政府將金融中心列為亞太營運六大中心之一，由此可知，金融服務業在未來台灣經濟發展的重要性將逐漸增加，而且不論國內外，金融服務業皆有集團化的趨勢，因此，本研究希望能夠透過實務上的觀察，詳實記錄下金融服務業相關多角化的成長過程，藉以瞭解資源累積的循環過程及多角化成長歷程會遭遇的困難，希望能對集團的成長過程能有較細緻的解釋，並對金融服務業的未來成長提供一個參考。 　　本研究從哈佛大學企業史教授Chandler所著的“Scale and Scope”中的觀念出發，透過文獻的探討，加入交易成本及資源基礎的觀點，以核心資源為中心概念，觀察企業的成長歷程中核心資源的累積及移轉的狀況。 　　本研究的主要發現如下： 　　一、金融服務業可以人才招募及訓練、日常營運累積、高階人際網路及合作關係等方式累積資源，以達規模經濟。 　　二、根據核心資源的相似性，可將金融服務業區分為保險事業群、證券事業群及商業銀行等三群。 　　三、金融服務業間可移轉的資源具有兩種特質：高外溢效果及高交易成本。 　　四、資源外溢效果及交易成本的高低決定潛在範疇經濟利益大小，而組織協調能力及專業能力的高低，則決定企業所能實現潛在經濟利益的大小。 　　五、金融集團可以透過組織及管理設計，克服相關多角化的困難，實現範疇經濟。 　　觀察結果顯示核心資源的特性、組織協調能力及專業能力都會影響企業相關多角化所能實現範疇經濟的程度，值得有心進行相關多角化的企業作為參考。

節能與環保是當今世界各國共同要面對的課題，而解決此人類共同難題所孕育而生的太陽能綠色產業是未來世界的潮流與希望，世界各先進國無不大力推展。而台灣向來致力於高科技產業發展，對於這未來的科技趨勢與產業大餅，從半導體代工、液晶面板及系統模組製造的科技大廠紛紛積極相繼投入。而本研究以半導體通路商T公司為例，以一個營業額百億規模的中型企業，由半導體矽晶圓銷售，切入太陽能矽原料買賣市場，進而建立自有太陽能模組品牌，並在歐洲市場有成功的市場實績，探討個案企業如何成功轉型，並在太陽能產業的新市場中取得競爭優勢。茲提出以下討論問題：1. 半導體通路商跨足太陽能產業的多角化動機與策略思考為何？2. 半導體產業轉型(多角化)跨足至太陽能產業的動態能耐發展及成功因素為何？希望藉此了解企業的多角化策略思考以及如何運用或產生新的能力順利跨足新事業領域。 本研究經由相關文獻探討後，以動態能耐架構，「組織與管理程序」、「定位」、「發展路徑」三構面來分析研究個案企業多角化發展歷程，資源與能力的改變與新生。採用個案研究法深入訪談個案公司相關高階主管，以了解其多角化跨足太陽能產業的實務作為。由個案分析與研究發現得出研究結論如下： 結論一：企業轉型動機為提昇企業價值，實踐永續經營。為延續以往成功經驗，多角化轉型常選擇相關多角化經營策略。 結論二：在組織與管理程序方面，企業多角化歷程中，新事業多會延續原企業的制度與流程。在組織學習與人才培育上，新事業則會偏重外部資源。 結論三：在組織定位方面，相關多角化的發展初期，新事業運用現有資產，能夠快速獲得成功。但是公司的資產定位與優勢，會隨著產業狀況變化而改變。 結論四：在企業發展路徑方面，企業過去發展歷程中的經營策略調整的經驗對多角化經營的發展，有正面助益。 結論五：策略選擇會對企業本身動態能耐造成影響，當企業的經營形態改變，會使公司專屬資產地位的優/劣勢產生變化。 / Nowadays, shortage of crude oil and global warming are major issues that every country in the world must to confront. To solve these problems, all advanced industrial countries are making a lot of efforts in researching and developing alternative energies, including solar energy, which is taken as one of the most effective and mature solutions at the moment. High-tech industries have been well developed and prosperous in Taiwan during past decades. To take the trend of solar energy, many leading companies in semiconductor, LCD panel and computer system manufacturing industries are actively participating in solar industry. This research is to take T-company, one of the major material distributors in semiconductor industry, as example to study how it succeeds in diversification and gets advantages in the new market of solar industry. The major two subjects in this research are as below: 1. What are the motives and strategies for a semiconductor distributor to diversification in order to enter solar industry? 2. What are the success factors and dynamic capabilities needed when a company transforms or diversifies itself from semiconductor industry to solar industry? Case-study method is applied in this research to analyze the actions taken by T-company. To track the diversification and the changes of resources/ capabilities in T-company, the analysis of dynamic capabilities are divided into three dimensions: “organization and managerial processes”, “positioning” and “path of growth”. As a result, the conclusions of this research are as below: 1. The motives of business transformation/ diversification are to ensure the growth and sustainability of corporation. To continue the successful experience, transformation or diversification to related industry is often chosen. 