近年來，台灣成熟之中型企業以大規模多角化的成長策略活動，企圖透過集團之形成提高企業在市場的競爭力與國際化之基礎。多數研究指出，多角化的活動是可以累積與發展出企業的獨特競爭優勢；但研究中也顯示，多角化的經營已非集團企業營運績效的重要指標之一。
　　本研究的目的是在探討企業多角化經營成型之餘，應如何繼續執行並研究發展其多角化經營後的資源整合策略，企圖創造出集團企業的營運綜合績效，以回饋企業資源的提供者，予以再生的能量，使其再成長。本研究總合了資源基礎理論、多角化理論與資源建構等相關研究的探討，以實證研究的方式，證實集團企業資源整合與企業瀕臨成熟期後的永續生存或再成長的關係。
　　本研究證實結果如下：
１． 當總體經濟環境衰退時，企業可以資源整合策略穩定企業獲利。
２． 企業在多角化的過程中，若能掌握營運領域的相關重要技術及資源，則不論相關或非相關多角化都能成功。
３． 企業將多角化活動後所得的資源，透過建構、延伸與整合，必可孕育出新的再生營運能力。
４． 各子企業資源提供之配合意願與動機，影響企業資源整合之成敗。
關鍵詞：資源基礎理論、多角化、資源延伸、資源建構、資源整合、經營績效。

For the past years more and more well-managed middle-size enterprises in Taiwan have tried to be more competitive and become multination-base enterprises through diversification. A lot of research indicates that the diversification can result in unique competitive advantages. However it also indicates that the degree of diversification is no more one of the important indexes of business performance.

This study was conducted to investigate how to integrate resources within a diversified enterprise to create the management synergies and channel them back to subsidiaries for more growth. Based on various theories regarding resource-base view, diversification, resource building and resource leverage, this study empirically documented that the resource integration among subsidiaries is positively related to the existence of business groups and their growth within a mature industry.

The results of this study indicate that:

1. Business profits can be generated through resource-integration strategy even during the period of a macro-economic recession.
2. Either related diversification and unrelated diversification could be achieved when enterprises are able to effectively use related techniques and resources.
3. The diversified enterprises can exploit resources to create new management synergy through resource building, resource leverage and resource integration.
4. Whether resource integration can be achieved hinges heavily on the subsidiaries willingness to cooperate.

Key Words: Resource-Based View Theory, Diversification, Resource Leverage, Resource Building, Resource-Integration, And Business Performance

中文論文摘要
英文論文摘要
目錄
表目錄
圖目錄
第一章 緒論………………………………………………………. 1
第壹節 研究背景……………………………….……….……... 1
第貳節　研究動機……………………………………………..... 4
第參節　研究問題………………………………………………. 5
第肆節　研究目的………………………………………………. 5
第二章 文獻探討…………………….…………………………… 7
第壹節　資源基礎理論…………………………………………. 7
壹　資源的內涵…………………………………………. 7
貳　資源特性與競爭優勢……………………………... 13
參　資源延伸與建構…………………………………... 19
第貳節　多角化策略…………………………………………... 20
壹　多角化的意涵……………………………………... 20
貳　多角化的動機……………………………………... 20
參　多角化的方向……………………………………... 25
肆　多角化的進入模式………………………………... 29
伍　多角化類型與績效的關係………………………... 34
第參節　多角化與資源的關係………………………………... 37
壹　資源類型與多角化類型的關係…………………... 37
貳　資源類型與多角化進入模式的關係……………... 39
參　成功案例之舉證…………………………………... 39
第三章 研究方法………………………………….…………… 41
第壹節　觀念性架構…………………………………………... 41
第貳節　個案研究法…………………………………………... 42
第參節　資料收集……………………………………………... 43
第肆節　操作性定義…………………………………….…….. 45

