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研究生:楊仁傑
研究生(外文):Jen Chieh, Yang
論文名稱:企業分離策略之研究伊頓公司半導體事業部
論文名稱(外文):Corporation Spin-off Strategy Research --- Eaton Corporation Semiconductor Equipment Operation
指導教授:王淑芬王淑芬引用關係
指導教授(外文):Sue Fung, Wang
學位類別:碩士
校院名稱:國立交通大學
系所名稱:高階主管管理學程碩士班
學門:商業及管理學門
學類:其他商業及管理學類
論文種類:學術論文
論文出版年:2002
畢業學年度:90
語文別:英文
中文關鍵詞:企業分離策略
外文關鍵詞:Spin-offDivestiture
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本文主要在探討企業分離之策略,討論有關”企業藉由合併及購併,以求快速成長及發展”之相關文獻,已相當多。根據以往之經驗,合併及購併成功之案例相當少,部分原因是資源不當之分配。歸根究底,沒有一家公司能有無限之資源以擴充其企業之規模。在某種程度上,企業必有合理及有效的資源規劃。因此,企業對事業部之取捨,以達整合其具有核心競爭優勢之事業,面對未來之挑戰。本文以伊頓公司半導體事業部之分離,以探討企業策略--分離。這不僅是因伊頓公司成功的分離半導體事業部,更因其優異之經營績效,在過去十年中期股東報酬率達18﹪以上。
本文主要包含兩個觀念:(一)合併及購併與脫離及分離對企業成長之衝擊。(二)分離策略對企業成長及核心事業所扮演之角色。第一章介紹伊頓公司及其使命與價值,並涵蓋其主要之企業活動。第二章為相關文獻之探討。如何應用合併、購併及脫離等策略以強化企業之核心事業。第三章及第四章說明伊頓公司之長期策略,半導體事業部之分離過程及結果之分析,對公司財務、營運、員工及股東之影響。本文最後,強調分離策略及核心事業之重要性,企業應時常評估其事業單位,並以脫離及購併建構其核心競爭事業,以降低多角化或單一事業對企業經營之風險。

The purpose of this thesis is to identify the strategy of corporation spin off. There are a lot of articles and books to discuss the issues about mergers and acquisitions to help corporation to develop and grow rapidly. Based on the past experiences, fewer cases succeed in mergers and acquisitions. Some reasons come from the improper resources allocation. It does not balance the resources and corporation growth strategy. Eventually, there are not any companies that have boundless resources to expand its business size. To some extent, it has to make some reasonable and effective resource planning. This research makes efforts to deliberate Eaton’s case - the process, impact and result to the corporation, employees and shareholders. How the corporation to take and give is to congregate its core competence business units to face its challenge in the future. This study uses Eaton Corporation semiconductor equipment operation as the case of this thesis and to identify the corporation strategy — Spin Off. It is not only that its success of spinning off its semiconductor equipment operation but also it prove itself good performance of multiplying its business while it rewards its shareholders with over 18% high returns on equity for the last decade.
This thesis mainly comprises two concepts: I, The Impact of Merger and Acquisition Vs Divestiture and Spin-off to corporation growth. II. The Role of Spin-off Strategy to Corporation Development and focus. In chapter 1, introduce the Eaton Corporation’s overall business activities, what its mission and value. Chapter 2 discusses some related articles and researches of mergers, acquisitions, and divestiture. These strategies strengthen corporation core business and let the corporation become more competitive. Chapter 3 and Chapter 4 explain Eaton Corporation long-term development strategies, how it pursued its interest through various strategies, the process of spin-off and the result analysis, the influences to the corporation finance, operation, employees and shareholders.
Chapter 5 explains what spin-off and why to spin off. In the conclusion, this research emphasizes the importance of spin-off and focus and explains how the enterprise should always review its business units to reorganize its core competence business unit by divestiture and acquisition. It is also important to get businesses focus through spin-off.

