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中文論文名稱 多角化策略對企業績效影響之研究─以台灣主要紙業公司為例
英文論文名稱 A Study of the Influence of Diversification Strategy on the Business Performance:A Case Study of Taiwan Major Firms in Paper Industry
校院名稱 淡江大學
系所名稱(中) 會計學系碩士在職專班
系所名稱(英) Department of Accounting
學年度 98
學期 2
出版年 99
研究生中文姓名 林承廷
研究生英文姓名 Chen-Ting Lin
學號 796600178
學位類別 碩士
語文別 中文
口試日期 2010-06-21
論文頁數 147頁
口試委員 指導教授-黃振豊
委員-林孟彥
委員-蔡瑤昇
中文關鍵字 多角化  績效  紙業  多角化策略  多角化指標 
英文關鍵字 Diversification  Performance  Paper Industry  Diversification Strategy  Diversification Index 
學科別分類 學科別社會科學商學
中文摘要 本研究以台灣三家主要紙業公司為對象,採取個案研究方法,探討過去20餘年的投資歷程,所採用的多角化策略模式與績效成長,然後總結出這些企業的成長經驗與多角化策略模式,並形成觀念性的多角化評估模式。本研究結果發現如下:
1.個案公司以建立本業核心競爭力為多角化發展的首要條件,其多角化進行方式,依序為內部增建擴建產銷據點、垂直整合多角化、水平相關多角化與水平非相關多角化。
2.個案公司多角化策略選擇皆以相關多角化策略為主,其目的是藉以強化本業核心能力,鞏固其在紙業的領導地位。
3.個案A公司多角化策略模式為平衡發展模式,主要是相關多角化和非相關多角化都能均衡發展,此一模式帶來營收獲利長期績效的穩定成長。
4.個案B公司多角化策略模式為專業發展模式,其多角化投資大致聚焦在和本業相關之事業為主,此一模式導致淨利起伏、長期績效欠穩定。
5.個案C公司多角化策略模式為垂直發展模式,此一模式的結果為獲利率最優,並且,掌握了長期紙漿原料的供應無虞。
6.個案公司多角化的結果,帶給母公司及集團營收上揚,擴大企業的規模,淨利亦有成長,其貢獻是正向的,但是,淨利起伏不定,未來在多角化策略上要思考如何維持營收和獲利的同步成長。
英文摘要 The purpose of this thesis is to explore how Taiwan three major firms in paper industry undertook their growth strategies in terms of diversification of investment
process during past over two decades. Then, summarizes these enterprise's growth experience and diversification strategy pattern, and forms the ideal diversification
appraisal pattern. In addition, the study provides a conceptual evaluation pattern of diversification for paper industry or other similarindustries.
The following are our findings:
1. The case company establish core competitiveness of main industry as the diversification development first condition, its diversification carries on the way, in order for internal additional construction extension production and marketing foothold, vertical integrated diversification, horizontal related diversification and horizontal un-related diversification.
2. The case company diversification strategy choice by is all related diversification strategy primarily, so as to strengthen core competencies of its main industry, consolidates it in the paper industry leading positions.
3. The case A corporation diversification strategy pattern for the balanced development pattern, this pattern brings the sales amounts and net profit of long-term achievements the stable growth.
4. The case B corporation diversification strategy pattern for the main industrial career development pattern , this pattern causes the net profit fluctuation, the long-term achievements to tend unstably.
5. The case C corporation diversification strategy pattern for vertical integrated development pattern, this pattern's result is most superior for the profit rate, and, has grasped the long-term paper pulp raw material supply no worries.
6. The results of the three case companies’iversification developing created high sales amounts and enlarged the scale of business,But profit was unstable. They should think over how to maintain high sales amounts and profit margin synchronization in future strategies of diversification.
論文目次 目 錄

誌謝……………………………………………………………………………………...I
中文摘要…………………………………………………………………….………..…III
英文摘要…………………………………………………………………………….…..IV
表目錄……………………………………………………………………………….…..VIII
圖目錄……………………………………………………………………………….…..X
第一章 緒論………………………………………………………………………….1
第一節 研究背景與動機………………………………………………………...1
第二節 研究問題與目的……………………………………...…………………3
第二章 主要文獻探討……………………………………………………………….4
第一節 多角化策略.………… ……………………………………………….…4
第二節 企業績效……………………………………………….…………….…15
第三節 多角化策略與企業績效間關係相關文獻…………….…………..……20
第三章 研究方法…………………………………………………….………………27
第一節 比較個案研究法………………………………………….………….….27
第二節 產業及個案介紹………………………………………….……….….…29
第三節 資料蒐集 …………………………………………………….…………33
第四節 資料分析方法………………………………………….……………..…33
第四章 個案研究與分析……………………………………………………….……37
第一節 個案A公司………………………………………………...……………..37
第二節 個案B公司…………………………………………………...………..…58
第三節 個案C公司……………………………………………………….………78
第四節 紙業多角化進行方式…………………………………………………..…96
第五節 個案綜合分析……………………………………………………………..100
第五章 研究結論、貢獻、建議與限制……………………………………...………121
第一節 研究結論……………………………………………...………………..121
第二節 研究貢獻……………………………………………………………….122
第三節 研究建議……………………………………………………………….122
第四節 研究限制……………………………………………………………….123
參考文獻………………………………………………………………………………...124
附錄1個案A公司歷年重要紀事...…………………………………………… ……...137
附錄2個案B公司歷年重要紀事...……………………………….……………..…….143
附錄3個案C公司歷年重要紀事...……………………………….…….……………..145































