動力工具機整合，競爭力與績效關係之研究

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Title:	動力工具機整合，競爭力與績效關係之研究
Other Titles:	The study on the relationship among integration, competitiveness and performance of the power tools industry
Authors:	陳淑苹;Chen, Shu-ming
Contributors:	淡江大學管理科學研究所企業經營碩士在職專班陳定國;Chen, Ding-guo
Keywords:	動力工具機;整合策略;競爭力;績效;Power tools;Integration strategy;Competitive adventage;Performance
Date:	2009
Issue Date:	2010-01-11 03:45:09 (UTC+8)
Abstract:	本研究是一篇企業整合策略，競爭力與績效研究的論文。傳統動力工具機產業面臨產業環境快速變遷，來自全球競爭對手藉由快速整合競爭策略企圖擴大全球市場占有率。在此競爭激烈的產業環境下，企業如何保有企業競爭力及提高投資大眾所關心之經營績效是本研究之動機所在。由本研究三大變數及其次變數中發現，動力工具機整合策略對於企業競爭力無關聯性；整合策略對於績效變數則有關聯性；競爭力對於績效亦無關聯性。研究指出經營超過百年的歐洲動力工具機品牌Bosch，企業成長策略除了不斷以內部成長方式朝全球市場擴展外，近年來更以外部整合的方式如購併、策略聯盟等方式在新興國家如中國積極發展企業版圖且成果豐富。而美國Black &Decker面臨競爭對手香港TTI的崛起及強大企圖心，於2004年以高額的購併價格買下Pentair工具機集團，強化經營策略以及避免全球第一大品牌的名稱被TTI所占據。香港TTI集團原本以代工廠為主，藉由快速整合購併及與其他代工廠策略聯盟的方式，在短短的10年間成為國際大廠的競爭對手。反觀日系品牌Makita及Hitachi，長期以來仍保有日本企業保守經營策略，少有對外整合之策略，企業發展多以內部成長代替外部購併，甚至在內部整合方面，其產品也大多自己生產工廠製造。藉由研究全球工具大廠內部整合策略，本研究發現國內動力工具機代工廠長期為國際大廠代工，未有品牌經營之策略與方針，隨著國際大廠整合，台灣動力工具機經營績效也產生變化。除此之外，國際動力工具機大廠近年來在新興國家如墨西哥、中國等設立工廠生產產品，以及中國大陸工廠產能及市場漸趨成熟，漸漸瓜分台灣工具廠的營業額。尤其在2008年全球面臨到金融風暴、次級房貸等因素，消費者減少購屋及消費情況下，導致訂單劇減，各國際大廠生產製造皆以填補自己工廠產能為優先考量，降低對外代工之金額，導致國內代工廠面臨到營業額大幅縮減之困境。本研究結論及建議： 1.國際大廠面臨競爭對手，企圖以快速整合的策略搶攻市場，但是購併所衍生之高負債比及低利息保障倍數也可能使企業陷入極大風險。因此企業除了評估購併之綜效及風險承擔外，外在環境景氣循環更是應審慎評估。 2.國內動力工具代工廠應以長期經營心態建立自有品牌，以避免公司經營全部由大廠所主導。根據研究報告，下一波動力工具機整合將會由中國等新興國家所主導，屆時，台灣企業的機會將會更少。 The purpose of this essay is to study on the relationship among integration、competitiveness and performance。Recent decades, power tools industries have been faced severe competition, with worldwide competitors taking sufficient integration strategy to enlarge market share. In view of this, a firm should take various strategies to sustain competitiveness advantage as well as outstanding performance. After research three key variables and its sub-variables, this study has found that there is no obvious relationship between integration and competitiveness. However, there is obvious relationship between integration and l performance. Moreover, there is relationship between competitiveness and performance. The research has shown that Europe power tools brand-Bosch, founded more than a century, with growth strategy not only focus on internal development, but also externally to broadening business scope at emerging countries, like China as so on. On the other hand, in 2004 American Power tools corporate Black & Decker, spending exceeding price to acquire Pentair Power tools to strength its corporate strategy and secure first market position of power tool from his ambitious competitor- TTI. Located in Hong Kong, TTI group was established as an OEM. However, less than 10 years time, by taking quick integration strategies M&A and alliances with other OEMs, TTI has become a big competitor of international power tools corporate. In contrary, Japan power tools firms-Makita and Hitachi, as conservative business style as other Japanese firm, with corporate expanding strategy mainly focused on internal expansion, merely on external M&A. Moreover, through the research of multinational power tools corporate integration, this study has also found Taiwan OEM firms, have been produced power tools for multinational firm long term and did not establish their own brand. As a result, their performance inevitably to be effected after the M&A of international power tools firm. In addition, multinational firms established their own manufacturing at Emerging countries, for example Mexico and China on the one hand, and getting mature of China OEM’s production and market on the other, has significantly shared certain market share from Taiwan. In 2008 particular, global financial and sub-prime mortgage crisis has caused weak of house and motors consumption. Multinational power tools firms secure their own manufacturing capacity as a priority, deducted Taiwan outsourcing. As a result, Taiwan OEM’s revenue have been dramatically decreased in 2008~2009. The result and suggestion of this study: 1.While the multinational firms take quick integration to enlarge market share to compete with competitors, firm should more considered, follow by the M&A, high debt leverage and low interest guarantee ratio will bring corporate into financial and operation risks. Therefore, firm should take thorough evaluation of integration strategy, not only the benefit of synergy, but also the business cycle of industry and world wide economic. 2.Taiwan domestic power tools OEM firms should understand the risk of being an OEM and build own brand name as a long term strategy, preventing corporate is dominated by multinational firm at all time. According to research，next wave of power tool integration will be dominated by Chinese firms. By then, Taiwan OEM firms will be less chance to compete with China firms.
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