隨著產業型態的轉變，企業要追求成長需採各種策略因應，其策略方向有二，一是在本業內專注發展，另一則是透過多角化跨足其他領域尋求機會。但多角化跨足不同市場和產業時，跨足領域差異性越大，愈會提高企業掌握資訊和整合資源的難度，使公司經營的風險增加。
本研究以個案公司為例，一家成立於1964年，屬於集團企業中的公司，歷年來隨著集團母公司的經營策略不斷地進行多角化。初期以PE加工、塑膠染色為主，之後因應集團轉進光電產業而陸續進入面板產業後段組裝的背光模組產業以及平面顯示器產業。在這樣多角化策略下，為個案公司在集團企業中繳出極為亮眼的成績單。但當集團母公司執行聚焦經營的營運策略，逐漸淡出非核心產業的經營管理，對個案公司的營運發展產生極大的衝擊。個案公司為求取得更多的資源與自主權，進行企業分割，期望藉此引進策略投資人，透過與上下游廠商之間的策略聯盟，讓分割後的企業資源與股東的權益極大化。
本研究以文獻上對家族企業、多角化、企業撤資以及企業分割的研究結果，作為檢視個案公司所面臨的問題討論依據。並由個案公司的發展歷程、營運表現，了解個案公司的問題所在。探討個案公司因屬家族企業成員在面臨集團策略轉換以及多角化造成的不效率，採用企業分割尋求解決之道的發展歷程。透過個案公司的案例，了解企業分割是企業重組再造的手段，但並非是提昇公司營運效率與價值的特效藥，若缺乏長期的發展策略，未必能對企業未來的發展產生助益。

In line with the changes in manufacturing base industry, corporations need to adopt various strategies to maintain growth. Two types of strategies are commonly used. One is to continue to focus on the continued development of its own specialties in own region, and the other is to diversify into different areas for potential opportunities. However, the extent of the diversification to other markets or industries would increase the operation risk to manage the overall information flows as well as the allocation of resources.
This thesis is based on a real case study. This particular company was established in 1964 and is a subsidiary of a group corporation. Over the years, this company followed its parent company’s corporate strategy to continuously evolve and diversify, from its main business line for PE processing and dyeing plastic at the beginning to the manufacturing of flat screen and back light units following the group’s entering into the EPD industry. Under such a diversification strategy, this company in question performed extremely well. However, once its parent company decided to re-align its corporate strategies and commenced to fade out of its non-core business segments, this created an enormous adverse impact to this particular company. In order to gain more resources and maintain its self autonomy, this company separated itself from the group company. By finding strategic investors and through the creation of the vertical integration alliances with upstream and downstream supply chain, the firm hopes to maximize the return of the separated entity’s shareholders.
This research aims to show its findings on the issues this particular company encountered under family business, diversification, corporate divestitures as well as corporate divisions perspectives. By analyzing the company’s operating performance and development, we can better understand the difficulties faced by this company. This study carefully reviews the firm’s separation decision for its future development responding to the inefficiencies of the business decisions made by the family members and to the change of the group strategy. Using this case study as an example, without a long term sustainable growth strategy, corporate reorganization may not improve the company’s operational efficiency and value, and might cause more harm than good to the company in the long run.

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