第四章 個案資料分析………………………………………….. 46
　第壹節　太平洋建設企業集團形成與資源累積的過程….….. 46
第貳節　集團的外部環境分析…………………………….….. 50
第參節　集團的內部分析……………………………………... 52
壹　競爭優勢…………………………………….…….. 52
貳　競爭劣勢…………………………………….…….. 53
第肆節　集團的資源整合………………………………….….. 54
壹　創意來源…………………………………….…….. 54
貳　新事業的成立……………………………….…….. 56
一　競爭市場分析…………………………..………. 56
二　新事業的規劃…………………………..………. 59
三　商品規劃的論證與兩難………………..………. 60
四　商品規劃確立…………………………..………. 65
五　階段性發展策略…………………….….………. 73
參　集團資源的整合…………………………….…….. 76
肆　新事業的經營績效………………………….…….. 78
第伍節　集團的再成長…………………………………….….. 79
第五章 命題發展…………………………………………….….. 83
第壹節　總體環境的榮衰與多角化之進行……………….….. 83
　第貳節　資源能力類型與多角化進入模式、進行方向
　 之關係………………………………………….…….. 88
第參節　多角化動機與資源整合活動之進行………………... 93
第肆節　資源整合活動的進行與廠商資源能力之延伸
　 與建構………………………………………………... 95
第六章 結論與建議……………………………………………... 98
第壹節　結論……………………………………………….….. 98
第貳節　研究貢獻……………………………………….…….. 99
第參節 後續研究建議…………………………………….… 100
參考文獻………………………………………………………… 101





表目錄
表1-1 歷年來集團企業擁有分子企業數………………………………..… 1
表2-1 資源內涵與分類之文獻整理……………………………………… 12
表2-2 核心資源與競爭優勢的文獻整理…………………………..…….. 18
表2-3 Aaker的多角化動機………………………………………………. 23
表2-4 多角化動機與多角化型式之關係…………………………..…….. 24
表2-5 多角化動機之文獻處理………………………………………..….. 25
表2-6 Wrigley的多角化策略分類……………………………………….. 26
表2-7 Rumelt的多角化方向分類…………………………….….………. 27
表2-8 Glueck的多角化策略分類………………………………….…….. 27
表2-9 Ramanajan & Varadarajan的多角化方向分類…………….……… 28
表2-10 多角化方向之文獻處理……………………………………….…... 29
表2-11 多角化方式的情境因素…………………………………………… 30
表2-12 多角化進入途徑與其優、缺點比較……………………………… 33
表2-13 多角化的進入模式之情境分析………………………………….... 33
表2-14 企業多角化策略與績效關係之文獻整理(國外部份)……….…… 35
表2-15 企業多角化策略與績效關係之文獻整理(國內部份)……………. 37
表3-1 研究方法…………………………………………………………… 42
表3-2 個案研究的六種證據來源及其優、缺點………………………… 44
表3-3 資源分類…………………………………………………………… 45
表4-1 太設集團發展重要階段……………………………………….…... 47
表4-2 集團結構…………………………………………………………… 49
表4-3 太平洋SO GOOD白金會員卡90年度消費點數優惠一覽表….. 67
表4-4 台灣地區代表性會員卡商品設計比較表………………………… 70
表5-1 多角化經營所得之資源能力……………………………………… 87
表5-2 太設集團企業各子企業之資源能力……………………………… 89
表5-3 太設集團多角化方向………………………………………….…... 90
表5-4 太設集團多角化進入模式………………………………….……... 92
表5-5 資源整合活動與資源能力延伸………………………………..….. 96
表5-6 資源整合活動與資源能力建構…………………………………… 97

