由於台灣公司因面臨有限的市場規模與資本市場發展程度不如歐美已開發國家，多角化可能是公司維持競爭力與增加獲利的一種主要方式。過去文獻主張多角化與代理問題有所關聯，著重探討多角化與績效的關係，但對於監理機制、多角化與績效的關係缺乏系統性的研究，本研究以代理理論為基礎，再以民國85年至90年的台灣上市公司為研究對象，挑選在研究期間進行新多角化活動(產業部門變動)的公司共133筆作為研究樣本，探討監理機制、多角化與短期績效的關係。此外，經由7家上市公司的個案訪談發現，多角化為長期性行為，績效於長期才能完全顯現出來，故不同於過去國內外文獻，本研究探討監理機制、多角化策略以及短期績效(133筆樣本)，中期績效(99筆樣本)與長期績效(54筆樣本)的關係。 本研究使用敘述性統計、變數相關分析、t檢定、複迴歸分析，以及聯立方程式來探討監理機制、多角化以及短期與長期績效的關係，主要實證發現有: 1.民國85至90年期間，多數多角化變動的公司集中在紡織業、化學業，以及營建業等傳統性產業，可能反映出這些產業處於成熟期產業，獲利有限，公司希望藉由多角化帶來新契機，達到成長的目標。此外，發現紡織業公司與多角化程度呈現顯著正相關。 2.公司規模愈大、成立時間愈久，多角化程度愈高；此外，公司負債比率愈高、研發比率愈高，則多角化程度愈低。 3.管理者股權在多角化變動後的年度顯著地下降，可能反映出管理者對於多角化產業的前景並不樂觀的一種表現，故在進行多角化活動的年度，立即出脫部分持股。 4.管理者股權比例與多角化程度呈現先負後正的非線性關係，管理者股權比例的轉折點大約發生在50%，實證結果與部分文獻(Denis, et al., 1997)一致。 5.機構投資人持股率與多角化程度呈現負相關，證實Pound (1988)的效率監督假說，也與過去文獻(Wright, et al., 2002)一致。 6.多角化程度與短期績效呈現顯著正相關，但與中期或長期績效，此種顯著正相關就逐漸消失，甚至轉為負相關(但不顯著)，即多角化效益有遞減的趨勢，實證發現與過去多數文獻結論(Berger與Ofek, 1995; Lang與Stulz, 1994；Lins與Servaes, 1999 )並不一致，本文試圖提出原因來詮釋實證發現。 7.非相關多角化程度愈高的公司有顯著較佳短期績效，但在中期或長期績效時，此種好績效就逐漸消失，甚至不再有較佳績效，結論與過去文獻(Jose, et al., 1986; Lubatkin與Rogers, 1989)不一致。 8.本文經由聯立方程式實證發現，管理者股權與多角化程度呈現顯著先負後正的非線性關係，且多角化程度也影響績效，即管理者股權可經由多角化來影響公司績效。 最後本研究針對上市公司與投資人提出建議，並提供後續研究的建議。 / Diversification is one major way for Taiwanese firms to maintain their competitiveness and enhance profitability when they are confronted with limited local market share and are in a less developed capital market. Past studies have asserted that decisions related to diversification are often associated with the agency problems. However, past studies have chiefly focused on exploring the relationship between diversification and performance, with less attention having been devoted to the relationship of governance mechanisms, diversification and performance. Based on previous studies, Taiwan obviously lacks external control mechanisms, which are quite widespread in western countries. Hence, this paper explored whether internal control mechanisms (equity ownership and the structure of the board of directors) can be valid ways to alleviate agency problems. This paper uses agency theory to examine the relationship between the governance mechanisms, corporate diversification, and firm performance of Taiwanese TSE-listed firms from 1996 to 2001. We respectively selected 133, 99, and 54 samples to explore the relationships between governance mechanisms, corporate diversification, and short-term, intermediate-term and long-term performance. The major empirical results are as: 1.Most diversification activities occurred in traditional industries, e.g. textile, chemistry and building industries. This may reflect that these industries are in the mature stage of the industrial cycle. Therefore, they have to achieve growth by seeking diversification in other industries. 2.Larger or older firms have higher level of diversification. Moreover, firms with higher debt ratio or RD ratio have lower level of diversification. 3.Managerial equity ownership declined significantly in the year of diversification activity. This may indicate that managers were not optimistic about their industry’s future prospects. 4.Our results clearly showed an U-shaped relationship between managerial equity ownership and level of diversification. The threshold point was at 50%, similar to that in prior studies. Moreover, diversification was found to be positively associated with short-term and intermediate-term performance (statistical significance has declined) and to be negatively associated with long-term performance. It showed that the benefits of diversification have decreased. Our findings are different from those of most previous studies. Some possible interpretations are discussed. 5.The level of diversification was negatively related to equity ownership of institutional investors, and this was confirmed by the Efficiency Monitoring Hypothesis by Pound (1988) and is consistent with prior studies. 6.In contrast to prior studies, firms with unrelated diversification have superior short-term performance. However, in the long-term, firm performance gradually declined. 7.By using simultaneous equations, we confirmed managerial equity ownership did affect firm performance through diversification. Future research directions and suggestions for Taiwanese-listed firms and investors are also discussed in the paper.

