當事業發展到某一種程度，藉由內部成長策略無法單獨達到成長需求時，組織重整帶來的績效為提高企業價值及創造股東權益最大化。面對產業結構快速變遷及激烈競爭之經營環境下，其實反而是條可以讓企業成功擴張的坦途，當今企業透過組織合併，分割，併購，重整及縮編等各項組織重整的活動而帶來的新競局。2008年全球的產業結構開始產生巨大的變化，也使得台灣企業持續成長的動能面臨很大的挑戰。產業轉型與重組的契機，以及發展優勢關鍵技術的機會，必能在景氣復甦時讓產業更具競爭優勢，其中有著許多與前述成功企業相類似的成功特徵。

個案研究以台興電子企業股份有限公司為研究對象，探討企業從設立到快速成長，透過不同階段合併、母子分割的轉折，面臨製造及通路兩大事業群經營的衝突，最後以兄弟分割的方法，逐漸將製造及通路切割成兩個公司，於適當時機與通路完成其分離的策略。進行罕見的兄弟式分割上市（櫃）公司，而寫下國內減資分割的典範。透過價值共創達到企業集團獲利目標的一種艱巨靈巧及敏捷的兩手策略，其判斷公司的哪些決策最重要，端看事業裡價值的來源，打造出最好的決策組職。從企業重組價值創造轉型之路，雖面臨諸多挑戰與挫折，所幸最後再創逆轉勝轉型上櫃。本研究期能當企業在不同階段下，事業群的成立與所遭遇到的各種困境，以及面對內部組織與外在環境變化下，如何進行合併或分割等決策，以達到企業整體價值與效益的提升。對台興電子和良興電子的分割，做分割前後的各項重要指標的比較，佐證其分割策略的成果。

本研究採質化個案研究分析作為主要研究方法，蒐集同業競爭者及整個產業趨勢之相關資料及公司內部可公開資料，作個案分析的研究方法，解析個案公司面對經營永續的瓶頸與競爭的危機困難時，如何透過企業重組及調整創新商業模式，不斷突破瓶頸化解危機並創造價值，建構公司永久續航力，歸納出其於企業重組價值創造轉型時之關鍵因素。

When the business develops to a certain level and the growth needs cannot be achieved by internal growing strategies alone, the performance brought about by reorganization can increase the corporate value and the maximize shareholders’ interests. When facing with the rapid changes in the industrial structure and the fiercely competitive business environment, it in fact is a smooth path that allows companies to expand successfully. Companies nowadays are moving towards a new competition game through reorganization activities such as incorporation, divisions, mergers and acquisitions, reorganizations, and downsizing,. In 2008, the industrial structure in the world started to undergo huge changes, which also brought great challenges to the growing energy of Taiwan’s enterprises. The threshold for industrial transformation and reorganization as well as the opportunities to develop key technologies will surely make the industry more competitive when the economy recovers, and numerous characteristics are similar to what successful companies possess.

The study takes Tai-Shing Electronic Enterprise Co., Ltd. as the subject, and explores the transition from merger to division at different stages from the point of establishment to rapid growth of the enterprise, facing the conflicts between the two business groups of manufacturing and the channel, and finally dividing itself into two companies for manufacturing and channeling at proper point, thereby becoming a brother-like listed companies that few companies would achieve as well as a model of reverse split in the country. With strategies that possess both flexibility and agility for value co-creation, they have built the best decision-making group by judging the values of the business. Although there were many challenges and setbacks on the way to reorganization and transformation, it’s fortunate that they made a return and eventually became listed companies. In this study, it is hoped that enterprises in different stages of establishment, difficulties, and environmental changes on the inside and the outside can consider how they can merge or divide in order to achieve the increase of overall values and benefits. For the division of Tai-shing Electronics and EcLife, a comparison of various key indicators before and after the division is made to prove the outcomes of its division strategy.

This study adopts qualitative case study analysis as the main research method and collects relevant data about competitors in the same industry and overall industry trend as well as the company’s other data exposed to the public. Such are used to analyze how the case company overcame the bottleneck of sustainable management and challenges of competition by reorganizing the company and adjusting innovative business models, thereby building the company’s sustaining power. This study summarizes the key factors of value innovation reorganization and transformation of the company.

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