多角化進入新興產業策略之研究: 進入可能性與進入時機

Abstract

多角化進入新事業在策略管理領域已成為極高研究注意的主題, 但相對而言, 大多數的多角化進入策略研究均未針對新興產業的潛在廠商進入行為加以著墨。新興產業具有高度成長潛力的特性, 同時也伴隨著高度市場及技術的不確定性。尤其在過去廿至卅年, 數位化革命已成為科技產業的重要議題, 包括個人電腦及手持式電子設備的發展。而這迅速的科技發展更轉換了許多商業模式, 以及形成許多新的產業。廠商在面對新興產業時, 便面臨了是否進入與何時進入的重大決策, 而潛在進入者除了考慮廠商本身的條件之外, 也同時會面臨進入新興市場是否能快速地延伸或發展新市場必要的能耐的挑戰。 本研究即旨在解釋廠商面臨新興產業時進入行為之差異, 包括廠商進入新興產業可能性的高低, 以及影響進入時機的組織屬性, 而納入本研究之組織屬性, 包括組織在進入前產業經營的能耐、廠商的財務資源, 以及其財務績效。本研究運用這三個組織屬性, 以及橫跨13個產業的141家廠商, 加以探討其對廠商進入新興產業之行為的影響。實證結果顯示 (1) 高研究發展密度的廠商有較高的進入新興產業的可能性; (2) 財務績效表現不佳的廠商亦有較高的進入新興產業的可能性; (3) 研究發展密度高的廠商會較早進入新興產業; (4) 長期投資密度高的廠商會較早進入新興產業; 以及(5) 財務績效表現不佳的廠商亦會較早進入新興產業。

Entry has attracted considerable attention in the field of strategic management, but rarely little attention has been paid to study the entry to emerging industries. The digital revolution has pervaded current headlines as the advent of personal computer and cellular phone and their rapid technological advancements have transformed commercial practices and reshaped new industries in the past two decades. These emerging industries feature dynamic nature of formidable demand and technology development, and thus established firms face the decision of whether to and when to enter emerging product markets as well as the challenge of quickly leveraging and developing the capability necessary to enter the new markets. This dissertation seeks to explain why firms vary in the likelihoods at which they enter an emerging industry and in the timing when they decide an entry into new product markets. Sampling 141 firms across 13 industries, we intend to study the organizational attributes of the firms entering these emerging industries and their entry strategies. Three emerging industries were chosen, including handset, PDA and digital still camera, in this research. Empirical results show that higher R&D intensity and poor performance of a firm will encourage managers to enter new product markets. In addition, a firm’s higher R&D intensity, higher long-term investment intensity and poor financial performance will lead managers to enter emerging industries earlier as well.