中型電子零件製造商分割策略之研究-以個案公司為例

Abstract

本論文探討的個案公司，在追求成長並兼顧分散風險的動機下，該公司採用了關聯性多角化的經營策略，在公司成立迄今超過四十年的歷史中，由一生產單一電感材料的小型製造商，緩步成長成為今日國內少數可提供客戶全系列電感元件的中型被動元件供應商。 論文從個案公司及所處產業介紹開始，進而分析該公司面臨的經營問題，發現個案公司過去賴以成長的多角化經營策略，在現今快速變遷的經濟環境中，面臨全新的挑戰，不再有效率地為企業創造價值成長。透過分析個案公司問題，同時評估不同的問題解決對策，本研究認為，採取分割策略，是現階段能夠全方位解決個案公司面臨經營問題的最佳對策。 本論文更進一步提出積極的分割方案，建議公司採取權益式分割模式，將公司現階段仍屬虧損但前景可期的非電感事業，自母公司切割出去。分別就此分割方案在控制目的、財務綜效、資金需求與資本利得等面向作深入的探討，並針對個案公司執行分割策略時提出一些建議，以確保策略執行能有效達成。

The case company of this study has historically followed a related diversification strategy to simultaneously develop its values and disperse its risks. Since the company was founded more than 40 years ago, it has developed gradually from a small manufacturer focusing on one type of inductor material into one of the country’s few medium-sized passive-component suppliers that offers all inductor components. This study introduces the case company and its respective industry and analyzes the management problems facing the company. In today’s rapidly changing economic environment, the diversification strategy that the company has relied on no longer efficiently facilitates value growth. Based on analysis of relevant challenges and various solutions, corporate division is identified as the optimal strategy for comprehensively solving the company’s problems. This study proposes an active corporate division plan by which the parent company may use equity carve-outs to segment its noninductor businesses that are running at losses but still exhibit potential. The goals, financial synergy, fund requirements, and capital gains involved in the plan are explored in depth. Subsequently, suggestions for implementation of the segmentation plan are provided to the company.