過去的企業經營追求的是規模經濟，多角化為可能的策略選項，透過多角化的經營進行擴張，並希望組織的互補運作能降低風險產生綜效。學術上多著重於探討企業多角化經營所能帶來的結果，而非探討企業多角化經營的目的與動機，以及企業內部如何進行組織的運作與變革。今日多變的環境與激烈的競爭，為企業經營帶來挑戰，要能生存並追求永續經營，創新成為基本要件，多角化經營中如何應用既有核心事業的能力，以對新市場與新機會進行探索，新舊組織運作中的矛盾與衝突，如何轉化為企業創新的動力，使得組織的雙元性成為近來組織管理中熱門的議題。 本論文即以相機模組產業為例，選定具代表性的個案公司，採用質性研究中個案研究法與參與觀察法兩種方式進行研究。科技的日新月異促使此產業快速發展，許多廠商紛紛投入，更有中國大陸挾其廣大的內需市場建立產業鏈，使得產業競爭益形激烈，台灣廠商莫不積極尋求新藍海思考轉型。個案公司成立已逾四十年，紮根各種影像科技產品近二十年，為台灣相機模組產業的先驅，從初期聚焦於行動電話市場，透過產品多角化跨入筆記型與平板電腦市場，再嘗試進入安防監控與其他應用，探究其實務運作上所採取之多角化策略思維與動機，以及因不同市場特性所形成之雙元性組織運作模式，應可為多角化策略與雙元組織管理帶來實際可供研究之案例，並為台灣資訊電子產業企業組織運作參考之依據。

台灣家用電器產業從民國三十八年由大同公司開始營運後，發展至今已有六十餘年歷史；家電業在台灣的發展一直受到關稅保護，直到2002 年加入WTO之後，各國進口家用電器品牌紛紛進入台灣市場，大陸及韓國等國製造的家電產品也加入戰局，對本土家電產業產生極大衝擊，使得市場競爭相當激烈。家電業者要如何在這變化的競爭環境中建立自己的競爭優勢，以及如何運用多角化策略來突破困境並創造新情勢以持續繁榮發展，是家電業經營者不斷探討及思考的課題。 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，將以台灣家電業D公司為例，預計將於本論文討論的問題如下二點: (一) 瞭解家電產業的發展過程及演進。 (二) 探討家電產業於多角化策略過程之成功要素。 本論文採用個案研究方法，透過相關文獻回顧，以李吉仁&石賜亮(2000)針對多角化策略分析架構，著重在既有資源能力的延伸、新能力的建構、產品線擴充或併購；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，這些能力包括公司的財務力、採購力、生產力、行銷力以及研發力等方面； 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是否與該多角化策略合作有更多正向影響(H)，則成功的機會越大；最後可以從營收或獲利去判斷企業經營績效。

近幾年來，由於經營環境不變，多角化策略漸為企業所普遍採行，而多角化策略甚至 已成為一時髦的名詞。 自學者Chandler提出「結構追隨策略」的概念後，陸續有許多學者相繼研究與結構間 的關係，但無庸置疑的策略的轉向必須配以適時的組織調整；根據國內外的話多研究 顯示，事業部的組織型態因多角化策略的盛行而漸為興起。 本研究即嘗試以一客觀且較為實務的立場來探討企業於採行多角化策略時，組織結構 調整為事業部型態的過程，歸納出較為一般化的原則，以供為實務界參考，及後續研 究的基礎。 本研究是以個案撰寫方式而成，利用深入訪談，獲取個案公司調整為事業部過程的縱 斷面資料，藉此資料整理實務經驗，補充理論所不足之處。 預期本研究的貢獻有： (1) 經由觀察採行不同型態多角化策略的企業於過去調整組織結構的經驗，提出組織 結構可能的演進過程。 (2) 探討各種組織型態之間的演進理由，以作為企業於設計組織調整預警制度的參考 。 (3) 提出事業部設計的可能類型與差異，進而移轉組織設計的經驗。

台灣化工業中有一個非常小的一支系，那就是紡織行業供應鍊上游中的染顏料業；建築業、印刷業、塑膠業供應鍊中的顏料業。在1970 年代亞洲四小龍開始活躍於輕工業界為全世界提供產品，台灣的紡織業、建築業、印刷業、塑膠業蓬勃發展，伴隨著以上行業的需求，大量自德、瑞士、英、美、日高價進口染顏料，讓台灣化工業者嗅覺到了商機，紛紛跳進染顏料業。這行業一直興旺到1990年代。中國大陸在1982年開始改革開放，開始時候對於生活基本物資飢渴般的需求，造成亞洲四小龍景氣到最高峰。台灣的染顏料業者此時以多年獲利紛紛尋求上市上櫃擴大獲利。在1990年代後期，中國大陸各地在紡織業、建築業、塑膠業投入大筆資金分別加入競爭是典型的競爭合流。 台灣染顏料業者A公司此時已感受到競爭，尋求走出競爭漩渦。本研究以個案探討的方式，深入研究台灣染顏料業者A公司如何走經由更新策略多角化經營、組織變革、開展新行業研發、產品技術紮根，建立技術團隊，由無到有建立生產工廠，以新產品進入新領域，銷售團隊建立，新品牌、市場行銷通路建置，由染顏料業者踏入生化醫藥產品領域，藉此討論以下三個問題： 1. A公司如何找出自己的組織能耐？ 2. A公司如何進入新領域？ 3. A公司從研發到商業化途徑中組織有何變化？ 研究發現與顯示，A公司發現了原公司技術已經擴散，本身從事的行業面臨同業突破技術障礙，以相同產品競爭，產品削價競爭，從而由此發起內部策略會議，找出自己的組織能耐為製造技術、世界四十餘國行銷通路、檢測能力、設計工廠能力、研發能力、技術與管理人力資源、高階管理人員願景與決策執行能力等，積極訂出新領域目標，集中資源包括公司財力、人員、尋求政府支持，與外部協同研發、尋找行業資深專家等進一步加強組織能耐。以行為變革、結構變革、技術變革等方針進入新的領域，因應新公司活動，變更組織成立新研發專職部門，以專案組織變動模式執行技術突破與市場滲透，而此活動帶來了新的目標，將公司資源配置移轉至研發活動，成功克服各項進入障礙後，進而公司組織再造改組，獨立出新部門成立新公開發行公司。 從研發到展開商業化的過程中面臨到企業文化的改變，組織成員對於新產品領域的不同文化與管理帶來的衝擊，新領域中由內部工作流程、組織功能、作業管理的不同，延伸到外部供應鏈管理、多國通路建立、不同政府法規要求的不同的衝擊。