台灣產業控股公司總部發揮母合優勢之研究

Abstract

在全球化的發展過程中，有許多台灣企業為了降低成本而開始轉往人力較便宜或法規較寬鬆的國家進行生產，甚至面臨了大國的低價競爭，因而愈來愈難在全球市場中獲利生存。為了避免惡性競爭，又或者達到規模與範疇經濟，企業間不斷進行整併與合作。然而過往某些企業透過互相併購的模式，在整合後可能因利益或文化不同，以及企業總部能力與經驗不足，致使最終成果無法實現原先預期之綜效。 近年來，有些產業與企業開始思考更好的整合模式，進而嘗試以投資控股的方式進行整併。其中大聯大投資控股公司成功的案例，成為許多業界與學術的討論焦點，尤其針對控股母公司的管理方法及旗下子公司的競合關係，頗具研究意義，可作為其他投資控股模式的參考。另方面，藉由參考國外成功的投資控股公司，發現Alphabet Inc. 的總部特別擅長於旗下投資事業的管理，並成功贏得投資人的信任，帶動股價不斷上漲。至於在LVMH集團企業的個案研究中，其獨特的六角柱管理模型，使得如此龐大的集團企業能夠順利掌握旗下眾多的子集團與品牌，並且創造更大的價值，提升整體的品牌權益。 本研究從國外的兩間公司個案中，觀察企業總部如何進行策略管理及規劃，又如何展現其母合之能力，以達到卓越的成長績效。另方面從國內的控股公司案例中，探討其籌組控股公司的目的，以及其控股母公司的功能，如何達到當初整併前之預期目標並發揮整併後之綜效。最後，透過這三個個案公司的整理比較，觀察公司總部的管理控制方法，留給後進研究者繼續深入探討投資控股公司型態的組織策略運用，或者針對集團企業總部的經營管理方法進行更深入的研究。

In consideration of cost savings, many Taiwanese corporations moved to other countries with cheaper manpower and looser regulations. However, under low-price competition, it becomes harder for these corporations to make profit in the global market. To survive, they seek to obtain economies of scale or scope and prevent cut-throat competition by integration and cooperation. Nevertheless, some companies may not achieve expected synergy due to cultural differences or the lack of experiences and capability of their parent companies. Recently, considering the possibility of better integration mode, some corporations start to take holding company as a way of integration. Among them, WPG Holdings, one of the successful cases of holding companies, comes into the focus of industry and academia. Especially, its parent company’s management method and co-opetition with its subsidiaries worth studying and can be taken for the other holding companies’ references. On the other hand, the successful oversea holding company, Alphabet Inc., is skillful at the management of its investment business, which wins them the investors’ trust and lead the continuous rise in its stock price. As for the case of LVMH, its unique six-pillar operating model allows them to take a good control of its numerous sub-brands and subsidiaries, to create higher value and to increase total brand equity. With the study of the two oversea companies’ cases, we observe how the headquarters conduct strategic management and arrangement and demonstrate its parenting capabilities to achieve remarkable growing performance. In addition, by studying the case of domestic holding company, we discuss its purpose of establishing a holding company, functions of the parent company and how they achieve their expected goal – synergy. Finally, through the comparison of these three cases, we get the initial insight of the management and control methods of the headquarters, leaving the future research to explore more in organizational strategies of the holding company or to conduct more in-depth research on the management methods of the headquarters of business conglomerates.