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題名：產品多角化、國際擴張與廠商績效之關係--台灣資訊電子業之實證
作者：梁文貴
作者(外文)：Liang, Wen-Kuei
校院名稱：國立臺灣大學
系所名稱：商學研究所
指導教授：吳青松
學位類別：博士
出版日期：2000
主題關鍵詞：產品多角化；國際擴張；廠商績效；Product Diversification；International Expansion；Corporate Performance
原始連結：連回原系統網址new window
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追求持續性卓越，一直是學者與經營者最關注的共同議題。企業可經由內部成長，或多角化至相關或非相關的事業，以強化其競爭優勢；或選擇擴展至海外、開發新市場空間，以確保其永續的成功。
產品/市場擴張抉擇對績效之影響，長久以來為策略管理及國際企業學域，最感興趣的中心議題。在過去十年，結合產品多角化與國際擴張兩策略對廠商績效影響之研究，儼然成為新興的顯學，然而並未有一致之結論(比較Geringer, Beamish & daCosta, 1989；Kim, Hwang & Burgers, 1989,1993；Sambharya, 1995)。
為進一步探究兩策略間之動態性，本研究追溯企業的演進歷程，以發現兩策略的執行順序。至於影響策略抉擇的主要因素為：高階經營者之經營取向及策略企圖、企業的資源及能力、策略執行之預期風險及報酬、與產業內的競爭程度。為同時執行兩（雙元）策略，多國籍企業必須經由跨事業別與跨國間，充分發揮有限資源及能力之槓桿效果，以獲取規模、範疇及學習之經濟性。然而，在此同時，多國籍企業亦將面臨來自兩策略同時執行之市場或階層的交易成本。因此，對一跨國高階經營者而言，經由策略的組合，以達到跨國企業整體之全球最適績效，仍係其未來最具挑戰的任務。
綜合理論之發展與實務之觀察，將本研究之觀念架構分成三大部分：(1)成長路徑抉擇；(2)產品多角化與績效；(3)國際擴張與績效。並依此提出15項假設，至於績效指標，以民國85~87三年之平均獲利率、獲利穩定性及風險調整後之報酬率等三類為衡量。實證對象則選擇產品多角化及國際擴張均較多元化之台灣資訊電子業為例，其中並以名列中華徵信所1999年版之前1000大業者為抽樣母體。再者，除以回收有效的118家樣本為統計檢定及推論之基礎，並輔以五家深度訪談之個案分析作為佐證。
研究發現：(1) 前述四項因素被證實影響企業成長路徑的抉擇；(2)產品多角化程度與客觀績效為負相關，廠商規模卻是績效差異的主因。相關或非相關多角化，其主觀或客觀績效，並無顯著差異。(3)僅國際化程度與風險調整後之資產報酬率呈顯著負相關，而國際市場分散或國際市場異質程度，雖與風險調整後之資產報酬率呈現非線性關係，但不顯著，且最大單一因素為員工數多寡。
實證亦發現：受制於有限的國內市場規模，專業化經營的台灣廠商，在其創業初期，傾向於選擇以出口及經由與國外客戶的策略聯盟關係，擴展海外市場。透過來自於國際擴張的資源及能力的累積，其逐步建立自身的核心能力，而後能成功地面對來自開發中國家廠商的競爭。因此，即使在亞洲金融風暴後，台灣資訊業仍能維持全球第三名的地位。
相較於過去之研究，本研究釐清國際市場擴張的相關概念，對產品多角化與國際擴張，建立產品及市場兩策略與績效關係的初始架構。而績效衡量僅以三年平均、未考慮競爭的動態觀點及實證對象以中/大型資訊電子業為主等，為本研究之限制。後續研究，則建議探討：內部化型態的非相關多角化之成因、產品多角化與海外市場進入時機、產品與國際擴張策略之適配、集團內之產品與市場多角化策略互動等，將可使國際企業與策略管理結合之研究，建立更完備之跨國經營的整合架構。
“In search of sustainable excellence” has continuously been the critical concern to both academicians and managers. To strengthen its competitive advantages, a corporation could choose to grow within existing operations or diversify into related or unrelated businesses. A company could also opt for expanding across borders to create new market spaces to ensure its continuing success.