組織拆解出新公司重組後，與原公司各有不同內部文化組織功能。 本研究對L公司後續發展的建議： 建立學習型組織充分傳承組織能耐進一步再突破創新，並將新進入行業的類胡蘿蔔素產品應用創新橫向切入飼料、醫藥領域。 研究對於A公司染顏料部門的後續發展的建議: 一、 針對能縮短製程時間節能、降低排汙的環保製程或產品必是未來行業趨勢，如何以專利保障研究成果，需要設定好策略與規劃步驟。 二、 對於染料消費者其中一群體：汽車用椅套墊染色業的後續發展的建議；傳統配方為了求高日曬牢度，所使用的染料多為舊型化學結構，較高汙染排放品項，技術創新上可應用綠色化學製程、篩選開發新結構、新配方、使用新助劑、新後段加工製程，把上游的生產供應鏈污染排放量降低下來，成為對環境更友善產品。所作市場通路策略上改變以如「XX環保綠色標章」標示於產品及下游紡織產品吊牌上，如「Intel Inside」一樣的光榮貼上。 三、 價值鏈活動上投入更多資源發展品牌與擴大原有通路規模。 / Chemical industry in Taiwan has a tiny sub stream, that is Dyestuff and pigment business, It is located in the upper tiers of the Textile business supply chain. Four of Asia countries in 1970s became most active roles in the world’s light industry. Meanwhile the Textile and related industries in Taiwan began to flourish, Accompanied by the huge needs of this industries, a large number dyestuff and pigment imported at high prices from the Germany, the Switzerland, the Great Britain (U.K.), the United States, Japan. At this moment, the chemical industry companies in Taiwan found these was very good opportunity to produce the products, Some company they Jumped into the dyestuff and pigment business. On the another side of Taiwan strait, China begun to open domestic market in 1982,At the beginning, The basic materials for living needs hungrily, Causing the the four Asian 4 countries economy went to the peak of the records. Thus the industry has been continuing thriving through the 1990s. In China, some of industry invested a large quantities of resources as a follower, it was typical of the competition convergence. Case “A “ (“A”)company in Taiwan at that moment felt the competition, seeking a way goes out of the competition. This study will discuss a case study, Which will have a in-depth study of dyestuff and pigment industry in Taiwan ，This company how to update their strategy into the diversification strategy, organizational change, new industry research and development, deep in product technology research and, the establishment of technical team. From none to new plant facilitating, Invented new products into new business, sales team, building, new branding, and set up marketing channels. By the case of dyestuff and pigment industry company moved into the area of biochemical and pharmaceutical fields, Three questions will be addressed as followings : 1. How “A “company found out their organization capability? 2. How “A “company entered into new business territories? 