表 目 錄

表2-1-1 Ansoff的產品-市場矩陣……………………………………………………..5
表2-1-2 多角化的定義…………………………………………………………..………6
表2-2-1 多角化績效衡量指標的優缺點比較……………………..……………………17
表2-2-2 多角化績效衡量指標分類的相關文獻………………………………………..19
表2-3-1 多角化與績效關係的國外實證結果彙整……………………………………..22
表2-3-2 多角化與績效關係的國內實證文獻整理……………………………………..23
表2-3-3 多角化與績效關係的國內實證結果彙整……………………………………..26
表3-1-1 不同研究方法的應用時機……………………………………………………..28
表3-2-1 個案公司基本資料表……………………………………..……………………32
表4-1-1 個案A公司投資歷程明細表……………………………...…………………..38
表4-1-2 個案A公司營收及稅後純益統計表………………………………………….42
表4-1-3 個案A公司多角化指標統計表………………………………...……………..44
表4-1-4 個案A公司獲利能力統計表……………………………………..…………...46
表4-1-5 個案A公司合併營收及稅後純益統計表………………………………..…...54
表4-1-6 個案A公司多角化投資收入統計表………………………………………….56
表4-2-1 個案B公司投資歷程明細表……………………………………...…………..59
表4-2-2 個案B公司營收及稅後純益統計表………………………………...………..62
表4-2-3 個案B公司多角化指標統計表……………………...………………………..64
表4-2-4 個案B公司獲利能力統計表………………...………………………………..66
表4-2-5 個案B公司合併營收及稅後純益統計表…………………………………….74
表4-2-6 個案B公司多角化投資收入統計表………………………………………….76
表4-3-1 個案C公司投資歷程明細表………………...………………………………..79
表4-3-2 個案C公司營收及稅後純益統計表……………………………...…………..81
表4-3-3 個案C公司多角化指標統計表……………………………………...………..83
表4-3-4 個案C公司獲利能力統計表……………………………...…………………..85
表4-3-5 個案C公司合併營收及稅後純益統計表…………………………………….92
表4-3-6 個案C公司多角化投資收入統計表………………………………………….94
表4-5-1 個案公司基本資料比較表…………………………………………....……….100
表4-5-2 個案公司策略發展比較表…………………………………………………….102
表4-5-3 績效與風險比較表………………………………………………………...…..110
表4-5-4 個案公司合併營收統計表……………………………………………….……113
表4-5-5 個案公司合併稅後純益統計表……………………………………………….114
表4-5-6 個案公司相關多角化投資收入統計表………………………………….……115
表4-5-7 個案公司非相關多角化投資收入統計表………………………………….…117

























圖 目 錄

圖3-2-1造紙產業關聯圖……………………………………………….………………31
圖3-4-1投資歷程階段分析圖………………………………………….………………35
圖4-1-1個案A公司投資歷程分析圖…………………………………………………41
圖4-1-2個案A公司營收及稅後純益統計圖…………………………………………43
圖4-1-3個案A公司多角化指標圖……………………………………………………45
圖4-1-4個案A公司獲利能力統計圖……………………..…………………………..47
圖4-1-5個案A公司投資歷程階段分析圖………………………..…………………..48
圖4-1-6個案A公司合併營收及稅後純益統計圖………………..…………………..55
圖4-1-7個案A公司多角化投資收入統計圖………………………..………………..57
圖4-2-1個案B公司投資歷程分析圖………………………………..………………..61
圖4-2-2個案B公司營收及稅後純益統計圖………..………………………………..63
圖4-2-3個案B公司多角化指標圖…………………………..………………………..65
圖4-2-4個案B公司獲利能力統計圖……………………………………..…………..67
圖4-2-5個案B公司投資歷程階段分析圖…………………………………..………..68
圖4-2-6個案B公司合併營收及稅後純益統計圖………………..…………………..75
圖4-2-7個案B公司多角化投資收入統計圖…………………………………………77
圖4-3-1個案C公司投資歷程分析圖……………………………..…………………..80
圖4-3-2個案C公司營收及稅後純益統計圖…………………………………..……..82
圖4-3-3個案C公司多角化指標圖……………………..……………………………..84
圖4-3-4個案C公司獲利能力統計圖…………………………..……………………..86
圖4-3-5個案C公司投資歷程階段分析圖…………………………..………………..87
圖4-3-6個案C公司合併營收及稅後純益統計圖………………..…………………..93
圖4-3-7個案C公司多角化投資收入統計圖…………………………………………95
圖4-5-1個案公司相關多角化指標比較圖………………..…………………………..105
圖4-5-2個案公司非相關多角化指標比較圖………………………..………………..105
圖4-5-3個案公司整體多角化指標比較圖…………………..………………………..106
圖4-5-4個案公司資產報酬率(ROA)比較圖…………………………..…………..111
圖4-5-5個案公司股東權益報酬率(ROE)比較圖……………………...…………..111
圖4-5-6個案公司銷售報酬率(ROS)比較圖…………...…………………………..112
圖4-5-7個案公司合併營收比較圖…………...………………………………………..113
圖4-5-8個案公司合併稅後純益比較圖…………...…………………………………..114
圖4-5-9個案公司相關多角化投資收入比較圖…………...…………………………..116
圖4-5-10個案公司非相關多角化投資收入比較圖…………...………………………118
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