影響衍生公司績效的因素探討—以宏□集團衍生公司為例

Abstract

本研究採用計量分析方法，探討影響衍生公司績效的關鍵因素。本研究以宏□集團衍生公司為標的，依據平衡計分卡的精神，評估宏□集團衍生公司在四個構面的績效，並將績效評估結果予以量化。首先，以階層分析法(AHP)，統合歸納不同階層、專業、產業、年齡的人員意見，律定四個構面績效評估的權重，線性結合衍生公司四個構面的績效，以一整合指標完整地顯現衍生公司的績效。其次，依據衍生公司整合性的績效指標及宏□集團公司的資料，律定九個影響衍生公司績效的假說，經由統計上的變異分析(ANOVA)，探討影響衍生公司績效的關鍵因素。變異分析的結果顯示，衍生公司的績效與執行長在母公司的年資、衍生模式、技術來源、合資模式及公司的產品與母公司的關聯性等因素有關，但與執行長的專業背景、產業分工、供應鏈定位及次集團文化無關。實證結果建議衍生公司的技術最好能在母公司自行研發、而股權比例宜佔50%以上，但保留部分股權與外部策略伙伴合資、產品與母公司宜有所關聯、新公司執行長宜在母公司具備相當年資方可槓桿運用母公司現有資源(如行銷通路、製造能力與財務調度)，衍生機制如此設計應有助提升衍生公司之績效。

This research adopts a statistical approach to analyze the performance determinants of spin-off companies. First, Balanced Scorecard (BSC) is utilized to model performance measurement of acer spin-offs from four different perspectives. Second, weights derived from Analytic Hierarchy Process (AHP) are used to aggregate opinions from people with different ranks, professions, industries and ages regarding the importance of the four perspectives. Finally, nine hypotheses are proposed and the method of Analysis of Variance (ANOVA) is used to verify the performance determinants of spin-off companies. The empirical results suggest that the performance of a spin-off company is significantly correlated with the CEO’s seniority in the acer Group, the incubating model of a spin-off, the procuring of a spin-off’s core technology, the degree of ownership of the parent company, and the bundling relationship of products and services between the spin-off and its associated parent company. However, our empirical results show that the performance of a spin-off is not correlated with the professional background of a CEO, a spin-off’s position in the total supply chain, a spin-off’s attributes of products and services, and a spin-off’s origin of acer’s by sub-group.