圖目錄
圖 2-1 吳思華的資源內涵…………………………………………….…... 10
圖 2-2 競爭優勢之取得………………………………………………..….. 14
圖 2-3 無形資源、能力差異及持續性競爭優勢.…………………….….. 14
圖 2-4 Barney的資源特性與持久競爭優勢間之關係……………………15
圖 2-5 吳思華的資源特性與持久競爭優勢間之關係……………….…... 16
圖 2-6 林晉寬的資源特性與持久競爭優勢間之關係………………..….. 16
圖 2-7 持久競爭優勢的來源…………………………………………..….. 17
圖 2-8 經由資源建構及延伸的有效循環創造廠商價值之觀念圖….…... 19
圖 2-9 資源彈性與多角化型態……………………………………….…... 38
圖 3-1 觀念架構…………………………………………………….….….. 41
圖 4-1 階段發展策略………………………………………………….…... 73
圖 5-1 太設集團多角化經營規模圖………………………………….…... 86

中文部份
1．中華徵信所編，民83，台灣地區產業年報──營建業，台北：中華徵信所。
2．王方，民85，台灣未來熱門行業──營建業，永汀文化出版事業有限公司。
3．王正勤，民87，核心能力引爆規模成長，天下雜誌，207：46－54。
4．中華徵信所編，民89，台灣地區集團企業研究──1999/2000，台北：中華徵信所。
5．司徒達賢，民83，策略管理，遠流出版社。
6．吳思華，民83，策略九說──策略思考的本質，台北：麥田出版社。
7．林青容，民83，資源基礎觀點下之企業成長歷程──以高雄地區建設公司為例，國立中山大學企業管理研究所，未出版之碩士論文。
8．林晉寬，民84，從資源基礎理論探討資源特性與成長策略之關係，國立政治大學企業管理研究所，未出版之碩士論文。
9．洪懿妍，民87，服務業整再出發，天下雜誌，特刊第26期。
10．韋俊文，民83，高雄地區建築業多角化行之研究，國立中山大學企管研究所，未出版之碩士論文。
11．陳月珠，民79，企業多角化策略影響因素之探討──以上市公司為例，台灣大學商學研究所，未出版之碩士論文。
12．張書明，民81，企業資源與策略轉換之研究──以高雄建築業為例，國立中山大學企業管理研究所，未出版之碩士論文。
13．郭榮茂，民87，企業轉型中的多角化策略選擇──以高雄地區建築投資為例，國立中山大學企業管理研究所，未出版之碩士論文。

14．陳振聲，民87，台灣企業多角化動機，多角化進行策略與多角化的管理三者間關係──以中鋼公司為例，國立中山大學企業管理研究所，未出版之碩士論文。
15．張嘉健，民88，公司多角化策略與新事業吸收能力對新事業績效影響之研究──台灣集團企業之實證研究，銘傳大學，國際企業管理研究所，未出版之碩士論文。
16．莊尚平，民89，資源基礎理論下持久競爭優勢之整合性架構視探，國立台灣科技大學工業管理研究所，未出版之碩士論文。
17．游常山，民86，八方拓土除旭東重畫遠東版圖，天下雜誌，195。


英文部份
1．Aaker, D. A. (1984). Developing Business Strategy, New York: Willey and Sons, 35-36.
2．Aaker, D. A. (1989). Managing assets and skill: A key to sustainable competitive. California Management Review, 31(1): 91-106.
3．Admit, R. & Livant, L. (1988). Diversification strategies business cycles and economic performance. Strategic Management Journal, 19:99-110.
4．Admit, R. & Schoemaker, J. H. (1993). Strategic assets and organizational rent. Strategy Management Journal, 14(1): 33-46．
5．Aluck, W. F. (1976). Business Policy: Strategy formation &Management Action (2nd ed.). New York: Magraw-Hill Book Company, 223-265.
6．Ansoff, H. I. (1957). Strategies for diversification. Harvard Business Review, 35(5): 113-124.
7．Ansoff, H. I. (1965). Corporate Strategy. New York: McGraw-Hill.
8．Ansoff, H. I. (1984). Implanting Strategic Management. Englewood Cliffs, NJ: Prentice Hall.
9．Ansoff, H. I. (1988). Implantury Strategic Management. (2nd ed), Prentice Hall.
10．Badaracco, J. L. (1991) The Knowledge Link; How Firms Compete Through Strategic Alliance. Boston, MA: Harvard Business School Press.
11．Barney, J. B. (1986). Strategic factor markets: Expectations, luck, and business strategy. Management Science, 42: 1231-1241.
12．Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17:99-120.
13．Barney, J. B. (1997). Gaining and Sustain Competent Advantage. Addison-Wesley Publishing Company.