2. In the transformation/ diversification, systems and processes of new business often follow the original ones. As to human resource and professional training, external resources are preferred. 3. Regarding organization positioning, in the initial stage of diversification, the new business has the advantages of using existing resources and reputation to speed up to success. However, the existence of advantages will depend on the industrial situation in the long run. 4. On the paths of enterprise growth, the experiences of strategy adjustment are positively helpful when the corporation goes diversification. 5. The choice of business strategies will influence the dynamic capabilities of a company. When the business model is changing, the advantages/ disadvantages of company exclusive assets will also change.

本文以2000~2009台灣地區不含金融證券業之上市公司為樣本，資料來源為台灣經濟新報社資料庫(Taiwan Economic Journal)，研究主題為探討多角化與股利發放政策之關聯性，同時也檢測多角化程度愈高而經營績效較差或盈餘品質較差的企業與股利發放政策之關係，實證研究的結果顯示，多角化程度會影響股利發放政策，而多角化與股利發放政策呈現顯著負相關，企業多角化程度愈高，股利支付率較低、較不會發放股利及較不會增加發放股利，而這些現象主要是集中在經營績效較差或盈餘品質較差的企業。 / Based on a sample of firms listed in Taiwan during 2000-2009, this study investigates the relationship between firm diversification and dividend policy and the extent to which firm performance and earnings quality affect diversified companies in making dividend policy decisions. The empirical results show that firms with greater diversification are less likely to pay dividends, pay lower dividend yields, and are less likely to increase dividends. I also find that such evidence is more pronounced among poor financial performance and lower earnings quality firms.

一、出事銀行的流動性創造 流動性創造是銀行的主要功能之一，但從傳統的存放款到近年來蓬勃發展的表外交易，銀行長期頻繁地使用以短支長的工具，流動性創造最後竟成了次貸危機銀行受傷的一個關鍵原因。本文以次貸危機期間美國和歐盟共18個國家的商業銀行為研究對象，檢視其流動性創造的效果，並將出事銀行區分為擠兌銀行、紓困銀行和倒閉銀行，呈現流動性創造帶來的不同衝擊。此外，本文還進一步地分析銀行盈餘結構轉變造成的影響，觀察是否會增加或抑制原先流動性創造的效果。 實證結果顯示，高度的流動性創造會增加銀行出事的可能性，且收入多角化程度的提高，會更增加流動性創造帶來的負面效果。而以市場為基礎的國家，因為銀行活動和市場相關性高，能夠創造出較多的流動性，但銀行出事時，也容易選擇紓困銀行而不讓其倒閉，避免對整體金融環境造成太大的負外部性。最後，限制銀行從事證券活動，則有助於銀行免於紓困。 二、成本管理的銀行效率 本文是第一篇結合成本管理和銀行效率的研究。在盈餘管理的文獻中，呆帳費用 (Provision for Loan Loss, PLL) 被認為是銀行最常用來操弄盈餘的科目。因為它是銀行最大的應計項目，經理人往往利用將其提前或遞延認列來進行盈餘管理。甚至，政府的寬容政策、管制改變和企業醜聞等因素，也都會讓呆帳費用產生大幅波動。然而，呆帳費用是總成本的一部份，所有造成呆帳費用波動的原因，都可能進一步影響總成本，使總成本也大幅波動，本文將這樣的影響稱之為「成本管理」。過往成本效率的研究，使用的都是經過成本管理的總成本，而偏離真正總成本的結果導致銀行的效率表現也容易錯估。 本文提出了一個降低財報上呆帳費用波動的方法，盡可能地讓其在當期認列，成為符合經濟意涵的呆帳費用 (即「經濟呆帳費用」)。然後，用經濟呆帳費用求得當期理論上的總成本 (即「經濟總成本」)，並重新對台灣29家商業銀行的成本效率進行估計。實證結果顯示，經濟總成本不但遠高於財報上的總成本，所估得的效率排名也和原先有很大的不同，但明顯較符合現實狀況。

教科書是教師教學活動的主要媒介，是學生獲得知識的主要來源，它負有傳遞知識與社會價值的任務，在內容編輯上要符合理想的教育思想，配合社會時代的發展，更須適應學生不同成長及知識學習的需要，因此占有十分重要的地位。然而在教學現場及學生的學習歷程中，除了教科書，還包含習作、學習單、教學指引、教學活動、教具、數位媒體、實驗、補充材料和延伸閱讀等，這些伴隨著教科書主體的產物，形成了教科書的產業。 台灣的中小學教科書原為統編制，自民國78年開放國中藝能科教科書予民間編輯、出版，至民國85年國小學科教科書開放，當時投入民編教科書的出版業者達14家，投入後才發現要進入市場的門檻甚高，內容須不斷與時俱進，加上印刷、發行、物流、運送、尊重著作權等要素，已非過去全數利用政府資源來編輯、發行的狀況。加上台灣少子化嚴重，物價上揚，書價無法由業者自主，教科書的產業處於極微利的狀況，出版業者要永續發展是一個很重要的課題。 本研究將以資源基礎理論（Resource-Base Theory, RBT）來探討企業多角化策略的成效，以K文教事業為例，討論的問題如下三點： 一、台灣教科書產業的發展過程與演進 二、台灣總體環境，如政策、少子化等因素對教科書產業經營之影響 三、教科書產業如何運用既有的資源進行多角化策略成功與失敗因素分析 本論文採用個案研究方法，透過相關文獻回顧，以Amit & Livnat（1988）針對多角化策略經營的觀點，著重在既有資源能力的延伸、新能力的建構、產品線擴充來研究；再以Grant（1991）提出的資源基礎觀點，從企業擁有的資源與能力去做探討，包括公司的研發力、採購力、生產力、行銷力等方面來說明及印證。 