產業控股公司之營運模式個案研究－以半導體零組件通路商為例

Abstract

歷經將近二十年的上市科技公司法務生涯內，曾見過電子產業內不少公司因為產業起伏的大起大落，對於供應鏈上、中、下游間的垂直整合、或者同業間的併購（Merger & Acquisition）、或者一間公司因事業發展而分割（Spin 0ff），時有所聞。 惟其整併後之結果，有成功者，亦有失敗案例，但企業的成長策略，究竟以分割、合併較佳，或以產業間的垂直整合或水平整合較佳，值得進一步探索。 至於供應鏈間的垂直整合、或同業間併購、或者一間公司因事業發展而分割，究竟何者是最佳的方案，實際上並無定論。企業欲進行組織重整之情形下，應採取何種策略（合併或分割），作為企業賴以生存之道，對企業產生效益？若要併，應於何時併？若要分割，又應於何時分割？究竟造成大者恆大的綜效為佳、抑或小而美方為佳？事在人為，實則見仁見智。對企業主而言，能達到預期效果、甚至超越預期效果，或者順利存活下來，即為最佳方案。 但在這些以往常見的方式當中，若屬於相同產業聯盟合作，以本個案成立控股公司的營運模式，是否確屬可行？若屬可行，則相較於以往的企業間整併、分割，又有何不同？其是否僅可適用於個案產業之內？倘若其他產業日後欲成立產業控股公司之時，究竟有哪些需要注意的關鍵事項，方能促成產業控股模式順利進行？ 本文嘗試透過對個案公司進行研究之分析法與歸納法之方式進行，探討台灣企業界尋求突破成長的過程，希望能藉由本文之所蒐集的資訊及資料彙整／分析，試圖從一些歷史軌跡裡，能從中尋找出本個案公司企業經營者所思考的某些關鍵決策點，以期他日對台灣廠商就其企業之成長策略，能有些許參考價值。

In the past two decades of corporate legal career in the electronics industry, I have seen many companies in the electronics industry changed radically in different stages and have vertical fluctuations in the middle and lower reaches of the supply chain, or mergers between the middle and downstream (Merger & Acquisition), or one company was divided by the development of the business (Spin 0ff). However, the results of the consolidation, there are successful cases, also failure cases as well. But the company's growth strategy, whether it is better to split, merge, or better integration or horizontal integration between industries, it is worth further exploration. As for the vertical integration between supply chains, or inter-company mergers, or the division of a company due to its business development, which is the best solution, actually there is no final conclusion. What kind of strategy should be adopted when the enterprise intends to organize the reorganization (Consolidation or division)? As the way to survive the enterprise, how to bring the benefits to the enterprise? Is the overall effect of the big one evergrande enterprise better, or the small one? Things are artificial, but in fact they are different. For business owners, to achieve the desired results and even exceed the expected results, or just to survive smoothly, should be the best solution. But in these past common ways, if it belongs to the same industry alliance, is it feasible to establish a holding company's operating model in this case? If it is feasible, what is the difference compared with the previous mergers and divisions between enterprises? Is it only applicable to the individual industry case? When the other industries desire to set up an industrial holding company in the future, what are the key elements that need to pay more attention, to make the industrial holding model go smoothly? This paper attempts to explore the case company through the method of case analysis and induction, and explores the way that the Taiwanese business community seeking breakthrough and growth. I hope that from the collected case and the data collection/analysis, could be helpful to the other companies to learn from some historical trajectories. Also, this paper attempts to figure out come key decision points which the business operators of the case company thought about, hope that it may have some reference value for the other Taiwanese companies on their company's growth strategy.