當企業以自有品牌進行轉型時，無論在營運模式或財務規劃上勢必重新進行大幅度的調整，尤其是從代工思維轉型成自創品牌廠商，企業所面臨的營運風險會因商業模式的改變跟著升高；另為了拓展品牌知名度，大量的行銷廣告及通路建置費用更使得小企業面臨資金配置及來源的問題。在多變複雜的競爭環境中，擁有充裕及彈性的資金才能給企業選擇長期佈局的機會。因此，本研究延伸籌融資策略與最適資本結構觀點來分析企業轉型的風險以及給未來欲以自有品牌轉型廠商相關籌資策略的建議。
本研究探討個案公司因品牌轉型所面臨的營運風險及改變，並從籌資過程中分析其財務風險的轉變及解決方案,，使企業的轉型或籌資風險降到最低、效益達到最大。依據本研究之分析及討論得出結論如下：
1. 鑑於代工優勢不再以及分析化妝品產業特性及未來的趨勢，惟有透過建立自有品牌以增加微笑曲線二端之附加價值與競爭力，才能持續在國際舞台上占有一席之地；加上政府對生技、文創產業的大力支持，因此亦促成了個案公司由代工轉型自創品牌之必要性。
2. 負債籌資猶如雙面刃。由於資訊不對稱或受限於企業規模，企業初期僅能以負債取得資金，適度利用可使公司獲得更多的利益，但若過度負債將使企業面臨更大的風險。若能適當的修正個案公司資本結構及融資方式改善其財務品質，將有助於個案公司未來對品牌的持續發展。
3. 最適資本結構理論適用於中小企業對財務風險的評估。可透過各種財務指標及產業對照資料，進行經營風險分析及估算其真正的資金成本，再利用利息保障倍數模型找出目標資本結構，此有助於個案公司保留未來籌融資空間以增加公司經營應變能力及長期營運發展。
4. 融資方式若能考慮幣別及匯率等因素且能配合公司現金流量波動，將能降低公司償債風險並創造公司最大價值。

The process of transforming business needs long-standing development and observation. When entrepreneur transforming business into private brand, a greatly modulation will happen to its business model or financial planning, especially to an OEM company when decides to have its own brand, such a business might face higher operational risks due to its changing of business model. Additionally, a small business needs to face its sources of funds to properly support the product marketing, sales channel arrangement and brand reputation enlargement. In this changing and competing environment, a business will have opportunity for its long-term strategy if it has sufficient and flexible funds. In order to provide a direction about fundraising strategy to the mentioned transforming enterprises, the purpose of this research aims to the risk analyses of OBM enterprises transformation from the perspectives of financing-fundraising strategies and optimal capital structure.
This case study analyzes the risks during the course of branding transformation and raising funds from the different aspects; finds out the rational precautionary measures to make the risks of the enterprise's fund-raising lowest and the benefit highest.
INTRODUCTION

For recent years, due to the international financial crisis influence and changes in the general environment to make shallow dish markets Taiwan enterprises exist face prodigious challenge.Taiwan’s economic recovery slowly, business transformation or upgrade innovation become Taiwan’s business life hot issue. Rresearchers found out the global market of usage on cosmetics had been more life-oriented, especially new developing countries are raising the popularity of cosmetics, force the industrial value of cosmetics in Taiwan and China had grow rapidly Companies want to achieve transformation need to put limited resources on core business. And In the upgrade process, will face to the change of business risk actually enterprises business performance and risk will inflect to financial information, so financial planning is an important economic management of business transformation. The research aimed to probe the connection of business transition strategy and finance management of minor enterprises. Through the experience of a Taiwan cosmetic firm developing private brand, could explore the investment and financing strategy and give assistance business would decrease the overall risk, and support business transform into private brand successfully. hence being a reference for other entrepreneur willing to develop private brand in further period.