本研究發現，企業在進行多角化策略投資評估時，若能更具體分析出企業本身既有的能力，並與多角化策略發展有更多正面的關連，則成功的機會越大，反之則越小；最後從營收的成長來判斷其經營的效益。 / Textbooks are a major media to teaching, a main source for students to gain knowledge. They bear the responsibility to pass on knowledge and social values. The contents not only need to reflect ideal educational philosophies and social era developments, but also adapt to different growing and learning needs of the students. Their importance is without question. However, other thank textbooks, exercise books, worksheets, handbooks, teaching activities, teaching tools, digital medias, lab activities, supplementary materials, and extended readings are also part of classroom teaching and student learning progress. These ancillaries, together with the main body—textbooks, comprise the textbook industry. In the past, elementary and junior high school textbooks in Taiwan were unified and published by the government. Until 1989, textbooks of non-academic subjects were opened to private publishers for editing and publishing and in the year of 1996 elementary academic textbooks. Fourteen private publishers entered the business at that time. Not until later, they realized how high the threshold is to enter the business. The contents must keep up with social realities, not to mention other important elements such as printing, publishing, logistics, shipping and copy rights, etc. which could no longer rely on the total support and resources of the government. In addition, the exacerbating low birth rate and price inflation problems in Taiwan prohibit the publishers from setting textbook prices. As a result, the textbook industry is caught in low marginal profits. Therefore, sustainable development of publishers is an important topic to be discussed. This study uses Resource-Based Theory (RBT) to investigate the effectiveness of diversification strategy with K Educational Publishing Group as an example. The following three areas are explored: 1.The developments and evolutions of the textbook industry in Taiwan. 2.The effects of macro-environment factors, such as government policies and low birth rate on Taiwan textbook industry. 3.The analysis on successful and unsuccessful factors of using existing resources for diversification strategy by the textbook industry. This research utilizes case study method. Through literature review, the diversification strategy management perspective by Amit & Livnat (1988) is used in the study with the focuses on the extension of existing resources and skills, constructing new abilities and expanding product lines. In addition, this study also employs resource-based perspective proposed by Grant (1991) to explore the resources and abilities of the enterprise, such as the company’s research and development, purchasing, and marketing abilities as explanations and validations. The results indicate that if the enterprise could objectively analyze its existing abilities when engaging in diversification strategy investment evaluations and have more positive connections with diversification strategy developments, it will have greater chance to success, otherwise smaller. Lastly, revenue growths can be used to evaluate management effectiveness of the enterprise.

