博碩士論文 101481008 詳細資訊




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姓名 洪堯棟(Yao-Don Hung)  查詢紙本館藏   畢業系所 企業管理學系
論文名稱 以私募股權所發起的融資收購建立組織左右逢源之探索性研究─一個原型概念架構之建立
(Building Organizational Ambidexterity via Private Equity-led Leveraged Buyouts─A Prototypical Conceptual Framework)
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摘要(中) 企業存活(firm survival),也就是企業如何有效地適應環境重大變遷,特別是由科技、競爭態勢、政治管制以及政經情勢重大變化所驅動的不連續性變化,一直是產業界與學術界關注的議題。過去二十年來,組織左右逢源的主張一直受到組織與管理學界的注意,相關的研究也如雨後春筍般地出現,且被認為可以增進企業的長期存活與績效,或成為競爭優勢的來源,包括「結構分立」(structural separation)、「行為整合」(behavioral integration )以及「循序轉換」(sequential alternation)等達成途徑已被廣泛認可。然而,在組織左右逢源的研究與概念發展上,公司治理與公司重組的重要性則一直被忽略。本研究首先檢視組織左右逢源的相關文獻,指出現有的研究忽視公司治理與公司重組在概念發展上的重要性;其次,分析影響組織發展左右逢源的因素,指出阻礙的因素通常來自高階經理人、高層團隊、董事會以及組織慣性等問題;接著,檢視私募股權(private equity)的實證文獻,詳細分析私募股權所發起融資收購(leveraged buyout)的治理模式與價值創造,藉此推論透過公司重組能增進組織的利用與探索取向,以彌補組織左右逢源在概念建構上的不足,並提出企業發展左右逢源的組織重組(organizational restructuring)途徑;最後,本文透過公司治理與重組來連結私募股權價值創造與組織左右逢源兩種研究領域,並提出一個探索性的概念架構,以分析企業的演化路徑與重組時機。
摘要(英) Firm survival, which involves adaptation of firms to discontinuous changes and initiation of strategic reorientation, has been the enduring topic of interest in both industry and academia. During the past two decades, organizational ambidexterity has been regarded as the solution that ensures firm survival and performance; consequently, various approaches including structural separation, behavioral integration, and sequential alternation have been adopted. However, corporate governance and corporate restructuring have been long ignored in the conceptual construction of organizational ambidexterity. This thesis systematically examines the literature relevant to organizational ambidexterity and private equity, incorporates the findings of private equity-led leveraged buyouts into the conceptual construction of organizational ambidexterity, emphasizes the key role of corporate restructuring in developing organizational ambidexterity, and proposes an organizational restructuring approach to organizational ambidexterity. Finally, this thesis provides a prototypical conceptual framework to account for the relationship between exploitation and exploration, incremental and radical organizational changes, and the timing for initiation of organizational restructuring in firms.
關鍵字(中) ★ 組織左右逢源
★ 探索與利用
★ 私募股權
★ 融資收購
★ 尖角劇變模型
關鍵字(英) ★ organizational ambidexterity
★ exploration and exploitation
★ private equity
★ leveraged buyout
★ cusp catastrophe model
論文目次 摘要 ⅰ
ABSTRACT ⅱ
致謝 ⅲ
目錄 ⅳ
表目錄 ⅷ
圖目錄 ⅷ
第一章 緒論 1
1.1 研究動機與背景 1
1.2 研究問題 5
1.3 研究目的 6
1.4 研究方法 7
1.4.1 文獻探討 7
1.4.2 概念架構 8
1.5 章節架構 8
第二章 組織左右逢源 9
2.1 理論基礎 9
2.2 定義 10
2.3 基本元素 10
2.3.1 雙元性 11
2.3.2 同時發生與先後發生 12
2.3.3 管理緊張關係 13
2.3.4 取捨與平衡 15
2.4 達成途徑 17
2.4.1 結構的組織左右逢源 18
2.4.2 情境的組織左右逢源 19
2.4.3 循序的組織左右逢源 21
2.4.4 領導為基礎的組織左右逢源 22
2.4.5 跨疆界的組織左右逢源 23
2.4.6 公司治理與組織左右逢源 24
2.5 前因 25
2.5.1 組織結構設計 25
2.5.2 組織系絡 26
2.5.3 領導 26
2.5.4 個人 28
2.5.5 外在環境 29
2.6 結果 31
2.6.1 企業存活 31
2.6.2 企業績效 32
2.7 左右逢源的權變因素 33
2.7.1 外在環境 33
2.7.2 資源多寡 34
2.7.3 組織規模 34
2.7.4 其他 35
2.8 組織左右逢源研究現況 36
第三章 達成組織左右逢源的障礙 38
3.1 組織矛盾 39
3.2 能力陷阱 40
3.3 組織慣性 42
3.4 代理問題 45
3.5 失能的董事會 47
第四章 公司治理與私募股權 52
4.1 公司治理 52
4.2 公司重組 53
4.2.1 所有權 53
4.2.2 企業分解與併購 55
4.2.3 資本結構 56
4.3 私募股權與融資收購 57
4.4 私募股權的公司治理 59
4.5 融資收購的公司重組 62
4.5.1 財務工程 62
4.5.2 治理工程 63
4.5.3 營運工程 65
4.5.4 策略工程 67
4.6 新興國家的融資收購 68
第五章 融資收購與組織左右逢源 70
5.1 融資收購的價值創造 70
5.1.1 基金投資人 71
5.1.2 標的公司的股東 72
5.1.3 勞工與就業 73
5.1.4 銀行 74
5.1.5 標的公司 75
5.2 融資收購的價值轉移 76
5.3 私募所屬公司的利用取向 77
5.4 私募所屬公司的探索取向 80
5.4.1 代理問題與組織僵化 80
5.4.2 企業創業精神 81
1. 創業家心態 82
2. 強調成長 83
5.4.3 企業創新活動 86
1. 研發支出與專利 86
2. 管理創新 87
第六章 尖角劇變模型與組織演變路徑 89
6.1 尖角劇變模型 89
6.2 企業演變路徑 92
6.3 企業生命週期 93
6.4 私募股權與企業重組 94
6.5 企業演變的案例分析 95
6.5.1 戴爾公司(Dell) 95
6.5.2 特斯拉公司(Tesla) 97
6.5.3 亞馬遜公司(Amazon) 98
第七章 結論 100
7.1 組織左右逢源的研究發現 100
7.2 治理問題與公司重組 101
7.3 左右逢源心態 102
7.4 企業演變路徑與重組時機 103
7.5 研究限制與未來研究方向 105
參考文獻 107
附錄 142
附錄A:組織與管理重要文獻中對組織左右逢源的定義和發現 142
附錄B:融資收購的重要關係人的影響 148
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指導教授 蔡明宏(Ming Hong Tsai) 審核日期 2019-7-19
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