14．Berger, P. G. & Ofec, E. (1995) Diversification effect on firm value. Journal of Financial Economic, 37:39-65.
15．Berry, C. H. (1975) Corporate Growth and Diversification. Princeton University Press, Princeton, N. J.
16．Bettis, R. A. & Hall, W. K. Diversification Strategy, accounting determined risk and accounting determined return. Academy of Management Journal, 25:254-264.
17．Busija, E. C., O’Neill, H. M. & Zeithaml, C.P. (1997). Diversification strategy, entry mode, and performance: Evidence of choice and constraints. Strategic Management Journal.
18.Capon, N., Hulbert, J.M., Farley, J.U., & Martin, L. E. (1988). Corporate diversity and economic performance. The impact of market specialization. Strategic Management Journal, 9:61-74.
19．Carter, J. (1977). In search of synergy: A Structure Performance test. Review of Economics and Statistics, 59:279-289.
20．Chatterjee, S. & Wernerfelt, M. (1991). The link between resources and type of diversification: Theory and evidence. Strategy Management Journal, 12(1): 23-48.
21．Chatterje, S. (1988). Types of synergy and economic value: The impact of acquisitions on merging and rival firms. Strategy Management Journal, 7(2): 119-139.
22．Collis, D. J. (1991). A resource-passed analysis of global competition: The ease of the bearing industry. Strategic Management Journal, 12: 49-68.
23．Coyne, K. P. (1986). Sustainable competitive advantage: What it is and what it isn’t. Business Horizons, 54-61.
24．Das, R. & Mohanty, B. (1981). Choosing a diversification project in a regulated economy. Long Range Planning, 14(2): 78-86.

