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Spin-Off Strategies for the Solution of Diversification Problems: A Case Study
No full text隨著全球化的腳步，現今商業活動愈來愈複雜，挑戰及變化也愈多愈快，企業在面對競爭時，經常會面臨兩種選擇，一是專注聚焦經營；另一是積極透過多角化壯大自己。多角化經營為企業快速成長及分散風險的方法之ㄧ，多角化雖具備分散經營風險、擴張經營範圍、達成經濟規模效益之優勢，但隨著多角化的程度愈高，多角化的缺點亦伴隨而生，但當多角化之成本大過其帶來之效益時，企業通常會重新省思專注於本身核心競爭力的重要，進行所謂的企業重組工作，以期達成重新聚焦、再造股東利益的目的。
本研究選擇之個案公司，成立至今逾20年，在追求成長及降低風險的動機下，該公司採用了多角化的經營策略。個案公司主要事業部門包含營養保健、西藥及醫學美容三部門，三部門所面臨的經營環境、銷售模式及管理重點皆不相同，透過訪談及蒐集相關資料，我們發現個案公司已出現股價低估、排擠資源、績效獎酬等管理問題。本文從個案公司所處產業介紹起，進而分析該公司問題發生之原因，發現問題的出現多與公司多角化有關。透過分析個案公司多角化問題，同時分析個案公司不同部門間綜效與負綜效的情形後，本研究認為分割策略不失為能夠全方位解決個案公司多角化問題之方法。
透過分割模擬試算，我們發現分割能解決或預防個案公司於市場上遭逢的資訊不效率情形，進而改善個案公司股價低估之情形；透過股價低估情形的改善，有助於個案公司未來籌資、節省資金成本。本研究另利用訪談資料進行相關預估及分析，發現資源排擠現象及績效獎酬問題若能透過分割策略的執行而獲得改善，確係對個案公司長遠發展有所助益；同時分割策略能增加個案公司未來與其他公司策略聯盟的機會，使公司經營保持彈性。經綜合分析發現，分割策略係提供全面解決個案公司多角化問題方案之一，因此我們試圖提出不同的分割方案供個案公司參考，其中我們認為採用權益分割模式將營養保健部門單獨切割出去成為子公司之方案，較具可行性。另為了解分割策略執行時，有哪些應注意事項，是以我們試圖針對個案公司的分割執行，提出一套具體可行的方案，包含分割後股本的形成、股權的規劃、資產的配置、經營團隊與人才、退休金及分割後獎酬制度的設計等等。
文獻都證明分割後的一定期間內，股東享有超額異常報酬，但若將時間拉長來看，分割策略雖是企業組織改變的方式之一，但並不是企業績效及價值增加的萬靈丹或特效藥，企業之長期發展仍須眾多關鍵成功因素的配合，並非執行分割即可畢其功於一役，而需其他條件與策略、戰術等完整的配套相配合。但對個案公司而言，分割策略確能提供個案公司在處理多角化問題時一個較佳環境與基礎，使其與競爭者一較短長，進而增加成功的機會。最後我們針對個案公司執行分割策略時提出一些建議，以確保策略執行的有效達成。With the trend of globalization, the business world has been exposed to greater complexity, daunting challenges and rapid changes. In the face of competition, enterprises usually have two options to choose from: one is to focus on their core business and the other is to grow through diversification, which is one of the ways in which businesses can grow rapidly and reduce risks. Despite its benefits of spreading operational risks, expanding the scope of business and creating economies of scale, diversification, especially a high degree of diversification, entails costs. When the cost of diversification exceeds the benefits, enterprises tend to refocus on their core competences, and engage in corporate restructuring so as to further elevate shareholder value.
This case study concentrated on a company which, having been established for over 20 years, has adopted the diversification strategy with a view to attaining further growth at reduced risk. The company has three main business divisions: pharmaceutical, nutricare, and derma-cosmetics. The three divisions differ in terms of business environment, sales/distribution model and management strategy. Through in-depth interviews and data collection, this study found the company to be suffering from stock undervaluation, the resource crowding-out effect, and problems related to performance compensation.
This study began with an overview of the industry the company is in, and went on to investigate the causes of the aforesaid problems, to which diversification was found to be the key contributor. Having examined the company’s diversification problems, and the existing synergies, positive as well as negative, among its various divisions, this study suggested the spin-off strategy as a possible solution to these problems.
Through spin-off simulation exercises, this study demonstrated that the use of spin-off may resolve or prevent information inefficiency the company faces in the market, thus alleviating the problem of stock undervaluation. Improved stock valuation would then help reduce the company’s funding cost in its future capital-raising efforts. This study also used the interview materials to conduct related analysis and forecast. Problems such as resource crowding-out effect and inadequate compensation programs were found to be improved by the spin-off strategy as well, which would be tremendously beneficial to the company’s long-term development. Moreover, the spin-off strategy allowed the company to remain flexible, more likely to engage in strategic alliances with other companies in the future.
Having proved the spin-off strategy as a possible solution to the company’s diversification problems through comprehensive analyses, this study proposed different spin-off options for the company’s reference. Among these options, equity carve-outs -- having the nutricare division split off and form a separate subsidiary -- seemed to be most feasible. Seeking the best way to implement the spin-off strategy, this study also proposed a specific program for the company, including details such as post-spin-off capital formation, equity planning, asset allocation, recruitment of talent and management teams, design of pension and compensation systems.