自1970年代第一部個人電腦(PC, Personal Computer)的出現，以開放的架構開啟了一連串資訊革命，改變了人們學習與工作的方式。隨後在1980年代起，整體PC產業上中下游的產業鏈也為台灣帶來了經濟上高速的成長。 這樣的高速成長在2000年後逐漸有了微妙的變化，以台灣與中國大陸為主的硬體代工供應鏈，為硬體的低價提供了穩固的後勤保障，PC硬體的品牌形象隨著PC的應用轉以網際網路內容與雲端應用而逐漸式微。在2000年中期，隨著網際網路產業的興盛更進一步加速行動化應用技術的成熟。如此的變化讓許多網際網路應用的服務提供者得以挑戰傳統PC軟體與硬體的龍頭如微軟、英特爾、惠普、戴爾與IBM的領導地位。 過去近三十年間，以PC產業為主的電子資訊產業佔據了所謂高科技與創新的舞台之際，在近年來也不斷試圖以各式創新，如硬體本身的多樣化、時尚化，與多角化措施，如轉投資雲端服務、行動裝置或多品牌策略等，試圖在新的競賽中搶佔新的席位。但在無法脫離原本業所帶來的利益與包袱之下，常有運用原有人力、資金、管理團隊與思維來啟動新事業的情形，造成轉型的困境。 筆者有幸服務於曾參與PC產業榮景的領導廠商之一，也同樣見證其與近十年主要的多角化歷程，希望藉由本研究將其多角化的動機、作法與未能成功的原因以個案方式呈現，輔以相關學理與從業經驗分析，期能為類似業者在進行多角化措施提供貼近實務的參考範例。 本研究的問題有三點:為身處高門檻高獲利的寡占廠商的分析其(1)多角化動機(2)多角化作法與(3)可能失敗的原因 透過收集整理公開資料與曾參與多角化產品行銷的人員訪談，本研究得到以 下結論(1) 企業多角化策略制定應考慮管理團隊專長 (2) 多角化產品開發應以獨立組織或合資方式進行 (3) 公司多角化策略應注意代理人問題 (4) 公司多角化策略應參考其本業的競爭優勢建立條件。 / The PC has changed the way we work and learn dramatically since it was introduced in 1970. Meantime, the information technologies have been through a continuous revolution base on the open hardware and software architecture of PC as well. Taiwan also benefits from the booming PC industry, as a key partner of PC supply chain, and has created a huge economic growth since 1980s. The landscape of PC industry has shifted gradually in early 2000s resulted from particular changes. The PC supply chain from Taiwan provides cost-effective hardware to make low-cost notebook happened and in addition to that, the internet and cloud application are altering the focus on brand image of PC hardware vendors to internet-based services providers, plus the booming internet industry has facilitated the readiness of mobile application from mid-2000s. All those changes allow the internet-based services providers to challenge the leadership of the giants from PC industry, such as Microsoft, Intel, HP, Dell and IBM. For last three decades, PC industry played the crucial role of high-tech innovation and it never stop to keep the leading positon via innovation to various and trendy ID design, diversification with cloud services, mobile devices as well as multi-brand strategies in recent years. However it is not easy to start up a new business with the benefit and limitation from original business thus the enterprise transformation would fail most likely. It’s been a pleasure for me to work for couple leading companies in PC era and witnessed part of the effort to diversification in “A company”. I expect to bring similar vendors a practical case study on the motivation, strategies and potential causes of failure of its diversification with recommendations generated from diversification theory and personal experience in field. There are three goals to this study: to analyze and find the (1) motivation of diversification (2) diversification strategy and (3) potential causes of failure, for a high profit company with high-entry barrier in oligopoly market. This study has reached the conclusions via collected