25．Davis, R. & Duhaime, I. M. Diversification, vertical intergrations and industry analysis: New perspectives and measurement. Strategic Management Journal, 13:511-524.
26．Dubofsky, P. & Varadarajan, P. Diversification and measures of performance additional empirical evidence. Academy of Management, 30:597-608.
27．Farjoun, M. (1994). Beyond industry boundaries: Human expertise, diversification and resources-related industry groups. Organization Science, 5:185-199.
28．Fiol, C. M. (1991). Managing cultures as competitive resource: identity-based view of sustainable competitive advantage. Journal of Management, 17: 191-211.
29．Glueck , W. F. (1976). Management, Ihh: Hinsdale, The Dryden.
30．Gort, M. Divers. Diversification and intergration in American industry. Princeton University Press.
31．Grant, R. M. (1990). The nature and basis of competitive advantage: A dynamic approach. The Tenth Annual Strategic Management Society Conference, Stockholm.
32．Grant, R. M. (1991). The resource-based theory of competitive advantage: Implications for strategy formulation. California Management Review, 33(3): 114-135.
33．Grant, R. M. & Baden-Fuller, C. A. Knowledge-based theory of inter-firm collaboration. Academy of Management Best Paper Proceeding, 17-21.
34．Grinyer, P. H., Yasai-Ardelani. & Bazzaz, S. S. Strategy, Structure, the environment and financial performance in 48 United Kingdom Companies. Academy of Management Journal, 23:193-220.
35．Hall, R. (1992). The strategic analysis of intangible resource. Strategic Management Journal, 13: 135-144.
36．Hall, R. (1993). A framework linking intangible resource and capabilities to sustainable competitive advantage. Strategic Management Journal, 14: 607-618.
37．Hamel, G. (1991). Competition for Competence and interpartner learning within international strategic alliance. Strategic Management Journal. 12: 83-103.
38．Hamel, G. & Prahalad, C. K. (1990). The core competence of Corporate. Harvard Business Review, 68(3), 128-156.
39．Hitt, M. A., Ireland, R. D. & Hoskisson, R. E. (1995). Strategic Management: Competitiveness And Globalization. West Publishing.
40．Hoskisson, R. E. & Hitt, M. A. (1990). Antecedents and performance outcomes of diversification: A review and critique of theoretical perspectives. Journal of Management, 16(2): 461-509.
41．Itami, H. &Roehl, T. (1987). Mobilizing Invisible Assets. Cambridge, MA: Harvard University Press.
42．Kotler, p. (1995). Marketing Management: Analysis Planning, and Control, 8rd ed, Prentice-Hall.
43．Kamien, M. I. & Schwartz, N. L. (1975). Market structure and innovation: A surrey. Journal of Economic Literature, 13: 1-37.
44．Hang, L. H. P. & Stulz, R. M. (1994). Tobin’s. q, Corporate diversification, and firm performance, Journal of Political Economy, 102: 1248-1280.
45．Leonard-Barton, D. (1992). Core capabilities and core rigidities: A paradox in managing new product development. Strategic Management Journal, 13: 111-125.
46．Lubatin, M. & Togers, R. C. Diversification, systematic risk, and shareholder return: A capital market extension of Rumelt’s 1974 study. Academy of Management, 32: 454-465.
47．Mahoney, J. T. & Panadian, J. R. (1992). The resource-based view within the conversation of strategic management. Strategic Management Journal, 13: 363-380.
48．Markides,C. C. (1995). Diversification, restructuring and economic performance. Strategic Management Journal, 16: 101-108.
49．Markides,C. C. (1997). Diversify or not to diversify. Harvard Business Review, 93-99.
50．Markides, C.C. & Williamson, P. J. (1994). Related diversification, core competencies and corporate performance. Strategic Management Journal, 15 :149-165.
51．Mc Dougall, F. M. & Round, D. K. (1984). Acomparison of diversifying and non-diversifying Australian industrial firms. Academy of Management Journal, 27:384-398.
52．Michel, A. & Shaked, I. (1984). Does business diversification affect performance? Financial Management, 13(4), 18-25.
53．Montgomery, C. A. (1982). The measurement of firm diversification: Some new empirical evidence. Academy of Management Journal, 25: 299-307.
54．Montgomery, C. A. Product-market diversification and market power. Academy of Management Journal, 28: 789-798.
55．Montgomery, C. A. & Wernerfelt, B. (1988). Tobin’s and the importance of focus in firms performance. American Economic Review,78 (1): 246-250.
56．Nathanson, D. A. & Passano, J. Organization, diversity & performance. Wharton Magazine, 19-26.


57．Nayyar,P. R. (1993). Stock market reactions to related diversification moves by service firms seeking benefits from information asymmetry and economics of scope. Strategic Management Journal, 14: 569-591.
58．Nelson, R. & Winter, S. (1982). An Evolutionary Theory of Economic Change. Cambridge, MA: Balkans Press.
59．Palepu, K. (1985). Diversification strategy, profit performance, and entropy measure. Strategic Management Journal, 6: 401-410.
60．Penrose, E. T. (1959). The Theory Of The Growth Of The Firm, N.Y.: John Wiley and Son’s Inc.
61．Peteraf, M. A. (1993). The cornerstones of competitive advantage: A resources-based view. Strategic Management Journal, 14: 179-191.
62．Pitts, R. A. (1977). Strategies and structures for diversification. Academy of Management Journal, 20: 197-208.
63．Ptts, R. A. & Hopkins, H. D. (1982). From diversify: Conceptualization and measurement. Academy of Management Review, 7: 620-629.
64．Porter, M. E. (1976). Inter brand Choice, Strategy, and Bilateral Market Power. Harvard University Press, Cambridge, M. A.
65．Porter, M. E. (1980). Competitive strategy: Techniques for analyzing industries and competitors. Free Press. New York.
66．Porter, M. E. (1987). From competitive advantage to corporate strategy. Harvard Business Review, 65 (13): 43-59.
67．Prahalad, C. K. & Bettis, R. A. (1986). The dominant logic: A new linkage between diversity & performance. Strategic Management Journal, 7: 485-501.
68．Prahalad, C. K. & Hamel, G. (1990). The core competence of the corporation. Harvard Business Review, 68(3): 79-91.

