對小型非相關轉投資事業之支配及其對母公司非相關多角化之影響

Domination over Small, Unrelated Ventures and the Effects on the Unrelated Diversification of the Parent Company

公司可能為了進入新浮現的、與其原先核心業務不相關的新市場，而成立許多小型的轉投資事業，並加以支配。然而這些小型的轉投資事業一方面經常面臨小者的易受害性、另一方面由於這些轉投資事業與母公司是非相關的，因此也無法享有綜效的好處，兩方面因素使得小型非相關轉投資事業面臨經營困境，一旦這些小型轉投資事業被迫離開新浮現的市場，母公司的進入行動即宣告失敗，因此母公司必須協助這些被支配的小型非相關轉投資事業在新市場得以存活，一種直接的協助方式就是母公司進入轉投資事業的任務環境中，成為轉投資事業群落成員之一，以庇護被支配的小型非相關轉投資事業，使其免於受到環境衝擊；但與此同時，母公司本身的非相關程度也將隨之提高。此研究以台灣鋼鐵業上市公司1994-1999 年間的資料進行實證研究，結果顯示母公司的非相關程度確實與其支配的小型非相關轉投資事業數目成正相關。若以此一結果，檢視對於過去所認定的轉投資可作為多角化的替代方案的觀點，可以發現多角化及轉投資之間的關係，比傳統的策略理論所主張的更為複雜。

A parent company may fund and dominate several small ventures in attempts to enter important emerging markets unrelated to its own core business. Often, however, is the case that small, unrelated ventures not only suffer from the liability of smallness but also do not benefit from synergy due to unrelatedness. If they are forced to leave the entered markets, the parent company’s entry failed, to put it simply. Hence, the parent company must help its ventures to remain in unrelated markets, and one direct way to accomplish this is for the parent company to serve as a community player in their task environments, thus shielding small ventures from any unforeseen environmental turbulence. In so doing, the parent company then becomes more unrelated diversified. In a sample of Taiwan listed steel companies from 1994 to 1999, this study’s empirical examination clearly confirms that a positive relationship exists between the number of small unrelated ventures a parent company funds and dominates and its degree of unrelated diversification. Traditional strategy theory treats outward investment as an alternative to diversification. Yet the result here suggests that the relationship between outward investment and diversification may be more complicated than traditional strategy theories hold and needs further research.