List of Contents
CHINESE ABSTRACT i
ENGLISH ABSTRACT ii
ACKNOWLEDGEMENT iii
LIST OF CONTENTS iv
LIST OF FIGURES v
Chapter 1 INTRODUCTION
1.1 Motives and Goals 1
1.2 Philosophy and Mission 2
1.3 Scope of Major Businesses 5
Chapter 2 RELATED LITERATURE RESEARCH
2.1 Introduction of Some Related Enterprise
Strategy 8
2.1.1 Merger and Acquisition 8
2.1.2 Divestiture 11
2.2 Corporate Growth through Spin-offs 12
Chapter 3 THE DEVELOPMENT STRATEGY OF EATON CORPORATION
3.1. Overview of Corporation strategy 15
3.2. The Ongoing Business and Competitive
Strategy 22
3.3. Acquisitions And Divestiture 26
3.4. Strategy and Direction 29
Chapter 4 SPIN OFF RESULT ANALYSIS
4.1. The process of Spin-off Semiconductor Equipment
Operation. 33
4.2. The Outlook of the New Corporation 35
4.3. The Semiconductor Industries and Axcelis
Strategies 36
4.4. Impact to Shareholders and Employees 40
4.5. Impact to the Corporation Finance and
Operation 42
Chapter 5 Is Spin-off Good to Do?
5.1 What are Spin-offs? 47
5.2 Why to Spin-off 50
Chapter 6 CONCLUSIONS
6.1 The Achievement of Performance 57
6.2 Conclusion 59
REFERENCES 63
APPENDIX A 64
APPENDIX B 70
APPENDIX C 78
APPENDIX D 85
CURRICULUM VITA 95

References
1.S. SHIVA RAMU, RESTRUCTURING AND BREAK-UPS — Corporate
Growth through Divestitures, Spin-offs, Split-ups and Swaps,
Response Books, New Delhi/Thousand Oaks/London, 1998.
2.David Sadtler, Andrew Campbell, Richard Koch, How Companies
Use Spin-offs to Gain Focus & Grow Strong , SIMON & SCHUSTER
INC., 1997
3.FRANK C. EVANS, DAVID M. BISHOP, Valuation for M&A —
Building Value in Private Companies , John Wiley & Sons,
Inc., New York, 2001
4.Joseph M. Morris, Price Pritchett, Mark A. Blackton, James
Brendel, Mergers and Acquisitions : Business Strategies for
Accountants : 1997 Cumulative Supplement , John Wiley & Sons,
Inc., New York, 1997
5.Dennis Carey, Harvard Business Review on Mergers AND
Acquisitions , HARVARD BUSINESS SCHOOL PRESS, Boston MA, 2001
6.Richard J. Schmidt, THE DIVESTITURE OPTION — A Guide for
Financial and Corporate Planning Executives , Quorum Books,
Connecticut, 1990
7.Dale Arthur Oesterle, The Law of Mergers and Acquisitions ,
West Group, 1999
8.MARK N. CLEMENTE, DAVID S. GREENSPAN, EMPOWERING HUMAN
RESOURCES IN THE MERGER AND ACQUISITION PROCESS — GUIDANCE
FOR HR PROFESSIONALS IN THE KEY AREAS OF M&A PLANNING AND
INTERGRATION , CLEMENTE GREENSPAN & Co., INC., New Jersey ,
1999
9.ALEXANDRA REED LAJOUX , CHARLES M. ELSON, THE ART OF M&A DUE
DILIGENCE — NAVIGATING CRITICAL STEPS AND UNCOVERING CRUCIAL
DATA , McGraw Hill Professional Publishing, New York, 2000
10.STUART C. GILSON, Creating Value through CORPORATE
restructuring — Case Studies in Bankruptcies, Buyouts, and
Breakups , John Wiley & Sons, Inc., New York, 2001
11.Eaton Corporation Annual Report 1991 to 2001, Eaton
Corporation, Ohio, 1991 — 2001
12.MIKE COHN, KEEP OR SELL your Business — HOW TO MAKE THE
DECISION EVERY PRIVATE COMPANY FACES , A Kplan Professional
Company

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