建設業垂直整合與成長策略之探討─以馥華集團為例

Abstract

近年來，我國營建產業成長動能下降，建材成本、人力短缺、法規限制等問題日益嚴重，形成產業發展的一大挑戰，建設產業已經不如過往可以聚焦在核心本業，而是必須思考如何整合產業價值鏈、提高附加價值、維持企業成長。本研究藉由個案研究的方式說明建設公司如何透過多角化經營與垂直整合突破此困境，並以建案實例描述建案各個環節可能會遇到的實務挑戰和問題，從而優化從開發至完售之流程，以期建立公司永續經營的基礎。研究結果發現。馥華集團的垂直整合和多角化經營策略可以說是一體的兩面，但也可以視為相輔相成的策略，因為沒有垂直整合，集團可能就沒有足夠資源、能力和規模可以去開拓不同建案的市場，但沒有多角化經營就沒有足夠的資金可以採取垂直整合的策略。此外，馥華集團成功背後隱含著長年的策略佈局和市場經營，不是其他新進者或是市場既有競爭者能夠輕易複製的。

In recent decade, the growth momentum of construction industry has been declining in Taiwan. Obstacles such as the high cost of building materials, labor shortage, and regulatory restrictions have become increasingly serious, posing a major challenge to the industry's development. This study illustrates how construction companies are able to break through this dilemma by diversified operation and vertical integration. To optimize the process from development to completion, and to build a foundation for sustainable management, this study describes the practical challenges and problems that may be encountered in each stage of a construction project with an example. The finding indicates that, without vertical integration, the Forworld Group may not have enough resources, capacity and scale to develop different markets for its projects. On the flip side, without diversification, it may not have enough capital to adopt vertical integration strategy. Besides, the success of the case, Forworld Cheng Yi, implies long years of strategic planning and market operation, which cannot be easily replicated by other newcomers or established competitors in the market.