and analyzed the public data and interviewed with key persons involved in diversification process of “A company”: (1) Diversification Strategy shall be incorporated with the expertise of leadership team (2) Production diversification shall be managed by an independent organization or a joint venture. (3) Diversification Strategy shall be observant to agency problem (4) Diversification Strategy shall be referred to and leveraged the elements of competition advantages in original business.

本文探討我國金控公司在不同子公司組合以及考量雙引擎策略下，對各種績效指標以及風險指標影響。資料取樣我國2002年至2013年間15家金控公司之季度資料，在考量過去關於金融機構及金控公司多角化經營與子公司組合有關文獻後，選取適當控制變數搭配「以銀行搭配壽險為主」之虛擬變數進行分析，並以虛擬變數及三種集中率進行穩健度測試及並觀察不同面向影響；接著於雙引擎分析當中，試圖發展用於測量雙引擎策略程度之兩種平衡率變數，並且考量交叉項的效果，分別加入模型中進行分析分析。研究結果分為複迴歸、追蹤資料模型，以及關於落後一期自變數對當期應變數之延伸分析。 　　在複迴歸及追蹤資料模型進行橫斷面及縱斷面之實證研究結果指出，金控投入的資源越分散(資產多角化程度越高)或是越集中(集中率越高)皆未能顯著提昇金控績效或降低風險；然而若考慮雙引擎策略時，則能顯著提昇EPS、P/B Ratio或RBC，同時，不論資產面或營收面建立的平衡率變數，皆可觀察出金控旗下兩大子公司在收益傾向越相等的情況下，具顯著改善金控整體獲利能力、投資人評價或是降低破產風險的情況。 　　本研究對於各個金控公司前一期的自變數對當期應變數進行延伸分析，實證結果支持了本研究對於投入到產出存在時間落差的假設，亦即以資產平衡率而言，較屬於以資源「投入」概念觀察雙引擎策略程度，因此需要隔一段時間才能展現對於績效與風險的影響；而收益平衡率則偏向以當期「產出」的概念觀察雙引擎變數，此時用於衡量下一期之績效指標將會傾向不顯著，但對於風險方面則傾向能夠顯著降低破產風險。 / This study investigates the relationship of different subsidiary combination and dual-engine strategies on financial holding companies’ performance and risk. Using quarterly data for 15financial holding companies（FHCs）in the R.O.C for the period 2002Q1–2013Q4 and controlling for the size, size growth, equity ratio and diversification. In order to analysis the issue, we choose “the top-two subsidiaries are bank and life insurance” as a dummy variables, asset and revenue balance ratio as dual-engine variables. Also, the paper introduces several relevant variables to implement the robust tests. These relevant variables are “the FHC has subsidiary of life insurance”, three concentration ratios and two interaction variables. Our empirical finding can be divided into three parts: multiple regression, panel data and one-period lagged data analysis. 　　In multiple regression and panel data, we find evidence that both higher diversification and concentration in subsidiary resource have an ambiguities relation for the performance and risk of financial holding companies. However, considering dual-engine strategies can significantly improve the EPS, P/B Ratio and RBC in empirical results. Also, both asset and revenue balance ratios have significant effect to improve the earning power, the valuation of investors and the insolvency risk. 　　This paper also use the one time lagged data to conduct the extension study. The findings support the assumption of ours that FHCs exist time-lag between input and output. The asset balance ratio is more like the input concept and the revenue balance ratio is rather more like the output concept when we discuss the dual-engine strategies. In other words, there need more time to show the impact of performance and risk indicators when we use the asset balance ratio. However, output variable has insignificant relation to the performance indicators and significant effect to the risk indicator when we use the revenue balance ratio.

