| 摘要: | 面對相同的經營環境，為何某些企業能夠持續成長？有些企業則被環境淘汰？乃值得深入探討的議題。本研究以個案研究方式，從T公司的資源基礎與公司治理層面進行探討，發現T公司雖然是經營實體資產的行業，但真正能為公司創造持續競爭優勢的關鍵資源是企業聲譽、高素質且任期穩定的經營者、專業人才團隊等無形資源與人力資源，而T公司擁有的實體資產資源及財力、經常性收入等財務資本資源，在現今公司的業務主軸與外部產業環境下，僅能提供公司取得短期內的競爭均勢與獲利績效，無法創造長期競爭力和促進企業永續經營。而T公司近年有較高程度的短期行為等代理問題，欠缺中長期策略與投資布局，為T公司的永續經營與發展埋下隱患。
本研究針對T公司提出：(1)積極發展都市更新與危老重建業務、(2)調整資源配置並增加中長期資產投資、(3)擴大融資業務範疇等三項以關鍵資源為導向的多元化策略；歸納T公司永續經營的關鍵要素於資源面為掌握及有效運用關鍵資源，於業務面為持續進行資源導向的多元化策略，於公司治理面為健全經營當局之遴聘、任期及考核制度。期望本研究結果能對T公司有所助益，並提供政府管理公股事業參考。;Why can some companies perform better than others in the same business environment? It is a main topic in all the management fields. This case study analyzes the resource base and corporate governance mechanism of T Company (TCO). It is found that although TCO operated and profited from entity asset business, the key resources that can truly create sustainable competitive advantage are intangible resources and human resources, including corporate reputation, outstanding CEOs and stability of CEO’s tenure, and a talented professional team, while the physical asset resources, financial strength, and recurring income can only provide short-term competitiveness and performance. In recent years, TCO′s agency problems, such as high short-term behavior, have caused TCO′s lack of long-term strategy and investment layout, a hidden danger for TCO′s sustainable development.
This research puts forward three key resource-oriented diversification strategies for TCO, including (1) actively developing urban renewal and urban unsafe/old buildings reconstruction business, (2) adjusting resource allocation and increasing medium-term and long-term asset investment, and (3) expanding the scope of lending business. Summarizing the key elements of TCO sustainable development, on the resource side, it is to access and effectively use key resources; on the business side, it is to continue the resource-oriented diversification strategy; and on the corporate governance side, it is to improve the selection, tenure and evaluation system of the CEO. The results of this research should help TCO’s future development in particular and provide reference for the government to manage public equity businesses in general. |