Performance effects of product-market expansion choices have long been of central interest in both strategic management and international business fields. For the past decade, the study on the interactive effects from product diversification and international expansion strategies upon a firm’s performance have been an emerging research stream, while no consistent results have been found (cf. Geringer, Beamish & daCosta, 1989).
To examine the dynamism between strategies further, this study also traces retrospectively the evolution of the companies to find out the order of strategies implemented. As to choices between two strategies, main factors such as top management’s orientation and strategic intent, corporate resources and capabilities, expected risk and return from strategies executed, and competition intensity within an industry are further investigated.
To implement dual strategies, multinational companies (MNCs) should leverage their limited resources and core competency across businesses and borders to gain economies of scale, scope and learning. These benefits are not captured without penalties, however. MNCs also encounter transaction costs resulting either from market or from hierarchy while various strategies are pursued at the same time. For a transnational CEO attempting to achieve a strategy combination which results in optimal worldwide performance is still the most challenging task in the future.
Summarizing theoretical and practical developments, the conceptual framework of this study is organized into 3 parts: (1) the growth path choice (i.e., product or market option first)；(2) product diversification effects on corporate performance；(3) international expansion effects on performance. From this framework, 10 hypotheses are proposed for later test. And three sets of performance measures (1996-98 averaged) are used: (1) profitability, (2) the stability in profitability, and (3) risk-adjusted returns.
Empirically, the interactive effects from dual strategies of product diversification and international expansion on corporate performance were examined using a sample of 118 Taiwan’s information and electronics firms which are most diversified both on business and on geographical dimensions. Five in-depth case studies from different sectors along the value-added chain of information product manufacturing are also provided to cross-validate findings from statistical analysis.
Research findings include the following: (1) The four factors influencing the choice of growth paths for companies are confirmed. (2) Product diversification is negatively related to the objective performance index; however, a firm’s scale is the major factor contributing to the performance variance. Moreover, related and un-related diversified firms show no significant difference in both objective and subjective performance indices. (3) The degree of internationalization is found to be significantly and negatively related to the risk-adjusted return on assets. The relations between the degrees of either international market diversity or heterogeneity and the risk-adjusted return on assets are non-linear but not significant. And the main factor accounting for the performance variances among firms is their numbers of employees.
Owing to the limited domestic market, most Taiwanese firms, focusing on one specialized business, tend to adopt market expansion across countries via export (mostly with strategic allies) at their early stages. By accumulating resources and capabilities from international expansion, they gradually build their own competency and then successfully compete against rivals from other developing countries in later years. Deliberately choosing international expansion first to create critical mass effects and then adopting product diversification that meets market requirements to reinforce their competitive advantages, information and electronic firms from Taiwan have maintained the No. 3 position in computer industries in the world, even after the Asian economic turmoil.
Compared with previous studies, this study clarifies the related concepts of international expansion, explores the interactive relations between product diversification and international expansion, verifies the relations between strategic interactions and firms’ performances, and develops an initial integrated framework covering the causes of product-market strategy choices and the resulting performance consequences. Nevertheless, this research adopts only three-year averages of performance indices, does not take into account the dynamic aspect of competition and chooses only large and medium-sized information and electronics firms as validated samples. Topics such as the causes for the existence of internalized un-related firms, product diversification and the timing of foreign market entry, the fit between product and international expansion strategies, the interactions between product and market diversification strategies in a conglomerate, the relation between choice of product-international diversifications and alliance strategies, and strategic inflection and business restructuring for a multinational are suggested for future studies. Through further interdisciplinary studies of strategic management and international business, a more comprehensively integrated framework for transnational management will be built.
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