69．Ramanujam, V., ＆ Varadarajan,P. (1989). Research on corporate diversification: A synthesis. Strategy Management Journal, 30 (3): 380-393.
70．Reed, R.＆ Defillippi (1990). Causal ambiguity, barriers to imitation, and sustainable competitive advantage. Academy of Management Journal, 15 (1): 88-102.
71．Reed, R. A., & Luffman, G. A. (1986). Diversification: The Growing confusion. strategic Management Journal, 7: 29-35.
72．Rindova, P. R. & Fombrun, J. C. (1999). Constructing competitive advantage: The role of firm-consistent interactions. Strategic Management Journal, 20: 691-710.
73．Robin, J. & Wiersema, M. (1995). A resource-based approach to the multi-business firm; Empirical analysis of portfolio interrelationships and corporate financial performance. Strategic Management Journal, 16: 277-299.
74．Rosenbery, E.B., & Berry, C.K. (1985). Entering new business: Selecting strategy for success. Slogan Management Review, 27(3): 57-71.
75．Roseubery, T. B. (1997). Diversification and market structure: A note. Review of Business Economic Research, 79-83.
76．Rumelt R. P. (1974). Structure, and Economic Performance. Harvard University Press, Cambridge, Mass.
77．Rumelt, R. (1982). Diversification strategy and profitability. Strategic Management Journal, 3: 359-369.
78．Sancgez, R. (1991). Strategic Flexibility, Real Options, And Product-Based Strategy. Ph. D. Dissertation, MIT, Cambridge, MA, USA.
79．Sanchez, R. (1993). Strategic flexibility, firm organization, and managerial work in dynamic market: A strategic options perspective. Advance in Strategic Management, 9: 251-291.
80．Sanchez, R. (1995). Strategic flexibility in Product Competition. Strategic Management Journal, 16: 135-159.
81．Sanchez, R. & Thomas, H. (1996). Theory and Practice in The New Strategy It Management. London: Elsevier.
82．Simmonds, P. (1990). The combined diversification breadth and mode dimensions and the performance of large diversified firm. Strategic Management Journal,11: 339-410.
83．Teece, D. J. (1982). Towards an economic theory of multiproduct firm. Journal of Economic Behavior and Organization, 3: 59-63.
84．Verdin, P. J. & Willianson, P. J. (1992). Core competence, competitive advantage and industry structure. Working paper, INSEAD, France, Presented at The Strategic Management Society, International Workshop in Belgium.
85．Very, P. (1993). Sources in diversification: Building on core competence. Long Range Planning, 26(5): 80-92.
86．Wernerfelt, B. (1984). A resource view of the firm. Strategic Management Journal, 5(2), 171-180.
87．Wernerfelt, B. (1989).
88．Williamsom, O. E. (1985). The economic Institution of Capitalism. New York: Free Press.
89．Walsh, J. P. (1991). Organizational memory. Academy of Management Review, 16(1): 57-91.
90．Wrigley, L. (1970). Divisional Autonomy and Diversification. Doctor UL Dissertation. Harvard Business School.
91．Yin, R. K. (1994). Case Study Research: Design and Methods. SAGE Publication.