傳統石化業高值化轉型之個案分析，以L公司於半導體領域的發展為例

Abstract

轉型成長是企業發展中一個不斷被思考與試圖解決的難題，為了因應環境變化、新的技術發展或是新的競爭者，企業都需要思考何時該開始布局新的事業並轉換至新的思維以服務與過往不同的客群。但這從未是一個簡單又或是容易的決定。本研究是以傳統石化產業中的L公司作為個案分析對象，探討L公司為何能自傳統石化產業的大宗物料供應商轉型成為最先進的半導體材料供應商，將L公司其電子材料事業單位的發展過程作為傳統石化產業高值化轉型發展的成功實例供希冀自傳產轉型的產業與企業做參考。又L公司在遭遇了氣爆案這般地惡性事件後是由私募基金進場收購下市，本文亦探討這樣的發展歷程對於L公司的長期策略與組織發展是帶來怎麼樣的變化。 本文會以哈佛商業評論「齊頭並進的轉型策略架構」分析L公司的高值化組織轉型發展歷程，研究L公司的電子材料事業在成長的過程中是如何被調整組織層級及調配資源，以及其與傳統溶劑事業的位階關係。亦以「錢德勒命題」分析L公司所面臨的氣爆案環境變化、進而討論其選擇被外資私募基金投資併購下市的策略意涵以及對組織的積極影響。最後則是以「多角化、國際化與綜效」架構分析L公司的電子材料事業在下一個發展階段應以怎樣的策略與組織型態來因應半導體製造供應鏈反全球化地拉長趨勢，以回應客戶未來的發展需求，進而提早佈局在日益劇烈的競爭環境中取勝。 本文發現，L公司的高值化轉型是奠基於20年前即開始對電子材料事業的持續投入與發展，因此能配合到台灣半導體產業的爆發式成長而伴生的在地化材料需求，使L公司可以掌握商機進軍半導體材料領域。又L公司在氣爆案後，被私募基金併購下市對其轉型策略具有正面積極的意義，除可集中集團資源發展高成長事業外，亦使組織較併購前更有能力去吸引優秀的管理與研發人才，以及可降低負面事件的影響，以私募基金的集團形象與資源吸引潛在的合作者，為L公司的轉型發展增添助力。

Transformation and growth are challenging issues constantly contemplated and attempted to be resolved in the development of enterprises. In order to adapt to environmental changes, new technological advancements, or new competitors, businesses need to consider when to start laying the foundation for new ventures and transition to new ways of thinking to serve different customer segments than before. However, this has never been a simple or easy decision. This study focuses on Company L, a traditional petrochemical industry player, to analyze why and how Company L was able to transform from a major supplier of bulk materials in the petrochemical industry into an advanced semiconductor material supplier. The development process of the electronic materials business unit of Company L serves as a successful case study for the transformation and development of value-added products in the traditional petrochemical industry, providing reference for industries and enterprises seeking transformation from traditional manufacturing. Furthermore, after experiencing a severe incident such as the gas explosion, Company L was acquired and taken private by a private equity fund. This article also explores the changes brought about by such a development process on Company L's long-term strategy and organizational development. This article will analyze Company L's transformation and development process towards value-added organization based on the "Two Routes to Resilience" from Harvard Business Review. The study will examine how the organizational structure and resource allocation of Company L's electronic materials business were adjusted during its growth process, as well as its hierarchical relationship with the traditional solvent business. Furthermore, using the "Chandler's Propositions," the article will analyze the environmental changes that Company L faced, such as the gas explosion incident, and discuss the strategic implications of its choice to be acquired and taken private by a foreign private equity fund, as well as its positive impact on the organization. Finally, using the "Diversification, Internationalization, and Synergy" framework, the article will analyze how Company L's electronic materials business should respond to the trend of semiconductor manufacturing supply chains becoming less globalized in the next development phase. It will explore the strategies and organizational forms that Company L should adopt to meet future customer development needs and proactively position itself to succeed in an increasingly competitive environment. This article finds that L Company's high-value transformation is built on continuous investment and development in the electronic materials business that began 20 years ago. As a result, it was able to meet the localized material demand accompanying the explosive growth of the Taiwanese semiconductor industry, allowing L Company to seize opportunities and enter the semiconductor materials field. Furthermore, the acquisition of L Company by private equity funds after the gas explosion incident has positive and proactive implications for its transformation strategy. Apart from consolidating group resources for the development of high-growth businesses, it also enhances the organization's ability to attract excellent management and research and development talent. Additionally, it reduces the impact of negative events and leverages the private equity fund's group image and resources to attract potential collaborators, thereby providing support for L Company's transformation and development.