董事会专业能力对企业成长性战略选择影响研究
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摘要
回顾台湾液晶面板企业在过去15年的发展阶段当中，有赖董事会与高管阶层采取以规模经济取胜的战略决策，使台湾液晶面板企业跃居全球面板产业中的重要角色。然而随着产业发展步入成熟阶段，以效率为重点的代工模式面临战略更新的挑战，加上2007年之后在全球经济趋缓与新产品应用双重冲击下，液晶景气循环周期愈趋缩短时，经营环境恶化加剧，过去成功的代工经营模式反成为未来企业成长的绊脚石，台湾面板企业的战略决策面临严重考验，其中董事会影响企业战略决策的专业性能力问题值得关注。
从企业战略管理的权变思考及企业经营绩效的考虑，台湾液晶面板企业的董事会缺乏完整而长期的战略决策规划，其中董事会专业能力是影响战略决策优劣的主因，产业面临宏观的产业政策的调整与微观的战略更新的突破。因此，本文着眼于台湾面板企业战略决策的制定过程中，如何运用董事会的多元性专业能力并影响成长性战略选择的关系提供有效的监督与支持的战略角色，发挥董事会资源提供、协调整合及参与战略决策的职能，成为本研究的重要研究内容。本文遵循“董事会专业能力→成长性战略选择机制与过程→企业竞争优势”的逻辑框架，采用统计规范分析与多元回归实证分析相互结合的研究方法，以处于动态环境下的台湾液晶面板企业为研究对象，董事会的专业能力及其战略选择的抉择为研究主体，通过企业战略管理与公司治理的主流学说，探索企业不同的董事会专业能力在成长性战略选择的过程中所起到的作用，为企业带来创新与价值创造的新模式，从而取得企业竞争优势的延续。在以台湾面板企业2000~2010的11年的实证面板数据分析，主要结论如下：
第一、透过面板企业董事会专业能力对战略选择的正向显着影响的实证结果。本研究表明液晶面板具备一种技术与资金的高门坎产业特性，面板企业必须加强网罗内、外部专业董监事，强化董事会的专业决策能力，只要有技术能量，台湾面板企业就有机会。因此，积极参与的董事会战略介入议题比起过去任何时刻都更值得注视，董事会能力的专业性更攸关企业战略决策的质量与企业竞争优势的取得。
第二、企业成长性战略选择对以经营绩效为替代变量的竞争优势具正向显著影响：表明企业在自主研发战略的投入有利于增强创新能力，进而提高企业绩效和产品竞争优势；表明企业通过并购战略从外部获取了短缺的资源和能力，长期而言有助于企业绩效和竞争力的提升；企业选择并执行业内企业间的战略联盟策略，形成战略协同和优势互补，有助于联盟内所有企业的绩效和优势的共同提升。同时，本文认为自主研发及并购是长期效应，而战略联盟常以短期战略目的为目标，企业为达成长期性的战略目标，必须将其战略内容充分落实在所谓的战略活动系统中；企业并购对绩效的影响必须同时注意到并购价值的评估、并购后的组织文化融合等全面性的整合，这样的推论与Pearce(1987)认为企业制定和执行战略计划过程的能力能够带来企业竞争优势的论点相符。
第三、董事会专业能力具有显着地正向调节成长性战略选择对经营绩效的影响。本研究验证董事会专业能力与战略选择的交叉乘积项对企业绩效具显着正相关，表明企业成长性战略选择在与企业绩效具显着正相关的前提下，董事会专业能力可以显着地正向调节成长性战略对绩效的影响。成长性战略选择是董事会战略服务职能的一部分，亦关系到企业的经营绩效。基于企业经营的愿景与战略目标，以董事会不同形态的能力为资源，支持、指导高管团队作出最正确的战略决策，进一步监督经营团队对战略决策的执行，形成竞争优势，并通过外部环境的反馈，形成企业新的资本与竞争力的来源，完成本研究理论架构的逻辑。
本文创新点主要体现在台湾液晶面板企业实践经验的基础上，延续前人从董事会专业能力的视角探讨对董事会战略决策作用的研究，试图在董事会资本与企业经营绩效之间找出董事会战略选择的战略服务职能，为台湾面板企业在面临转型与战略更新的时刻，做出正确的战略决策，确保长期性竞争优势的持续。
最后在研究展望方面，本文认为有别于台湾液晶面板企业过去的代工模式，未来5-10年以创新及产品附加价值为主流的经营模式下，将是十分值得观察与研究的议题。
The global development of the liquid crystal display (LCD) panel industry overthe past15years has focused on strategic decisions from upper management andboards of directors based on scaled economies. This approach has placed Taiwan ina strong position against its international competitors. However, as the industrymatures, people have begun to question whether the original equipmentmanufacturer (OEM) business model’s golden rule of “production efficiency” is stilla productive strategy. Since2007, slowing global economic activity and multipleapplications of new products has impacted the industry, and therefore, shortened theLCD panel business cycle significantly, increasingly worsening the businessenvironment. The prior rules of OEM have turned into a stumbling block today, andthe strategies and decisions of Taiwan’s LCD panel enterprises are facing severechallenges in this deteriorating climate, which is why we are looking closer at theimpact of the professional capabilities of boards of directors and how this affectsbusiness growth.
