集團企業內部資源分享模式-以台灣前百大集團上市上櫃子公司為例

Abstract

集團企業對台灣地區的經濟貢獻力不斷攀升，集團內部如何進行有效率地資源分享，成為一個日漸重要的課題。本研究基於資源分享觀點，主張集團進行多角化策略的主要目的，在於分享資源。本研究以台灣地區前百大集團企業轄下的219家上市、櫃子公司為研究對象，透過次級資料之蒐集，實證分析台灣地區前百大集團轄下子公司之間的資源分享之模式。主要分析層面有三：第一，將資源分為有形、無形與融資資源，依照不同資源的屬性與分享彈性分別加以討論，以檢視資源的多寡，是否會正面影響資源分享。第二，探討資源分享模式與獲利能力的關係。第三，探討資源分享模式與集團多角化程度的關連性。 本研究結果顯示，台灣地區集團子公司主要的資源分享活動，是有形資源分享活動；而集團內部融資資源的直接分享並不明顯，較傾向以間接方式進行融資資源分享。子公司擁有的有形資源多寡，顯著正面影響該子公司有形資源（包括流入與流出）與無形資源分享程度，這顯示擁有豐沛有形資源之子公司，可能是集團內部主要資源分享的樞紐。實證結果亦發現，資源分享對於接受有形資源分享的子公司而言，對其獲利能力有正向影響，而對付出有形資源的子公司而言，並沒有明顯影響。顯示台灣地區集團企業在進行有形資源分享時，可能是基於不傷害有形資源付出者的前提下，扶助接受有形資源的子公司。本研究也印證，台灣地區集團追求有形資源分享的傾向，反映在低度的非相關多角化上。目前台灣地區集團非相關多角化的程度相當低，集團架構主要仍以單一事業或垂直整合為主。此特徵與新興市場的環境因素一致，也和其他新興市場集團的多角化研究，有一致的結論。

The total revenue generated by the 250 largest business groups in Taiwan amount to NT$31611.5 billion, more than Taiwan’s total output as of 2003. Contrast with their increasing significance, our knowledge on how to conduct efficient resource-sharing with large business groups is still very limited. This study thus aims to empirically examine how the economic performance of the affiliated companies of Taiwanese business groups is influenced by group -level resources, business-level resources and internal transactions. In addition, this research also aims to investigate the direction of a business group’s diversification and its association with the resource- sharing within the business group. This study first briefly reviewed academic literature on diversification, then developed six hypotheses based on the existing research. The 219 affiliated companies of top 100 business groups in Taiwan were used as the research sample. The empirical findings of this study show that: the physical resource sharing has been widely employed among Taiwan business groups, and those SBUs owning the highest level of physical resources play the key roles in the resource sharing process. Results also indicate a tendency that Taiwan business groups prefer to pursure related diversification strategies, so the degree of unrelated diversification among Taiwan business groups is fairly low. Empirical evidence of this research is consistent with the finding of existing research on emerging markets, such as Korea and India.