MATERIALS AND METHODS
In this research, a cosmetics company is chosen as an actual case of brand transition strategy, within its development we find out how this twenty-year case company once started up its OEM business now transforms into an OBM business, especially on how to map out its plans of capital requirements, operations, investments, and financing, in order to respond to the market changes.
This research is “The Funding Strategy of Enterprises Transformation: The Brand Development of An Example Small-and-Medium-Enterprise”, so as to explore the case company‘s “Why - why transformed to OBM business ? ” and “How - how they did it ? ” by using the Case Study Method to find out the Phenomenon, Story, Insight, and Implication thereat. By applying the Qualitative Research Method can properly meet the purpose to this research, that is through a single case study by collecting and analyzing its files and data, interpreting one or more decisions upon its phenomena and why/how the decision(s) could be adopted and what circumstances were occurred by the decision(s), and exploring the key causes that affected its development via various theories.

RESULTS AND DISCUSSION

This research bases on the brand transformation is the enterprise’ strategy to its sustainable operation and growth, this paper provides in-depth interpretation and discussion to the case study respectively on the current cosmetics market development, future industrial development trends, risk analysis, fundraising and financing strategies, and the optimal capital structure. The purposes of research, research questions, research results and conclusions are summarized as below.(1).The necessity and challenge of brand transformation.(2).Brand transformation did increase operational and financial risks to the case company.(3).The case company’s capital structure was not the optimal capital structure.(4).The currencies of borrowing and rates did affect the case company’s financial approach and decision making.
This research of this study had found that the SME in Taiwan affect by nationalism and home world concept, entrepreneur used to operate business by its own or family funds, do not pay attention on finance management at the beginning of starting business or prepare a long term plan. Then start to attach importance to the issue when having problems with funds through developing business and expand operations. Therefore, most of the entrepreneur deal with the funding requirements by bank financing at the first time, but ignore the risk and meaning toward the capital structure and the cost of funds. Once the loan increase and enlarge the financial leverage index, the cost of capital and financial risk would raise as well. When the environment changes or business environment is not as expected, will cause the relation with banking being tension and affect the development of the company at the late stage. therefore, the management of the funds should select the equity capital which is less repayment pressure. It can finished company intrinsic quality checkup and development towards capital market. Then will have enough capital funds could develop the brand, on the other hand, when being a listed company at over-the-counter market, it will be much easier to accumulation brand reputation. More and more investment channel existing in capital market could help company development, which will not be limited by the debt funds with banking. Research suggest the entrepreneur of the management team that willing to transform business into private brand, should review the finance quality first and then propose a complete financial planning, build up its own competitive advantage and stable business environment, then will hold the key lead to company sustainability.

CONCLUSION

This research aims to find out what operational risks and changes the case company has faced due to its brand transformation, by analyzing its financial risks and solutions in its fundraising process, we hope to help the enterprises to reach the minimum transformation and fundraising risks, and to achieve the maximum benefits. According to its business activities Industrial and restructuring needs to analysis business risk and establish basic of financial management, in addition to contribute learn funding needs financial and planning, also help enterprise rethink how to choose financing tools and application of risk management and control. This study is as follows:
1. Due to the profit depression of OEM and the future cosmetics industrial trend analysis, we have found that by building its unique brand image and brand meaning are the key competitive advantages in this industry. Furthermore, with the government’s greatly support to The Bioscience Technology Industry and The Cultural and Creative Industry, it also boosts the case company‘s necessity to transform its business from OEM to a private brand company.
2. Debt financing is like a double-edged-sword, it may increase the profitability if a company adopts this approach properly, but over-indebtedness will lead a company into severer risks. If the case company could amend its capital structure and financing approaches in order to improve its finance quality, it will be very helpful to its future brand development.
3. The Optimal Capital Structure Theory can be perfectly applied to the small and medium enterprises’ (SMEs) financial risk evaluation. By using various financial measurement benchmarks to examine the case company‘s operating risks and to calculate its real cost of funds, and by Interest Protection Multiples to find out the case company‘s optimal capital structure and its weighted average cost of capital, these will allow room for the case company‘s future financing in favor to its business adaptability and long term operation.
4. Consider the currencies, exchange rates and fluctuations in cash flow before working out the financing approach, this could reduce a company‘s insolvency risk and will also maximize the enterprise value.