From the viewpoint of strategy and performance, boards of directors’ lack ofexpertise and management capabilities in implementing long-term business plansduring the process of strategic decision making is the major factor contributing todecreasing business competitiveness. The industry is now at a crossroad wherebusinesses must move forward in an environment considering both the governmentalmacroscopic restructuring of the industry and strategic renewal of each firm’smicroscopic self-adaption.
This dissertation focuses on how to optimize both effective monitoring andsupport roles of the boards of directors, to achieve the ultimate goals of resourceprovision, coordination, integration, collective resolution, and strategic developmentthroughout the strategic decision making process.
Following the schema of “professional competencies of the boards ofdirectors,”“mechanism and process of strategic choices of business growth,” and“enterprise competitive advantages,” we also adapted a statistical analysis methodcombined with multiple regression analysis. The value of this approach is todemonstrate how LCD panel firms in Taiwan accomplished continuous businesssuperiority under different boards of management models. This dissertation alsoexamines panel data from Taiwan’s LCD panel industry from2000to2011.
This study has several main findings: First, this dissertation resumes from theempirical findings that the LCD panel contains both difficulty in technique andcapital barriers; therefore, firms inevitably recruit and enlist both inside and outsidedirectors with substantial but differentiated substantial to reinforce professionalcompetencies. The opportunities in this industry depend particularly on the capacityof technological innovation and breakthroughs. An actively involved professionalboard of directors playing a key role in such breakthroughs and innovations hasbecome an essential factor in understanding the dynamics of this sector.
Second, strategic choices for business growth have a positive and significantimpact on performance. This is a replaceable variable that contributes to competitiveadvantages and indicates that enterprises can enhance innovation abilities throughinvestments, which eventually improves business performance and a given product’scompetitive advantage. By using M&A strategies, enterprises obtain resources andcapabilities that are in shortage; these help intensify long-term business performanceand competitiveness. Strategic synergies and complementary strengths can beachieved through an internal alliance strategy with the aid of enterprise selection andexecution, which also improves the overall upgrading and immigrating ofperformance and further provides the alliance network with a greater advantage. Thisstudy concludes that internal RD and business mergers are both long-term goals forenterprises, whereas strategic alliances are often short-term tactics. To attain thelong-term strategic objective, it is inescapable to fully implement the contents of theactivity system, including asset evaluation during business acquisition performance,the cultural impingement after interaction with external firms, and full-aspectintegration. This presumption accords with the argument by Pearce (1987) thatmanagerial capabilities on boards of directors’ governance generate affirmativecompetition corporate advantages.
Third, this study verifies that the professional capability of the boardsengenders a significant positive moderation effect on business growth strategiesregarding the performance of the enterprises, with the premise that strategic choice ispositively correlated to performance. A given board of directors’ professionalcapacity considerably outweighs the strategic decision itself and causes an extensivecorrelation on business performance. Different types of boards should slow agrowth-market strategy vision in favor of a strategy supporting and guiding themanagement team toward the correct and adept decision circle. Furthermore, the board should supervise the execution to ensure its leading competitive position bydiscovering new resources from feedback from the external environment andmatching the theoretical framework and logic employed in this dissertation.
