. This research makes efforts to deliberate Eaton’s case - the process, impact and result to the corporation, employees and shareholders. How the corporation to take and give is to congregate its core competence business units to face its challenge in the future. This study uses Eaton Corporation semiconductor equipment operation as the case of this thesis and to identify the corporation strategy – Spin Off. It is not only that its success of spinning off its semiconductor equipment operation but also it prove itself good performance of multiplying its business while it rewards its shareholders with over 18% high returns on equity for the last decade. This thesis mainly comprises two concepts: I, The Impact of Merger and Acquisition Vs Divestiture and Spin-off to corporation growth. II. The Role of Spin-off Strategy to Corporation Development and focus. In chapter 1, introduce the Eaton Corporation’s overall business activities, what its mission and value. Chapter 2 discusses some related articles and researches of mergers, acquisitions, and divestiture. These strategies strengthen corporation core business and let the corporation become more competitive. Chapter 3 and Chapter 4 explain Eaton Corporation long-term development strategies, how it pursued its interest through various strategies, the process of spin-off and the result analysis, the influences to the corporation finance, operation, employees and shareholders. Chapter 5 explains what spin-off and why to spin off. In the conclusion, this research emphasizes the importance of spin-off and focus and explains how the enterprise should always review its business units to reorganize its core competence business unit by divestiture and acquisition. It is also important to get businesses focus through spin-off.