國營事業民營化後的轉型：台肥公司個案研究

Abstract

台灣農業連續30年的衰退，耕地面積減少、農業人口老化、市場競爭力弱化是台灣農業面臨的困境。原為國營事業的台肥公司，民營化之後如何能繼續承擔照顧農民的政策任務而又能創造企業價值，永續經營，是本研究所關注的議題。 本研究以個案研究法，從企業多角化發展的角度切入台肥公司民營化後的轉型歷程、經營體質、現況問題、機會與挑戰，並嘗試為台肥公司的未來發展提出策略方向建議。 本研究認為，民營化並未改變國家對台肥的控制以及台肥擔負政策任務的角色。而台肥因為土地資產雄厚，常以售地填補獲利缺口；過去又有朱肥龐大的轉投資收益做後盾，維持穩定的股利政策。因此，台肥的轉型動力是預應變革而非危機轉型，並沒有遇困境，亟需求變突破的急迫性，也因此導致台肥的策略布局常遷就短期績效的維持而與現狀做妥協。 現階段，台肥以肥料化工事業為主、不動產事業為輔的經營模式，在企業文化認同的鞏固之下和諧運作。 未來，回歸照顧農民、支持農業的企業價值，並在不動產事業提供的穩固基礎上，以新農業的商業模式推動肥料事業的再次轉型，讓台肥在台灣農業發展上能夠扮演更積極的角色，是筆者的期待。

The agriculture in Taiwan has continuously declined for more than 30 years, leading to the decrease of cultivated land area, the agricultural population aging crisis, and the weak market competitiveness. This study aims to investigate that as a former government-owned enterprise, how Taiwan Fertilizer Company (TFC) executes the policy of taking care of the domestic farmers while creating the business value and sustainable development after privatization. With case study approach, the transformation, operation, difficulties, opportunities and challenges of TFC after privatization were examined in a diversified enterprise perspective in this study, and a strategic vision for its future development is suggested. This study believes that TFC’s privatization did not change government’s control and its role in domestic agricultural policy. TFC often fills the profit gap with land sales due to its abundant land assets, and there is huge investment income from Al-Jubail Fertilizer Company to maintain its stable dividend policy. Therefore, the driving force for TFC’s transformation is the anticipation of change rather than crisis. There is no urgent need for the innovation and self-breakthrough. The transformation of TFC usually cooperates with the maintenance of a short-term performance, and the strategic layout always compromises with the current situation. TFC's business model now is mainly based on fertilizers and chemical products business, and it is supplemented by the real estate business. Both of them operate harmoniously under the consolidation of organizational culture and identity. In conclusion, to focus on the business value of taking care of farmers, TFC should base on its real estate business to develop a new agricultural business model to boost the transformation of fertilizer business again. Therefore, TFC can play a more active role in the agriculture evolution in Taiwan.