中文部分
期刊&專書
1. 竹本次郎 (1989)。「從勞動密集到技術密集的轉型」。日本文摘雜誌社。
2. 李吉仁、陳振祥 (1998)。「中小企業轉型與升級經營模式之研究－由OEM 轉型為ODM、自有品牌模式」，經濟部中小企業處委辦研究期末報告。
3. 李吉仁、陳掁祥 (1997)。「ODM的成因與策略運作-水平式產業下的策略聯盟型態」，中山管理評論，第5卷第3期。
4. 李慶芳 (2013)。「質化研究之經驗敍說」。高立圖書有限公司。
5. 吳思華 (2000)。「策略九說」。麥田出版社。
6. 吳瑞山 (2000)。「《台灣中小企業策略規劃之研究》，企業管理學報，第47 期，頁27-58，2000。
7. 周行一 (2011)。「台灣OEM廠商的生存之道」，遠見雜誌第306期。
8. 范紅雲 (2007)。「論企業籌資風險的根源與防範」，山西經濟管理幹部學院學報，第15卷第1期。
9. 施振榮 (2005)。「全球品牌大戰略」，台北市：天下遠見。
10. 施振榮 (2004)。「再造宏碁：開創、成長與挑戰」（全新增訂版），林文玲採訪整理，天下文化2004年10月29日初版。
11. 袁建中、劉俊儀、邱泰平、邱紹成 (2002)。「政府輔導傳統產業轉型與提升產業競爭力策略規劃之研究：以台灣經濟部提升產業競爭力服務團為例」，第六屆兩岸中華文化與經營管理學術研討會論文集。
12. 夏金海 (2005)。「財務管理中籌資風險的控制」，全國中文貿易經濟類核心期刋，第453期。
13. 陳明璋 (1994)。「企業轉型的經營策略與作法，變遷中台灣企業之管理實例」，中華民國管理科學學會。
14. 陳明璋 (1995)。「《企業轉型的經營策略與作法，扭轉乾坤—台灣企業突破變局的成功實例》，台灣管科學會出版，頁13-42，1995。
15. 陳繡里譯 (2004)。「品牌行銷」。台北：中衛。
16. 陳更生、林唐裕 (1990)。「OEM?還是自創品牌?」，台灣經濟研究月刋，第134期。
17. 張殿文(2008)。「虎與狐：郭台銘的全球競爭策略」，天下文化出版社。
18. 邱峰祥、黃瓊恩(2005)。「 台灣中小企業轉型策略與組織績效之研究」建國科大學報：管理類24卷第2期，頁75-90。
19. 陳隆麒、温育芳 2002 「資本結構的決定和調整過程的實証研究」。台灣銀行季刋，第五十三卷第一期，171-194。
20. 黃營杉 (1995)。「台灣地區中小企業行銷現代化與經營策略」，高雄復文圖書出版社。
21. 彭建彰、呂旺坤 (2005)。「品牌行銷與管理」，台北：華泰。
22. 榮泰生（2003）。「企業研究方法」二版，五南圖書出版股份有限公司。
23. 經濟部中小企業處(2008)。「中小企業白皮書」。台北：編製者發行。
24. 謝劍平(2010)。「財務管理：新觀念與本土化」，五版，智勝出版社，台北。
25. 謝劍平 (2009)。「財務報表分析」，再版，智勝出版社，台北。
26. Anselm Strauss, Juliet Corbin（1997）。「質性研究概論」，徐宗國譯。
27. Keller, Kevin Lane，(2001)。「品牌管理」，吳克振譯，華泰文化。
28. Kotler, Philip，(2000)。「科特勒談行銷：如何創造、贏取並主宰市場」，高登第譯，遠流。
29. 瞿宛文、安士敦(2003)。「超越後進發展：台灣的產業升級策略」，聯經出版社。
30. Marshall King(2006)。「贏在品牌」。金恩堯譯。前景文化出版。
31. Robert K.Yin,。「個案研究法」尚榮安譯，(2001)台北:弘智文化。
32. 品牌台灣網站(2007)。台灣十大國際品牌。2007 年12 月20 日，取自http: www. brandingtaiwan.org/public/best Company List. asp。
學術論文
1. 李瑞穎 1994 「自創國際品牌競爭力之研究」，政治大學企業管理士論文。
2. 李秋慧 1992 「台灣廠商國際化下之品牌策略：產業條件與自創品牌之個案分析」，台灣大學商學研究所碩士論文。
3. 林廷芳1985「一個分權式組織的財務規劃模式之研究--線性規劃分解法則的應用」，國立交通大學管理科學系所碩士論文。
4. 林政道 1998「台灣中小企業以策略聯盟創新知識技術之研究」，國立東華大學企管研究所碩士論文，1998
5. 洪永昌 2004 「企業生命週期與融資策略」，國立台灣科技大學財務金融所碩士班。
6. 張秀屏 2000 「自創品牌策略、核心資源類型對品牌權益績效關係之研究-國際化企業策略聯盟之實證」，中原大學企業管理研究所碩士論文。
7. 袁素萍 2003 「企業轉型成功關鍵因素之研究」。國立成功大學管理學院管理碩士在職專碩士論文。
8. 陳美旭1999 「企業上市前後舉債程度影響因素之研究」。東吳大學會計研究所博士論文。
9. 黃揚期 2005 「品牌與代工的經營策略研究-以台灣筆記型電腦為案例」，逄甲大學經營管理碩士在職專班研究所碩士論文。
10. 黃蕙娟 1990 「台灣企業國際上自創品牌策略之研究」政治大學企業管理研究所碩士論文。
11. 趙郁文 1988 「產業環境因素與企業競爭策略之關係研究」政治大學企業管理研究所碩士論文。
12. 廖宜洋 1999 「企業上櫃前後資本結構之探討」。中興大學企業管理研究所碩士論文。

