Diversification of Property Developers — Case Study on Lih Pao Group and Kindom Construction Corp.

建築開發業乃為一產業週期長、周轉率低、易受外界之政治經濟因素或景氣影響風險高之行業，業者自有資金低、財務槓桿高之狀況頗多，建築開發商此一狀況可能因上述之因素波動而造成一時現金流之不足或無法為財務靈活調動而倒閉！ 故而，建商不得不思索如何經由內化之加強競爭力提升公司效率、組織改造、加強客戶關係以提高競爭力，乃至延伸競爭能力；除以購併市場、產品擴充外大部分均以垂直整合及多角化來充分利用資源，增加自主性，追求原產業外的成長，並降低風險，提高財務上之靈活運用達到提升綜效之目的，甚至轉型以達到如""菲利浦集團""般在不同時期因應潮流需求而進行轉型及多角以達""品牌價值""提升目的及永續經營目標。 故而本研究除先于第三章探討企業之競爭策略及延伸之競爭理論市場、產品等擴充、整合及多角化等理論以作為第四章實務上訪談之基礎外，並于第四章透過麗寶、冠德集團個案公司企業主(CEO)之訪談瞭解其公司在多角化的發展過程中，其企業原有的資源（本業）種類與特色、企業多角化經營時之動機、過程與及產業轉型多角之策略選擇、執行、是否引進專業管理團隊及績效審核，若未達績效目標時其因應之道有哪些、並由其中瞭解此訪談之二位企業主於多角化中集團企業主之角色扮演為何?多角化過程中應著重於何要點?以其經營企業及多角化之經驗認為中小型設公司於多角化過程中應注意之要點為何， 最重要的是經由此二建設業巨擘實務多角經驗分享給予後進欲實施多角化策略之建築開發商啟發及建議，相信有助於後進多角化之成功。 本研究採先為相關理論研究之方式配合個案於實務上多角化成功過程之經驗訪談以驗證實務與理論上多角化策略之異同，最後，本研究希望得出建築開發商實務上多角化動機、次序、甚至方向，希望能提供建築開發同業於多角化其他產業具體之經驗及建議，以利同業多角化策略能夠成功。Property development is a trade of business featuring long industrial cycle, low turnover, susceptibility to political and economic factors and risks from economic fluctuation. News that developers run out of capitals or run on high financial leverage is frequent. Property developers are known to bankrupt due to shortage of cash flow or inability of flexible financial operations as they are subject to the rapid changes in the factors mentioned above. As a result, developers have to improve and even extend their competitiveness by improving company efficiency, reforming corporate organization and strengthening the relationship with clients. In addition to merging and market expansion, they often seek to exploit the existing resources, increase independence, pursue for growth outside the trade of business, lower risks, and have more flexible financial operations for better synergy through vertical integration and diversification. Some even have to transform in response to the current trends as the “Philips Group” did. The transformation and diversification are for the sake of improvement of “product value” and the goal of sustainable operations. As a starter, Chapter 3 is the discussion of corporate competitive strategy and extended theories on expansion, integration and diversification in market and products to build the theoretical foundation for the practical interviews presented in Chapter 4. The interviews with CEOs of Lih Pao and Kindom in Chapter 4 provide an understanding of the process they started the diversification, the type and characteristics of existing resources they had at the beginning (in their original trade of business), timing as they started the diversification, the process of diversification, the selection and implementation of diversification strategies, whether to introduce a professional management team and performance review, and what to do if the business performance is not satisfactory. Also, the interviews provide the information on what role(s) CEOs play in the diversification, the keys to successful diversification for small and medium-sized businesses based on their experience in business running and diversification, and most importantly, the inspirations and suggestions that they believe helpful for property developers who are interested in diversification strategies from the experience of these two top-level groups in property development. The study started with theory investigation to pave the way for the practical interviews that provided the experience in successful diversification of the case study subjects, as to identify the common grounds for diversification strategies both in practice and theory. Finally, the practical motivation, sequence and even direction of the diversification for these property developers were determined. Hopefully, the result will serve as the experience and suggestions for other property developers interested in diversification and contribute to their success in diversification strategies