企業產品及投資策略之研究-以佳能及新力為例

Abstract

本文以日本光學業之龍頭佳能 (キヤノン株式会社) 及電子、娛樂產業界之巨人新力 (ソニー株式会社) 為研究對象，探討其中長期策略對公司價值之影響。 本文分析這兩家公司中長期發展之產品、投資策略及革新活動 (Restructuring) 對營運及績效之影響；本文所指之投資包括策略聯盟 (Strategic Alliances) 、合資 (Joint Ventures) 、購併 (Merges & Acquisitions) 及多角化 (Diversification) 等。另外，產品策略係針對公司對核心技術、產品擴充與周邊延伸及差異性加以分析。最後，革新則涵蓋了生產、物流、採購、設備與技術之革新與裁員、減薪及事務效率化等活動。 研究結果發現，公司的目標與文化對其成敗影響深遠。倘若公司目標明確，且各事業部之間能夠發揮整合效率，進而提昇總合競爭力，對公司長期績效之貢獻是正面的。購併活動案例顯示，非核心能力延伸之多角化購併會擴大其規模但對其長期績效之貢獻不佳。合資與策略聯盟案例顯示，與本業及核心技術相關之案例，對提升公司績效是有所助益的。當企業陷入核心競爭力衰退、績效不彰時，以革新活動對公司目標及策略重新聚焦專注本業是有助於提升公司長期績效。

關鍵詞:佳能、新力、策略聯盟、合資、購併、多角化

As a case study, this research analyzes and discusses the impacts that the medium- and long-term strategies adopted by Canon Inc., the leading company in Japanese optical industry, and by SONY Corporation, a giant in the electronic and entertainment industries, have on their business values. The main purpose of the study is to analyze the impacts that the medium- and long-term investing and product strategies and restructuring activities have on the firm's performance. First of all, the investing strategies mentioned in this text include Strategic Alliances, Joint Ventures, Merger & Acquisition, and Diversification. Furthermore, the analysis of product strategies focuses on core technologies, product expansion, peripheral extension and diversification of a business. Finally, restructuring encompasses the innovations in production, logistics, procurement, and technology; layoffs, salary cutbacks, and being efficient with administrative matters also come into the category of innovation. The study shows that the goal and culture of a corporate have a profound influence on its success and failure. A clear goal for the companies of a corporate and a robust mechanism for coordinating and integrating their business units serve not only to enhance the overall competitiveness of the companies but also to be a contributing factor in their long-term operational achievements. The cases of merger and acquisition reveal that although the extension of non-core competence of a corporate in the merger & acquisition as well as diversification activities would lead to an expansion of its businesses, it didn't contribute to its long-term operational achievements. When a corporate was facing declining core competitiveness and bad operational performances, taking restructuring measures so as to refocus the corporate goal and strategies on its core businesses was beneficial to its long-term operational performances. Key words: Canon; SONY; Strategic Alliances; Joint Ventures; Merger & Acquisition; Diversification