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| Title: | 小型建設公司之多角化經營:以雄勇建設為例
The diversification of the small-scale construction company：Take Hsiung-Yong Construction as an example |
| Authors: | 呂培軍 |
| Contributors: | 黃思明
呂培軍 |
| Keywords: | 房地產業
建設公司
多角化
real estate
construction company
diversification |
| Date: | 2015 |
| Issue Date: | 2016-02-03 12:05:37 (UTC+8) |
| Abstract: | 2015年，台灣整體GDP成長率可能保一無望。股匯市劇烈波動，讓企業及個人都感受到寒風襲來。諸多經濟指標都讓人民感覺失望，對前途茫茫。房地產業，過去被定義為國家經濟發展的火車頭，如今被戲稱送入加護病房，能否安然無恙走出低潮，值得觀察。
建設公司伴隨著台灣經濟發展，在過去幾十年來發展迅速，壯大為集團公司者亦所在多有。過去建商只要跟著國家發展藍圖走，選對地蓋好房
，不盲目亂投資，一般來說都能持盈保泰，穩定成長，這也是為什麼市場上存在許多數十年屹立不搖的建商。但相對的有若干建商，往往本業強了
，就大張旗鼓行多角化之名，大舉購地造鎮、操作財務槓桿、鋪天蓋地轉投資，自以為無所不能。因此，不少建商被淹沒在幾波景氣循環或金融危機的洪流中。建築業要求按圖施工，毫釐不差。在華麗的外表下，包藏禍心的不少，偷工減料、敗絮其中。如果說房地產是一個良心事業，我想絲毫不為過。
不少建商因為土地庫存的飆漲，站在多頭市場的浪頭上，嘗盡甜頭。然而花無百日紅，建築業資本密集，回收期長。在產業反轉時刻，要360度迴轉避險談何容易。稍一不甚，百年基業可能灰飛煙滅。本研究在探討小型建商的多角化經營，其難度有二，一是小型建商條件上的弱勢，二是房地產業多角化的難度。本研究在文獻探討上，旁徵博引，冀望典故之理論能稍有指引。大型建商之多角化軌跡，雖小建商在資源上難以望其項背
，但成功案例可提供明確線索，失敗案例更彌足珍貴，殷鑑不遠，可使躍躍欲試者心生如履薄冰之感。
雄勇建設，一家成立五年的小型建設公司，置身環境與產業劇變之際
，是幸也是不幸。不幸的是所有不利發展的因素蜂擁而至，幸運的是巨大的風險與危機往往伴隨無窮的機會。房地產業的淘汰戰已經開始，勢必重新洗牌、資產重分配。雄勇是龐大房地產業中之滄海一粟，但卻代表絕大數在此產業中有理想與使命、亟欲擺脫困境、逆境中破繭而出的中小企業
。它的多角化布局或許不夠創新驚豔，但確實經過深思熟慮，並衡量自身條件與風險，步步為營。期盼本研究結論所歸納出各多角化的面向，以及相關的省思、結論與建議，可以給予其他同業，尤其是規模不大的小型建商，一些參考的價值。
國家困境、產業低潮、小型建商、多角化，這四個因素有著很多的排列組合，代表變數、困難度，卻也暗藏希望的密碼。房地產業背負社會公平正義的原罪，被政策與政治高舉大旗調控與打壓、被弱勢無殼者批判，反彈其來有自。然而，在龐大的產業中仍有大多數殷實的從業公司與人員
，守法務實、腳踏實地，兢兢業業投注畢身的專業與努力，不容抹滅。黑暗的盡頭必是黎明。我們期待並樂見房地產業健全發展，讓住者有其良屋
，從業者能發揮理想，國家能因正面的建設而日趨強大。
In 2015, the overall growth rate of GDP（Gross Domestic Product）in Taiwan can’t even maintain one percentage. Both the stock and the foreign exchange markets fluctuate rapidly which bring the austerity. Many economic indexes disappoint people and fade the future. The real estate, which was defined as the leader of the economic development of the country, is now in the critical condition. There is no guaranty for its safety.