英文部分
1. Aswath, Damodaran (2015), ”Applied Corporate Finance”,5th Edition.
2. Ansoff, H.I.(1975),Implanting Strategic Management, UK: Prentice Hall International.
3. Blackett T. (1991),”The Valuation of Brands” Marketing Intelligence & Planning,Vol.9,No,1,pp.27-35.
4. Black, E. L (1998), “Life-cycle impacts on the increment value relevance of earnings and cash flow measure”. Journal of Financial Statement Analysts1998 Fall:p. 40-56.
5. David Carson ( 2003), “Issues which Impact upon Marketing in the Small Firm,” Small Business Economics, 21, p.201-213.
6. Ewing, M., Napoli, J. & Pitt, L. (2001), Managing Southeast Asian Brands in the Global Economy.Business Horizons,44(3), p.52-58.
7. Hobday Mike (2001 ),The Electronics Industries of the Asia-Pacific: Exploiting International Production Networks for Economic Development. Asian-Pacific Economic Literature, vol. 15. p.13-29
8. Jensen,M.C.(1976),”Theory of the firm:Managerial behavior anency cost and capital structure”.Journal of financial economics,Vol:3,No.4,p305-360.
9. Jonathan D. Day,(2000), Corporate transformation without a crisis, The McKinsey Quarterly, New York, Iss. 4, 2000, p.116~128.
10. Keller, Kevin Lane, (1993), “Conceptualizing, measuring, and managing customer-based brand equity”, Journal of Marketing, Vol.57, p.1-22
11. Kolter.P.(1994),“Marketing Management：Analysis, Planning, Implementation and Control,” Prentice-Hall, 8th edition, New Jersey.
12. Kotler, P. (2006), Marketing Management 12th edition, Upper Saddle River, N.J.: Pearson Prentice-Hall.
13. Lavy A. & Merry U.(1988), Organizational Transformation: Revitalizing Organization for a Competitive World, Jessey-Bass Inc.
14. Myers,S.C.,(1984)”Corporate financing and investment decisions when firms have information that investors Do Not Have”,Journal of Economics,13,187-221.
15. Onkvisit, S. and J. J. Shaw（1989）,”The International Dimension of Branding: Strategic Consideration and Decisions,” International Marketing Review
16. Ruth Bender, Keith Ward, (2002), Corporate financial strategy. Butterworth Heinemann
17. Robbins (1990) Organization Theory, the structure and design of organization .Englewood Cliffs, New Jersey: Prentice-Hall Inc.
18. Shaheen George T, (1994) Approach to Transformation, Chief Executive, p.2~5.
19. Urde, Mats,( 2003), ‘Core value-based corporate brand building”, European Journal of Marketing, Vol.37 no.7/8, p.1017-1040
20. Yin, R. K. (1994). Case Study Research: Design and Methods, 2nd Thousand Oaks :Sage Publications.
21. Yin, Robert K. (1985). Case Study Research: Design and Methods Revised Edition. CAS age. Beverly Hills.