This dissertation reflects the author’s practical experience in the Taiwan-basedLCD panel industry. In addition to continuing previous studies, it evaluates thecritical position of the board’s strategic decision making from the perspective of theprofessional competencies to achieve the long-term and continuous growth of thisturning point.
Finally, this study shows that the next5to10years will be a game-changingperiod in Taiwan’s LCD panel industry. Because of innovations and “added value”orientation of the mainstream business model, the industry will need to separateitself from the declining OEM model.
从企业战略管理的权变思考及企业经营绩效的考虑，台湾液晶面板企业的董事会缺乏完整而长期的战略决策规划，其中董事会专业能力是影响战略决策优劣的主因，产业面临宏观的产业政策的调整与微观的战略更新的突破。因此，本文着眼于台湾面板企业战略决策的制定过程中，如何运用董事会的多元性专业能力并影响成长性战略选择的关系提供有效的监督与支持的战略角色，发挥董事会资源提供、协调整合及参与战略决策的职能，成为本研究的重要研究内容。本文遵循“董事会专业能力→成长性战略选择机制与过程→企业竞争优势”的逻辑框架，采用统计规范分析与多元回归实证分析相互结合的研究方法，以处于动态环境下的台湾液晶面板企业为研究对象，董事会的专业能力及其战略选择的抉择为研究主体，通过企业战略管理与公司治理的主流学说，探索企业不同的董事会专业能力在成长性战略选择的过程中所起到的作用，为企业带来创新与价值创造的新模式，从而取得企业竞争优势的延续。在以台湾面板企业2000~2010的11年的实证面板数据分析，主要结论如下：
第一、透过面板企业董事会专业能力对战略选择的正向显着影响的实证结果。本研究表明液晶面板具备一种技术与资金的高门坎产业特性，面板企业必须加强网罗内、外部专业董监事，强化董事会的专业决策能力，只要有技术能量，台湾面板企业就有机会。因此，积极参与的董事会战略介入议题比起过去任何时刻都更值得注视，董事会能力的专业性更攸关企业战略决策的质量与企业竞争优势的取得。
第二、企业成长性战略选择对以经营绩效为替代变量的竞争优势具正向显著影响：表明企业在自主研发战略的投入有利于增强创新能力，进而提高企业绩效和产品竞争优势；表明企业通过并购战略从外部获取了短缺的资源和能力，长期而言有助于企业绩效和竞争力的提升；企业选择并执行业内企业间的战略联盟策略，形成战略协同和优势互补，有助于联盟内所有企业的绩效和优势的共同提升。同时，本文认为自主研发及并购是长期效应，而战略联盟常以短期战略目的为目标，企业为达成长期性的战略目标，必须将其战略内容充分落实在所谓的战略活动系统中；企业并购对绩效的影响必须同时注意到并购价值的评估、并购后的组织文化融合等全面性的整合，这样的推论与Pearce(1987)认为企业制定和执行战略计划过程的能力能够带来企业竞争优势的论点相符。
第三、董事会专业能力具有显着地正向调节成长性战略选择对经营绩效的影响。本研究验证董事会专业能力与战略选择的交叉乘积项对企业绩效具显着正相关，表明企业成长性战略选择在与企业绩效具显着正相关的前提下，董事会专业能力可以显着地正向调节成长性战略对绩效的影响。成长性战略选择是董事会战略服务职能的一部分，亦关系到企业的经营绩效。基于企业经营的愿景与战略目标，以董事会不同形态的能力为资源，支持、指导高管团队作出最正确的战略决策，进一步监督经营团队对战略决策的执行，形成竞争优势，并通过外部环境的反馈，形成企业新的资本与竞争力的来源，完成本研究理论架构的逻辑。
本文创新点主要体现在台湾液晶面板企业实践经验的基础上，延续前人从董事会专业能力的视角探讨对董事会战略决策作用的研究，试图在董事会资本与企业经营绩效之间找出董事会战略选择的战略服务职能，为台湾面板企业在面临转型与战略更新的时刻，做出正确的战略决策，确保长期性竞争优势的持续。
最后在研究展望方面，本文认为有别于台湾液晶面板企业过去的代工模式，未来5-10年以创新及产品附加价值为主流的经营模式下，将是十分值得观察与研究的议题。
The global development of the liquid crystal display (LCD) panel industry overthe past15years has focused on strategic decisions from upper management andboards of directors based on scaled economies. This approach has placed Taiwan ina strong position against its international competitors. However, as the industrymatures, people have begun to question whether the original equipmentmanufacturer (OEM) business model’s golden rule of “production efficiency” is stilla productive strategy. Since2007, slowing global economic activity and multipleapplications of new products has impacted the industry, and therefore, shortened theLCD panel business cycle significantly, increasingly worsening the businessenvironment. The prior rules of OEM have turned into a stumbling block today, andthe strategies and decisions of Taiwan’s LCD panel enterprises are facing severechallenges in this deteriorating climate, which is why we are looking closer at theimpact of the professional capabilities of boards of directors and how this affectsbusiness growth.