With the economic development in Taiwan, the real estate has flourished in the past few decades and groups were even created of some. In the past, as long as the real estate follows the framework of the development in the country, they can therefore maintain the status of being profitable. This also explains the sustainability of the real estate in the past few decades. Some real estate, on the contrary, manufactures the suburbs, manipulate the leverage, and invest overwhelmingly in the name of diversification. Many of this real estate were submerged during the depression or the economic crisis. The constructions were actually jerry-built. I believe construction industry is indeed a business of conscience.
Much real estate makes profits because of the stock of land. However it takes a long time to retrieve the prime cost. It is challenging to hedge the risks. The foundation of the business could be vanished because of the imprudence. This research aims to examine the two difficulties of the diversification of small-scale real estate. One is the disadvantageous condition and the other is the difficulty of diversification to the real estate. This research is based on the references and theories hoping that the experience of the large real estate can provide certain clues for the small-scale ones. The failure cases can meanwhile guide those who wish to start in the business.
Hsiung-Yong real estate, a small-scale company established for five years, is both fortunate and unfortunate to being in such a fluctuant era. What is unfortunate is that all the unfavorable elements accumulate. What is fortunate, on the contrary, is the infinite opportunity accompany with gigantic risks and crises. Elimination has begun which will definitely reallocate the property. Hsiung-Yong is just a tiny company, yet it represents most of the small to medium-scale companies in the businesses which are eager to thrive. Its’ diversification may not be innovative enough but it is absolutely under prudent consideration. This research has concluded aspects of diversification and related reflections hoping that these may provide precious values for small-scale companies.
Predicament of the country, ebb of the business, small-scale real estate and diversification are the four factors that represent the difficulties and signal the hope at the same time. The real estate business was strongly criticized by political parties and powerless people. There are, however, conscientious and scrupulous companies which deserve commendation. Spring comes not far behind winter. We are looking forward to the sound and stable development of the real estate so that people can own their property and be beneficial to both the real estate and the country. |
| Reference: | 一、 中文文獻：
內政部不動產資訊平台：http://pip.moi.gov.tw/V2/Default.aspx
內政部地政司：http://www.land.moi.gov.tw/chhtml/index.asp
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行政院主計總處：http://www.dgbas.gov.tw/mp.asp?mp=1
李建興（2015年8月），「農發條例修法 觸動全台敏感神經–六大亂象
難遏止，台灣快沒耕地可用！」遠見雜誌，第350期。
吳苡辰（2015年6月7日），「大學套房投報率 成大9.2%最高」，聯合
新聞網，檢自：http://money.udn.com/money/story/5930/950238- %E5%A4%A7%E5%AD%B8%E5%A5%97%E6%88%BF%E6%8A%95%E5%A0%B1%E7%8E%87-%E6%88%90%E5%A4%A79.2%EF%BC%85%E6%9C%80%E9%AB%98
吳家德（2003），「建築業經營策略之分析」，國立中山大學管理學院高階
經營碩士學程碩士在職專班碩士論文。
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台北：台灣培生教育出版有限公司。（原著出版年：2009）
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今周刊，第971期。
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http://www.bas.ntpc.gov.tw/web/Home?command=display&page=flash
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二、 英文文獻：
Ansoff, H. I. (1965), Corporate Strategy, New York: McGraw-Hill Book Company.
Berry, C. H. (1975), Corporate Growth and Diversification, Princeton University Press, Princeton
Booz, Allen and Hamilton (1985), New Product Management for the 1980’s, New York: Booz, Allen and Hamilton Inc.
Kamien, M. I. and Schwartz, N. L. (1975), “Market Structure and Innovation: A Survey,” Journal of Economic Literature.
Ramanujam, V. and Varadarajan, P. (1989), “Research on Corporate Diversification: A Synthesis,” Strategic Management Journal.
Roberts, E.B.& Berry, C.A.（1985）, “Entering New Businesses: Selecting Strategies for Success”, Sloan Management Review, pp.3-17 |
| Description: | 碩士
國立政治大學
經營管理碩士學程(EMBA)
102932016 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0102932016 |
| Data Type: | thesis |
| Appears in Collections: | [經營管理碩士學程EMBA] 學位論文
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