高層梯隊理論、財務管理及經營策略—以C公司為例

Abstract

C公司係我國一間公開發行之生產電解銅箔公司，於產業深耕25年，民國105年洞見5G先機，成功轉型至發展伺服器及5G應用等中高階應用產品，隨著高速高頻銅箔之需求增加，C公司已築起技術門檻，達到高市佔率，並同時改善了企業的財務結構，健全了整體企業的體質。反思C公司之成功，在轉型的前兩年，C公司更換董事長與總經理，新任總經理重新建構組織文化，包括細緻管理策略、親自參與多個重要專案以及賦權予員工決定權等，多項嶄新策略讓C公司最終跳脫了多年來的量價為王的傳統思維，同時擺脫了產業景氣循環的宿命，開拓銅箔產業全新的可能性。以學界之觀點切入，C公司之成功符合Hambrick and Mason (1984)提出之高層梯隊理論(Upper Echelons Theory)，本研究將以個案研究之方法，從高層梯隊理論角度，比較新任總經理上任前後，在質性方面分析經營方針及研發策略之變化，在量化方面分析財務結構、償債能力之影響，綜合探討企業核心能力及成功之因素。

Company C is public listed company that manufactures copper foil in Taiwan. With 25 years of industry experience, the company recognized the potential of 5G technology in 2016 and successfully redirected its focus towards the development of high-end products such as servers and 5G applications. As the demand for high-speed and high-frequency copper foil increased, Company C established technological barriers, achieved a high market share, and improved its financial structure, thereby enhancing its overall financial condition.

Reflecting on the success of Company C, during the initial two years of the transformation, the company underwent changes in its board of directors and appointed a new CEO. The new CEO reconstructed the organizational culture by implementing refined management strategies, actively participating in critical projects, and empowering employees with decision-making authority. These innovative strategies enabled Company C to break free from the traditional mindset of prioritizing quantity and price, as well as overcome the cyclicality typically associated with the industry. As a result, the company explored new possibilities within the copper foil industry.

From an academic perspective, the success of Company C aligns with the Upper Echelons Theory proposed by Hambrick and Mason in 1984. This research will adopt a case study approach, analyzing the qualitative changes in business policies and research and development strategies before and after the appointment of the new CEO from the viewpoint of the Upper Echelons Theory. Additionally, it will assess the impact on financial structure and debt-servicing capacity quantitatively, aiming to comprehensively explore the core capabilities and factors contributing to the company's success.