當企業面臨內部的規模與範疇擴張及外部的市場需求轉變時，在本業中的成長機會將日漸減少。因此，如何透過開創新事業來回應這些挑戰，往往是企業成長的重要課題。在推動新事業的過程中，如何調整組織架構，並從中萃取出深層的動態能力，以因應後續一波波的環境考驗、持續運用於下一個新事業，更是企業存亡的關鍵。然而，新事業的外部力量、內部變革、及動態能力形成的連結並未被過往研究有效建立。有鑑於此，本研究以明基材料為主軸，探討企業如何在引入外部合作下建構動態能力，並持續演進以因應外部挑戰。 明基材料由光碟事業起家，回應明基友達集團的面板原料需求，而發展偏光片事業。建立起深厚的技術與人才布局後，明基材歷經了偏光片的跌價趨勢及材質瓶頸，進而在金融海嘯後投入成長穩定的生醫產業。在生醫事業中所建構的堅實品牌與通路，更成為明基材後續投入隱形眼鏡事業的動能與後盾、進軍全球市場。本研究依光碟、偏光片、生醫、及隱形眼鏡四大階段作為產業及事業探討的架構，以解構出中每個新事業發展事件背後蘊藏的動態能力基礎。 本研究發現：在導入外部合作模式的情形下，動態能力的養成更能突破內部創新的限制及盲點。在引入垂直或水平的外部力量後，更須將力量挹注到組織內部，在結構、技術、任務、或人員等構面產生變革，方能進一步產生市場預測、技術製程、人才匯流、通路後勤、品牌行銷、及技術互補能力等六大動態能力。在早期的光碟及偏光片事業中，明基材倚重集團的垂直支援，養成了技術製程、技術互補、與人才能力，強調內部定位並掌握動、靜態程序，具有高度路徑相依性。於近期的生醫及隱形眼鏡事業中，明基材則更重視異業水平合作，更完整了品牌行銷、通路後勤、與市場預測能力，著重外部定位並協調動、靜態程序，更彈性掌握技術機會。透過動態能力在定位、程序、及路徑的持續演進，企業方能一次次化解產業危機，在新事業中穩健發展、開創新局。 / When confronted with internal expansion of scale and scope as well as external alteration of market demands, enterprises are bound to face fewer and fewer opportunities of growth in their original businesses. Hence, how to cultivate new businesses in reply to these challenges is usually a crucial issue for enterprise growth. In the process of new business development, the survival of the enterprise lies in the way of modulating organizational framework and extracting profound, dynamic capabilities therein to tackle subsequent environmental trials as well as to exert them on the next new business. Nonetheless, the connection among external strengths, internal organizational transformations, and the formulation of dynamic capabilities wasn’t effectively established in prior research. Accordingly, this study is rooted upon the case study of BenQ Materials Corp. in the aim of looking into how enterprises incorporate external collaborations to construct their dynamic capabilities, which can constantly evolve to cater to external challenges. BenQ Materials was initiated as a disc manufacturer, while differentiating into the polarizer business in response to the demand for panels of the BenQ Group. While establishing solid technical and personnel allocations, BenQ Materials underwent the price-declining trend and bottlenecks in textures, which make it in turn resort to the steadily growing biomedical industry after the financial tsunami. The robust channels and brands built in the biomedical business not only served as the backing and momentum, but further steering BenQ Materials into the contact lens industry and global markets. This thesis classifies both the industry and business analysis into four categories: discs, polarizers, biomedicine, and contact lens, which helps dissect every new business incident, excavate the foundation of dynamic capabilities behind. Throughout the research, this study reveals that under the introduction of external collaborations, the formulation of dynamic capabilities can further break though the blind spots and limits from internal innovations. After importing vertical or horizontal external forces, enterprises should then translate the external forces into internal organization changes in the aspects of the structure, techniques, tasks, and personnel, giving rise to the six dynamic capabilities: market predicting, technique procedural, talent streaming, channel logistical, brand marketing, and technique complementary capability. In the disc and polarizer business, BenQ Materials depended heavily on the vertical support from the BenQ Group and generated the technique procedural, technique complementary, and talent streaming capability, laying emphasis on internal positioning, dynamic and static processes, and high-level path dependency. While in biomedical and contact lens business, BenQ Materials further treasured inter-industry horizontal cooperation, from which the brand marketing, channel logistical, and more comprehensive market predicting capability were nurtured, valuing external positioning, dynamic and static processes coordinating, and elastic technological opportunity managing. The consecutive evolution of dynamic capabilities on positions, processes, and paths not only facilitates enterprises to get through industry crises time after time, but fuels new businesses’ sturdy growth and innovation.