從十八世紀工業革命之後，全世界的經濟飛速成長，人類的生活增加了便利性，也因此而逐步邁向科技化，企業的永續經營逐漸成為企業經營的目標，隨著經濟發展及經營模式快速轉變的影響，多角化經營及產業垂直整合都是企業創造價值的方式。 個案U公司為增加資本市場的曝光度，以及降低籌資成本，於2010年U公司與中華信用評等股份有限公司(以下稱中華信評)簽約，進行企業信用評等作業，並取得中華信評給予長期信用評等tw A-/展望穩定/短期信用評等tw A-2，並於2011年成功地在台灣資本市場發行了兩檔五年期無擔保普通公司債分別為新台幣壹拾億元，利率分別為1.52%及1.55%。 在中華信評給予U公司信用評等時，提出U公司若能在維持中等之財務政策的同時，強化其現金流量產生能力，並進一步分散其產品組合，則中華信評可能會調升該公司的評等。反之，若石化產業的景氣衰退、或是因超乎預期的資本支出或大陸投資，進而導致該集團以合併基礎計算的來自本業之現金流量對總借款比長期低於20%以下，可能調降該公司的評等。 U公司管理階層針對中華信評提出的劣勢表述，著手進行公司成長計畫，除針對原有利基產品EVA於國內進行新增產能建廠案，也針對上下游垂直整合進行布局，惟進行公司成長計畫所需資金，將超過U公司現有自有資金的部位，勢必需要另外再籌措資金，觸及中華信評滿意的中等財務政策改變及調整信用評等財務比率的限制，U公司在面對公司成長與籌資策略間應如何取得平衡，增加公司價值，將是本研究進行的重點。 本研究以公司決策價值的評估分析為基礎，再以情境假設進行敏感度分析，分析之後得到二項結論，其一，關於籌資策略方面，U公司應該採用向金融機構借款之籌資策略，較採用在資本市場籌資之策略，為公司創造較高之價值，雖可能遭受信用評等調降之風險，但仍可透過確實掌控投資進度與效益，並與中華信評保持密切的雙向互動與溝通，以降低影響程度。其二，藉由投資項目中的高毛利率產品，在經濟景氣復甦速度加快的情況，較經濟景氣復甦緩慢的情況，公司創造價值的幅度更大。若能夠在景氣的相對低點進行投資，必定能夠提升公司價值。

本研究利用1970年至2014年之美國公司為樣本探討公司之成長性是否會影響公司之股利政策。實證結果與股利訊號理論相符，公司會利用現金股利之發放降低公司與外部投資者間的資訊不對稱，以達到較低的股東權益成本。然而，當面對較高不確定性時，高成長公司之股東權益成本較高，因此較不會發放股利。本研究亦發現發放股利之高成長公司相較發放股利之低成長公司於未來有較好的營運績效，代表高成長公司發放股利有較好的訊號理論效果。而市場能夠有效率地反應較好的訊號理論於公司股價上。 / The main purpose of this study is to investigate how the corporate growth affects the corporate payout policy. Using U.S. firms during 1970 to 2014 as the sample, we demonstrate that, consistent with signaling hypothesis, firms tend to pay dividends to reduce the information asymmetry, and therefore the cost of equity will be lower. However, considering the higher cost of equity, high growth firms will not pay dividends if they face higher uncertainty. We also find a better future operating performance for high growth firms paying dividends, indicating a good signaling occurs when high growth firms pay dividends. The market is efficient enough to give a price appreciation for those good signaling firms.

策略的目的是在特定的競爭環境中，憑藉企業的特質條件為它創造競爭地位或發展的方向，也就是創造具競爭性的差異優勢，使企業得以順利發展和持續成長。在競爭的環境中，組織能耐常會隨著時間經過而演化；演化的方式會隨著技術本身的特性、外部市場競爭強弱、與內部的組織與管理特性的差異，而有所不同。除此之外，體制環境會影響整個產業內的創新速率，因而對廠商的能耐演化造成影響。但是在環境急速變動的情況下，組織能耐要完全由內部產生不但不可能，而且其速度亦嫌過於緩慢，再加上現代企業的專業分工網絡，企業必須與客戶、供應商、甚至競爭同業合作，以獲得相關的資訊與技術；在企業的發展歷程中，如何有效提升內部經營管理及促進組織之間的知識交流與能耐移轉，便成為組織管理的重要課題。 本研究以一家台灣本土醫藥公司，在台灣生技製藥產業的架構下，創業、轉型、成長的發展歷程，仔細描述影響企業發展的關鍵因素 ─ 企業策略轉變、環境變動、能耐演化，以及企業內部管理提升，彼此之間如何相互配適，並塑造出企業的獨特發展路徑；茲藉由個案公司過去的回顧，描繪其成長的軌跡，作為其未來發展路徑的參考。 / Under the favorable government policy support and a well-established regulatory environment, there are more and more new start-up companies established in Taiwan biotechnology and pharmaceutical industry in the past dacade. However, most of the new emerging companies are still facing very difficult situation. New drug discovery is one kind of long-term time-consuming and heavily cash-investment-needed business. Besides, Taiwan is a small market in the world. The market potential can not afford to develop a R&D based local pharmaceutical company. However, biotechnology and pharmaceutical industry is a very diversified and versatile industry. Under such circumstances, how does a biotech and pharmaceutical company make use of the limited resources and scarce capital assets to identify the niche market, create a new business model, develop the corporate competence, and construct the internal operation to strengthen the core business and secure a sustainable growth in the industry? Besides, due to the evolution of the modern tools including genomic science, bioinformatics, high-through-put screening machine, and gene therapy, the speed of new drug discovery becomes much faster and much more efficient, but the product life cycle also becomes much shorter. How does a local company play in such a highly competitive, technically professional, and dramatically changed environment? This study tracks the growth path of a local pharmaceutical company to show how the key factors, which are, environmental uncertainty, the development of core competence in the firm, and the choice of a successful strategy by top management and the organization, can be manipulated in the entrepreneurial firm that grows rapidly and formalizes its structure and internal operation. The growth path of the company in the past years could be interpretated as the mutual interactions (dynamic fit) of those key factors. Evenmore, the interaction consequences influence the strategic intent to confront the changing environment, and facilitate the practice of the law and the establishment of a government policy. Besides, in order to improve the whole healthcare system in certain medical care, the company develops a new operation model to run the specific business. Traditionally, most pharmaceutical companies are pursuing market-oriented product management, instead of sales-oriented business management. Nowadays, most multi-national firms are actively involved in disease management to expand the market share of certain disease. However, how to integrate the healthcare system and strengthen individual disease management under the specific healthcare system has become a new operation model of a pharmaceutical company to a specific market segment. The company has to work together and closely with the stakeholders, such as health authorities, medical societies, patient associations, healthcare personnel, and the patients themselves to improve the whole healthcare system and even the policy of the law, regulatory, social, and welfare system in the specific medical care, as well.