3. From the R&D stage to the commercialization stage ；What was organization changed happened in the” A” company? In this study had found and showed that when” A “company faced of their competitors broke out their technical barriers; the same product competitiveness in the market, Low-price competition. “A “company held an internal strategy conference leaded to find out their owned organizational capabilities, Set up a project team in dynamic way to perform technical break through and market penetration. The company’s resources moved and allocated toward R&D activities, further to restructure of the company reorganization; then spun off a new independent company. From the R&D stage went to the commercialized stage , The company had cultural and administrative changes , which brought impact to the members . The differences came from internal factors; work flows, operation procedures, organization functions. To the external factors; multinational sales channels, different regulations from the different countries. When the new “L” company spun off form the “A” company, Both company keep their own regulations and company cultures . Accordance with the study findings, there are some recommendations offered to the companies. To “L” company: 1. Building a learning organization; introduced new technologies products to the Carotenoids family product application, Invent innovative products goes into the feed and pharmaceutical field. To “A” company: 1. Follow the trend of needs, Optimized process times work flow, Low pollutive process and products will be the future trend, Set up a proper patent strategy to keep the value inside of “A” company. 2. To one of the dyestuff application sector – car seat textile sector ; The traditional recipe contains a lot of old, pollutive process products, It should be switched to green chemistry methods, newly selected structure, new auxillaries, new finishing process. Which can reduce the total pollution form the top of supply chain, become greener and more environmental friendly products . Place a honorable “Green environmental “tag, Like the well known” Intel inside “ tag as a market differentiation symbol

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.

近年國內電子代工廠正紛紛面臨轉型的需求，企業成長策略中所探討的多角化策略一直是企業所使用策略管理方法，決策者如何選擇最適當的多角化策略帶領企業成長逐漸成為現今企業轉型過程中熱門的議題之一。 本研究有別於傳統多角化策略中以產品和市場為主要架構為分析，而是結合眾多鑽研多角化策略的學者所慢慢雛型而成的三維度─以資源共通性、價值活動相似性、市場共通性三構面所形成的三維度多角化策略為基礎架構。此架構首先藉由企業本身的資源與能力基礎為分析基礎，找出關鍵成功因素，並訂定出企業的活動價值鏈，以及對於市場的定義。藉由個案研究的探討，首先讓企業區分自身的能力與資源的優勢，並利用此三維度架構下，分析個案公司所發展之多角化策略事業，其創新表現、市場表現及財務表現的效益為何？分析其原因以及預期的發展狀況，希望能提供決策者在執行多角化策略時所訂定之成長目標，以及可能面臨到的成果為參考。