From the viewpoint of strategy and performance, boards of directors’ lack ofexpertise and management capabilities in implementing long-term business plansduring the process of strategic decision making is the major factor contributing todecreasing business competitiveness. The industry is now at a crossroad wherebusinesses must move forward in an environment considering both the governmentalmacroscopic restructuring of the industry and strategic renewal of each firm’smicroscopic self-adaption.
This dissertation focuses on how to optimize both effective monitoring andsupport roles of the boards of directors, to achieve the ultimate goals of resourceprovision, coordination, integration, collective resolution, and strategic developmentthroughout the strategic decision making process.
Following the schema of “professional competencies of the boards ofdirectors,”“mechanism and process of strategic choices of business growth,” and“enterprise competitive advantages,” we also adapted a statistical analysis methodcombined with multiple regression analysis. The value of this approach is todemonstrate how LCD panel firms in Taiwan accomplished continuous businesssuperiority under different boards of management models. This dissertation alsoexamines panel data from Taiwan’s LCD panel industry from2000to2011.
This study has several main findings: First, this dissertation resumes from theempirical findings that the LCD panel contains both difficulty in technique andcapital barriers; therefore, firms inevitably recruit and enlist both inside and outsidedirectors with substantial but differentiated substantial to reinforce professionalcompetencies. The opportunities in this industry depend particularly on the capacityof technological innovation and breakthroughs. An actively involved professionalboard of directors playing a key role in such breakthroughs and innovations hasbecome an essential factor in understanding the dynamics of this sector.
Second, strategic choices for business growth have a positive and significantimpact on performance. This is a replaceable variable that contributes to competitiveadvantages and indicates that enterprises can enhance innovation abilities throughinvestments, which eventually improves business performance and a given product’scompetitive advantage. By using M&A strategies, enterprises obtain resources andcapabilities that are in shortage; these help intensify long-term business performanceand competitiveness. Strategic synergies and complementary strengths can beachieved through an internal alliance strategy with the aid of enterprise selection andexecution, which also improves the overall upgrading and immigrating ofperformance and further provides the alliance network with a greater advantage. Thisstudy concludes that internal RD and business mergers are both long-term goals forenterprises, whereas strategic alliances are often short-term tactics. To attain thelong-term strategic objective, it is inescapable to fully implement the contents of theactivity system, including asset evaluation during business acquisition performance,the cultural impingement after interaction with external firms, and full-aspectintegration. This presumption accords with the argument by Pearce (1987) thatmanagerial capabilities on boards of directors’ governance generate affirmativecompetition corporate advantages.
Third, this study verifies that the professional capability of the boardsengenders a significant positive moderation effect on business growth strategiesregarding the performance of the enterprises, with the premise that strategic choice ispositively correlated to performance. A given board of directors’ professionalcapacity considerably outweighs the strategic decision itself and causes an extensivecorrelation on business performance. Different types of boards should slow agrowth-market strategy vision in favor of a strategy supporting and guiding themanagement team toward the correct and adept decision circle. Furthermore, the board should supervise the execution to ensure its leading competitive position bydiscovering new resources from feedback from the external environment andmatching the theoretical framework and logic employed in this dissertation.
This dissertation reflects the author’s practical experience in the Taiwan-basedLCD panel industry. In addition to continuing previous studies, it evaluates thecritical position of the board’s strategic decision making from the perspective of theprofessional competencies to achieve the long-term and continuous growth of thisturning point.
Finally, this study shows that the next5to10years will be a game-changingperiod in Taiwan’s LCD panel industry. Because of innovations and “added value”orientation of the mainstream business model, the industry will need to separateitself from the declining OEM model.
引文
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