水泥業多角化成長策略及其治理保障研究 —以信大水泥集團為例

Abstract

本研究旨在探討信大水泥集團於面對產業轉型與外部挑戰下，如何規劃與實踐多角化經營策略。信大作為台灣傳統水泥製造業中具代表性的家族企業，其多角化歷程涵蓋從水泥本業延伸至混凝土製造與中國市場佈局等，具高度研究價值。本研究採用質性個案研究法，透過次級資料整理與深度訪談，從策略形成、資源配置、組織治理與永續轉型等面向進行分析。 研究發現指出，信大水泥之多角化動機深植於產業成長飽和與人口結構轉變的壓力下，並透過本業延伸與垂直整合建立起穩定的擴張模式。在策略推動過程中，創業家族成員扮演關鍵決策與現場執行角色，結合「家族主導－專業落實」之治理結構，有效平衡傳承與效率。同時，企業在面對環保政策與碳稅徵收趨勢時，亦積極導入石灰石水泥與資源循環措施，展現其在多角化策略中的永續意識。 本研究除回應關聯型多角化與家族治理等理論問題，也對於傳統產業於現代化與永續轉型過程中之管理策略提供實務參考。最後，針對研究限制與未來延伸方向，建議可進行多個家族企業之比較研究，或聚焦ESG與智慧製造等主題，深化學理與實務之連結。

This study aims to explore how Hsing-Ta Cement Group, a representative family-owned enterprise in Taiwan’s traditional cement industry, plans and implements diversification strategies in response to industrial transformation and external challenges. As a case with significant reference value, Hsing-Ta’s diversification spans from its core cement business into ready-mixed concrete production and expansion into the Chinese market. Adopting a qualitative case study approach, this research analyzes the company's strategic development, resource allocation, organizational governance, and sustainable transformation through secondary data collection and in-depth interviews. The findings reveal that the company’s motivation for diversification stems from the saturation of industry growth and demographic decline. By extending its core business and adopting vertical integration, Hsing-Ta has built a stable expansion path. The founding family plays a pivotal role in strategic decision-making and hands-on execution, with a “family-led and professionally-executed” governance structure that balances tradition and operational efficiency. Moreover, in response to environmental regulations and the introduction of carbon pricing, the company has actively adopted limestone cement and resource recycling practices, reflecting its commitment to sustainability within diversification efforts. This study contributes to the theoretical discussion on related diversification and family business governance, and offers practical insights for traditional industries pursuing modernization and sustainable transition. It also suggests that future research may adopt a comparative case approach across family businesses or focus on topics such as ESG-oriented diversification and smart manufacturing to deepen the academic-practical dialogue.