本研究使用固守職位理論(Entrenchment theory)解釋在經理人更替後因風格不同及代理人問題造成繼任者有現金持有動機的轉換，此項交乘效果將造成公司現金持有決策的轉變。同時本研究使用多角化公司的財務決策轉變作為例子，解釋在能力配對理論(Ability-matching theory)中不同公司性質造成CEO更替之後決策轉變的原因。研究結果顯示在兩種理論之下，被強制替換或自動離職的狀況將會帶來經理人風格轉變、前任代理人問題減輕或在公司狀況不同下使得現金持有因素有顯著的增減。然而整體實證結果因增減效果彼此抵消，CEO更替對於現金持有的影響並不顯著。 / Our research used entrenchment theory to explain the changing in cash holding after CEO turnover can be caused by different managerial style and agency problem. The interaction of turnover and entrenchment effect will transform motivations of holding cash and further changing the liquidity policy. Meanwhile, we used the ability-matching theory to explain the changing of financial decision in diversified companies to show how different company characteristics affect corporate financial strategy after CEO turnover. Our results showed that based on the two theory, CEO characteristics, agency problem and firm characteristic will significantly affect the financial variables. However, the total effect of CEO turnover on cash holding policy is insignificant because the different effects off set the total effect.

本研究以台灣、大陸及日本的觸控產業為主要的研究對象，依據邱志聖(2010)提出的4C策略行銷作為理論的架構，並依據AHP分析模式，將4C設定為目標構面，並同時展開評估準則，依據不同的對象－整體觸控產業、專業型觸控廠商、垂直整合型廠商及水平多角化廠商作出4C整體及個別交叉比較矩陣的分析，以分析出目標構面及評估準則的相對權重，以作為有效行銷策略的制定。　 其中整體觸控產業及專業型觸控廠商在4C行銷構面的權重及一致性較高，行銷策略運用的順位（由大到小）分別為：道德危機成本(C3)、專屬陷入成本(C4)、單位效益成本(C1)以及資訊搜尋成本(C2)。 就個別廠商類型之行銷評估準則的權重分析來看，仁慈同理心、降低總生產成本及產品專屬資產都是相對權重比較高的項目。尤其是整體觸控產業、專業型觸控廠商和垂直整合型廠商都是將仁慈同理心列為最重要的行銷評估準則；而水平多角化廠商則是比較特殊的，將產品定位列為最重要的行銷評估準則。 另外，專業型觸控廠商相當重視信守合約的承諾及提升買方效益。重視信守合約的承諾主要是因為客戶對產品的規格要求很高，若是能承諾完全達到客戶的要求，或是超過客戶的期望，這對未來長期合作均有明顯的幫助。而提升買方效益則主要是以產品定位在高品質及技術領先的領導觸控廠商為主，這與降低總生產成本為主要行銷評估準則的成本導向的觸控廠商是完全不同的行銷策略。 垂直整合型廠商則是特別加強與客戶之間要建立有效人員專屬資產。因為此類型廠商主要是延伸既有LCD合作關係上，再逐次增加觸控面板的合作商機，因此建立在既有的高層主管之間的人員專屬資產是最有效的行銷策略。 而水平多角化廠商則是採取比較特殊的行銷評估準則，將產品定位列為最重要的行銷評估準則。強調可以整合現有客戶端的觸控既有的產品規格與水平多角化觸控廠商的產品作一定程度的結合，以建立廣義的產品專屬資產。 / This research to Taiwan, China and Japan of touch panel industry for research of object, according to Professsor Jyh-Shen Chiou (2010) proposed of 4C strategic marketing as theory of schema, and according to AHP analysis model, will analylze the object and criteria for marketing target, and while started assessment to different of touch panel industry including professional touch panel manufacturers, vertical integration manufacturer and horizontal diversification manufacturers to made 4C overall and the individual cross compared matrix of analysis together with the assessment guidelines of