建設開發公司成長策略之研究： 以P公司為例

Abstract

本研究主要以一家成立超過40年的上市建設開發公司為個案研究標的，整理其成長過程，並以安索夫矩陣和相關成長策略理論為依據，歸納出個案公司成立至今的成長策略，探討個案公司轉型成功的關鍵因素，並試圖提出未來成長策略的建議。 過去對於公司成長策略之研究，多為因應產品生命週期所產生之成長落差來進行公司層級之策略規劃。不過建設開發業本身並沒有明顯的產品生命週期，整個產業卻受房地產景氣循環影響很大，因此本研究也以公司成立超過40年，歷經台灣多次房地產景氣循環的個案公司來探討房地產景氣循環和公司成長策略之關係。 本研究整理後歸納出個案公司的成長歷史可以分為兩個階段，1973-1989年為建立核心能耐、擴大市場開發期，主要的成長都來自市場滲透和市場開發策略，透過由地方建商轉型成全國推案建商來達到公司成長的目的。第二階段是1990年至今，在經過三次台灣不動產景氣循環之苦後，個案公司開始有了多角化的動機，也決定了多角化的方向。但是因為沒有掌握跨產業的關鍵資源和關鍵流程，個案公司採取漸進式的方式來做轉型。先從關聯性的多角化合資第一家觀光旅館開始，到最後單獨投資國際連鎖品牌觀光旅館。透過漸進式的多角化，可以逐步建立關鍵資源和流程，而個案公司投資觀光旅館由合資到獨資，規模由小到大，從國內品牌合作到授權國際品牌，都是為了避免在沒有掌握關鍵資源前貿然投入而增加失敗的風險。建設開發業雖然受產品生命週期影響較小，但是受到房地產景氣循環波動影響則十分巨大。在房地產景氣好時，快速累積獲利，但是如果持續只侷限在本業成長，就像把這波段贏的錢又全數押上賭桌，一直賭到景氣反轉，再認賠殺出。如果可以利用好的多角化策略可以解決建設開發業的成長困境，利用BCG矩陣動態的觀念，把景氣上升段當作明星產品，等景氣停滯時，明星變母牛，此時要利用母牛產生的資源，投入問題產業，也就是進行多角化策略。更要在景氣好時就要開始布局多角化，才能在景氣不好時彌補成長落差。目前台灣的房地產景氣進入第五次景氣循環的高峰期，諸多數據顯示房地產可能正面臨景氣反轉的轉折點。本研究建議個案公司應該在景氣尚未反轉之前，持續擴大在觀光旅館業的多角化策略，利用之前累積的關鍵資源和流程，在和國際連鎖飯店合作之後，吸收更多經驗，強化在觀光旅館業的核心能力，未來形成雙核心的企業集團，在房地產開發和觀光旅館經營上都具備充分的經驗，效法國外許多地產公司的模式，在大型商業不動產綜合開發項目中，展現更大的綜效，和發展出和其他開發商截然不同的競爭優勢，在雙核心能力的成長策略下，利用穩定的房地產部門提供資源持續發展觀光旅館事業，將來在房地產景氣循環向下之際，仍可維持公司成長。 本研究另提出以白地策略之四格商業模式來作為評估多角化策略之協助工具，利用原產業和欲轉型產業的兩組四格商業模式，可以定義出多角化方向，也可以分析關鍵資源和關鍵流程中存在的落差，更可以分析利潤公式是否有互補的誘因，來增加多角化策略的成功機會。

The object of this thesis paper is to investigate the growth strategy of a listed housing and development company with more than 40 years of history. By using Ansoff matrix and relevant growth theories to generalize the growth strategies adopted and locate the key success factors of this company, this study concludes with recommendation on future growth strategies. Research on growth strategy often ties in with the growth gap that occurs during Product Life Cycle (PLC) to project corporate level strategy. However, housing and development industry effectively responds to real estate cycles while lacking obvious traits of phases in PLC, making it inconsequential for application. To study the relationship between real estate cycles and business growth strategy, subject was chosen based on its experience in several real estate cycles during its 40 years of history. This study describes two stages in subject company history: (i) 1973-1989 (ii) 1990- present. The first stage was the expansion phase. Subject grew by establishing core competence, achieving market penetration, market development and strategically transform itself from a local company to a national developer.From 1990 onwards, having experienced three times of real estate cycles in Taiwan, subject was committed to diversification and decided its direction. Nevertheless, without key resources and know-how about target industry for diversification, subject took incremental approach instead of drastic method to get through the transformation stage. The first project for diversification is a joint venture investment on a local hotel. When relevant key resources and SOP were established, subject further pushed the frontier into independent investment in international chained-brand hotel. The incremental approach started from collaborative investment, smaller scale of funding and local hotel brand acquisition to 100% ownership, larger scale of funding and cooperation with international hotel brand, all aiming to prevent risk borne from insufficient control of key knowledge and resources. Housing and Development industry is affected enormously by the real estate cycles. Rapid accumulation of profit during a real estate cycle uptrend is as risky for a company without diversification as gamblers who won’t leave the table until losing everything.A good solution to the growth issue in housing and development industry is diversification strategy. Applying the BCG matrix dynamic view, main operation can be seen as the STAR during an uptrend of real estate cycle. While in downturn, the STAR turns into CASH COW as it now suffers from low market growth. At this point, it is highly recommended to fully utilize benefits generated from CASH COW to invest in QESTION MARK type of industry to achieve diversification. To make up the growth gap, diversification measures have to be adopted as early as during real estate cycle uptrend. The real estate cycle in Taiwan is the fifth one and is currently at its peak. Data and studies show that it is now almost on the edge of cycle turning point. This study suggests the subject company to continue its expansion on diversification strategies, especially on hotel businesses. As previously accumulated key resources and knowledge could be absorbed to enhance its capability in hotel business management and further forge a dual core corporation with strong management ability in both housing and development business and hotel business, the dual core strategy brings more competitive advantage and accentuates differentiation. Many housing and development corporations in the world have successfully leveraged on the dual core advantage in large mixed-use development projects and performed a greater synergy with the combination of such pattern. Subject is capable of following similar pattern to take full advantage of dual core competence, feeding resources from the housing and development segment to hotel business to ensure a sustainable growth during cycle downturn. This thesis also uses white space strategy four-frame structure of the business modelto evaluate diversification strategies. By using the two four-frame structures of original industry and the target industry for transformation, the direction of diversification is defined, gaps between key resources and processes are revealed and profit formula is analyzed to increase the chance for the success of diversification strategy.