All literature in this field has shown that within a specific period of time following the spin-off, shareholders usually enjoy exceptionally higher returns. Yet on a longer time horizon, spin-offs prove to be just one of the many ways for corporate restructuring. Put differently, spin-offs are not a silver bullet or panacea for improved corporate performance and added value. A corporation’s long-term development, after all, still relies on a combination of various factors, rather than a one-shot spin-off. However, for the company in question, the spin-off strategy can indeed provide a better solution to its diversification problems, thus boosting the company’s chance of success in the market. Finally, this study concluded by rendering advice to the company about the implementation of the spin-off strategy.第一章 緒 論 1
第一節、研究背景 1
第二節、研究動機與目的 2
第三節、研究方法與流程 3
第四節、研究限制 5
第二章 文獻探討 6
第一節、多角化探討 6
第二節、重新聚焦-企業分割之探討 9
第三節、國內外企業分割成功案例及國內法規 18
第三章 個案公司簡介與問題探討 20
第一節、產業概況簡介 20
第二節、個案公司介紹 26
第三節、個案公司問題 31
第四章 個案公司多角化問題分析與探討 39
第一節、股價低估問題分析 39
第二節、資源配置與資源排擠問題分析 44
第三節、綜效 VS 負綜效 46
第四節、其他內部經營問題分析 52
第五節、可行解決方案探討 55
第五章 分割策略應用探討 59
第一節、分割與股價低估 59
第二節、分割與資源配置與排擠 64
第三節、分割與其他經營問題 66
第四節、各項分割方案建議及優缺點分析 68
第五節、分割方案選擇與策略運用 75
第六節、綜合評析 90
第六章 結論與建議 93
第一節、結論 93
第二節、對個案公司建議 94
參考文獻 97
附錄一 內部訪談紀錄 100
附錄二 外部訪談紀錄 112
附錄三 分割前後市值模擬計算 11
A Case Study of the Industrial PC Company’s Entry Strategy into the Emerging Outsourcing Market —Advantech Co., Ltd.
No full text工業電腦（Industrial PC，IPC）由於具有量身訂作、少量多樣等特性，在電腦相關產業中始終為高毛利的利基型市場，但近年來由於技術逐漸標準化、眾多廠商加入市場競逐影響，競爭日漸激烈，高毛利環境不再；廠商面臨成長瓶頸與轉型需求。
研華在其中屬於早期進入的廠商，以自有品牌行銷至歐美、亞洲等地區，近來則逐步提高代工業務比重；而他廠商如Kontron、威達電等，則逐漸發展出純代工與品牌、代工並行模式。
本論文主要討論企業以核心能力為基礎，追求成長的邏輯與行為；並以個案研究方式，以產業競爭態勢為背景，分析工業電腦廠商的成長策略與對環境變化的因應作為，其背後的決策意涵與邏輯，與為因應嶄新經營模式所需作的組織調整；期望透過質性的個案研究與學術討論，提供學理與實務的參考建議。
探討結論如下：
1. 電腦相關代工市場由於具有技術與規模門檻，短期內為領導廠商專屬的、可獲得的（available）目標市場，將為IPC領導廠商與中型EMS廠商寡佔的局面；待產品逐漸標準化、各類市場逐步區隔後，進入門檻降低，小型IPC廠商才較易進入。
2. 代工市場將為決定新一代領導廠商群競爭態勢的關鍵戰場：廠商須專注不同於以往的規模製造與成本控制等能力，重新在起跑點上求勝，可能進一步影響廠商間的營收消長。
3. 硬體設計與製造能力為長期經營重點：目前領導廠商皆為具有優勢產品線、製造與運籌能力的國際型公司，但面對具有製造優勢的EMS廠商與積極發展代工業務的IPC同業，建立專業市場（如醫療設備）的硬體設計能力，並加強製造效能，應為長期努力重點。圖 目 錄 II
表 目 錄 IV
第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究範圍與流程 3
第三節 研究方法與架構 6
第二章 文獻探討 7
第一節 資源基礎理論、能耐基礎理論與企業成長 7
第二節 Slywotzky：企業轉型的成長策略 10
第三章 IPC產業競爭態勢分析 13
第一節 IPC產業 13
第二節EMS產業 29
第三節IPC相關應用的代工市場 33
第四節 IPC廠商的進入策略與發展 40
第四章 IPC廠商Advantech 68
第一節 研華發展歷程 68
第二節 研華追求成長的決策 74
第三節 研華開拓D&MS業務的決策 80
第四節 研華的「三層客戶專注經營模式」 86
第五節 策略領導組織：轉型的需要 92
第五章 結論與建議 95
第一節 結論 95
第二節 實務研究建議 97
第三節 後續研究建議 107
參考文獻 11
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
koamabayili/VECTRON-author-checklist: VECTRON author checklist
No full textWe have done our best to complete the author checklist relating to the use of animals in the hut study. Note that the objective for the hut study was to evaluate the IRS treatment applications for residual efficacy against Anopheles mosquitoes, including the local An. coluzzii mosquito population. Cows were only used to attract mosquitoes into the huts and no tests were carried out directly on the cows. The author checklist is intended for use with studies where experiments are carried out on animals, which is why we have had such difficulty in completing this for the hut study, as many of the questions do not relate to how the cows were used
Author-wise bibliometric analysis based on entropy.
No full textAuthor-wise bibliometric analysis based on entropy.</p
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