relative weight,　 To serve as an effective marketing strategy formulation, overall touch panel industry and professional touch manufacturers in the higher weight and consistency of 4C marketing perspective, marketing strategies using the sequence (from large to small) are as follows: cost of moral hazard(C3), cost of specific asset(C4), unit cost/utility(C1), and cost of information search(C2). The weight of individual manufacturers guidelines for assessing types of marketing analysis, benevolence , reduce the total cost, and product specific asset are the highest weight of assessment criteria. Especially the whole touch panel industry recognizes benevolence as the most important assessment criteria level. Horizontal diversification manufacturers are quite special to keep product positioning as the most important marketing assessment criteria. In addition, the professional touch manufacturers attach considerable importance to honor its contractual commitments (can do) and increasing utility of the buyer. Attention to honor its contractual commitments is mainly because of the high customer specifications, to undertake to fully meet the customer's requirements or exceed our customers ' expectations, which had obvious help for future long-term cooperation. Vertical-integration manufacturers are particularly strengthened with customers to establish an effective personnel specific asset because this type of firms mainly extends on both LCD partnership, again increasing cooperation between the touch panel, a major marketing strategy can build on existing senior management staff between exclusive is the most effective. Horizontal diversification manufacturers are taking product positioning as the most important marketing assessment criteria to establish a broad product-specific assets.

由於國內市場競爭激烈與本業成熟化，我國集團企業的多角化程度高，且跨業的意願也高，但是這些跨業多角化的績效卻不如預期的理想。本研究認為集團跨業多角化時應該發揮 「知識」的範疇經濟，也就是善用集團現有的核心知識，將這些知識帶入新產業內，並使用適當的知識管理模式管理集團內與集團外的知識，進而創造出新的核心知識與競爭優勢，以提升集團跨業多角化的成功績效。 本研究以 「知識理論」為基礎，探討集團跨業多角化中，知識流通、知識蓄積、知識整合與知識創造及產業創新間的關連，並以個案研究的方式推導出相關的命題與結論。主要的研究發現與結論如下： (一)知識的特性會影響集團企業跨業多角化的知識流通方式。 本研究將知識分為兩個特性，即專屬性與內隱性，跨業多角化所流通的核心知識中，專屬性高的知識流通來源主要來自集團內，而內隱性高的知識流通媒介主要以人員移轉或引進的方式。 (二)多角化的知識管理模式會影響新核心知識的創造。 本研究認為知識管理模式包括知識流通、知識蓄積與知識整合，得出以下的結論： 1.跨業多角化的知識創造都需要有集團外的知識流通。 2.跨業多角化的知識創造會將專屬性低、內隱性高的知識轉化為專屬性高、內隱性低的知識，也就是將蓄積在個人的知識，外顯化成為蓄積在實體系統的知識。 3.跨業多角化過程中，知識的整合會建構新的核心知識。 4．集團外與集團內知識的整合成功是集團跨業多角化知識創造的主因。 (三)集團多角化企業的知識創造將會影響產業創新。 本研究發現，集團跨業多角化的創新來自於新核心知識的創造，而該企業應用新核心知識的創新將促成該產業的創新。