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題名 成熟產業中的企業轉型策略:HP 個案研究
Corporate Transformation Strategy in Mature Industry: A Case Study of HP
作者 侯妤安
貢獻者 謝凱宇<br>郭曉玲
侯妤安
關鍵詞 產業成熟期
策略轉型
併購與分拆
價值網模型
惠普個案
industry maturity
strategic transformation
merger and split
value network model
HP case study
日期 2025
上傳時間 1-Sep-2025 15:11:55 (UTC+8)
摘要 本研究以惠普(Hewlett-Packard, HP)公司為個案,探討其在全球個人電腦(PC)產業邁入成熟期的背景下,如何透過策略轉型有效因應成長動能趨緩、價格競爭激烈與產業結構劇變等多重挑戰。隨著 PC 市場於 2000 年後逐步飽和,產品同質化與替代性裝置(如智慧型手機與平板電腦)快速崛起,傳統 PC 製造商面臨獲利模式失靈與市場重整壓力。在此情境下,HP 採取一系列具有策略意涵的轉型作為,包括併購 Compaq 與 EDS 以擴大規模與強化服務能力,後續則進行企業分拆為 HP Inc. 與 HPE,以聚焦各自核心事業,提升資源運用效率與市場反應靈活性。 本研究以產業生命週期理論作為時間背景,價值網模型等策略工具,分析 HP 於不同時期的轉型選擇與效果。研究發現,HP 透過先擴張再聚焦的「先併購、後分家」策略,在穩固既有基礎的同時開創新收入來源,成功轉化外部挑戰為成長契機。特別是在價值網觀點下,HP 亦展現出對互補者與競爭者角色轉換的高度敏感度,藉由整合資源與改變合作關係,強化整體生態系統的競爭韌性。 本研究不僅梳理 HP 個案的策略轉型脈絡,也對於企業如何在成熟產業中重構價值、提升競爭力,提供具體理論參照與實務啟示。結論指出,企業在面對產業成熟與技術變遷壓力下,須結合內部資源優勢與外部環境評估,制定出兼具擴張性與靈活性的策略路徑,方能確保長期生存與成長。
This study uses Hewlett-Packard (HP) as a case to explore how a leading firm in the global personal computer (PC) industry strategically responded to the challenges brought by market maturity, including stagnating growth, intensified price competition, and structural shifts. As the PC industry approached saturation after 2000, with increasing product homogeneity and the rise of substitute devices such as smartphones and tablets, traditional PC manufacturers faced declining profitability and growing strategic pressure. In this context, HP adopted a two-stage transformation strategy: acquiring Compaq and EDS to expand its scale and strengthen service capabilities, followed by a corporate split into HP Inc. and Hewlett Packard Enterprise (HPE) to enable greater business focus and resource efficiency. Drawing upon the industry life cycle theory, with value network model, this research analyzes HP’s strategic decisions and their effectiveness across four stages. The findings highlight HP’s use of a “merge first, split later” strategy to consolidate its position and build recurring revenue streams while addressing external threats. From a value network perspective, HP also demonstrated strategic agility by responding to shifts in the roles of complementors and competitors, thereby strengthening the resilience of its ecosystem. This study offers both theoretical and practical insights into corporate transformation within mature industries. It concludes that enterprises facing maturity and technological disruption must leverage internal capabilities and adapt to environmental shifts by formulating scalable yet focused strategies to sustain growth and competitiveness.
參考文獻 中文文獻  惠普公司(1999–2002)。《惠普公司年報》。  商業周刊(1997)。HP 的矽谷精神轉向商業競爭。《商業周刊》,(512),頁數。  HP 官方新聞稿(1999)。HP 分拆儀器部門為 Agilent。  財訊雙週刊(2009)。HP 服務轉型中的併購與挑戰。《財訊雙週刊》,(367),頁數。  經濟學人(2011–2015)。HP 分拆與轉型策略相關報導。《經濟學人》,多期。  HP 分拆投資人簡報(2014)。HP Inc. 與 Hewlett Packard Enterprise 拆分策略簡報。  HPE 公司(2017)。HPE 公司財報與策略公告。  商業周刊(2014)。PC 產業的未來是服務。《商業周刊》,(1378),頁數。  天下雜誌(2015)。HP 分家真相。《天下雜誌》,(581),頁數。  天下雜誌(2012年1月10日)。惠普巨人隕落,賈伯斯曾想出手挽救?取自  天下雜誌(2003年1月10日)。惠普執行長菲奧莉納談未來管理:回歸誠信,企業才能走下去。取自  聯合知識庫。惠普授權國內光碟機設計製造廠建興電子與影音通路品牌百視達,共同推出頂級藍光影音播放機HP BD-2000。取自 https://udndata.com/ndapp/udnimage/photo?photoID=4246071  聯合知識庫。惠普拉攏陸廠供應鏈染紅。取自 https://udndata.com/ndapp/Searchdec?SearchString=%EF%BF%BDx%EF%BF%BD%EF%BF%BD%2B%EF%BF%BD%EF%BF%BD%EF%BF%BD%26gt%3B%3D20150407%2B%EF%BF%BD%EF%BF%BD%EF%BF%BD%26lt%3B%3D20250403%2B%EF%BF%BD%EF%BF%BD%EF%BF%BDO%3D%EF%BF%BDp%EF%BF%BDX%EF%BF%BD%EF%BF%BD%7C%EF%BF%BDg%EF%BF%BD%D9%A4%EF%BF%BD%EF%BF%BD%7C%EF%BF%BDp%EF%BF%BDX%EF%BF%BD%DF%B3%EF%BF%BD%7CUpaper&kind=2&page=9&select=0&sharepage=20&udndbid=udnfree  聯合知識庫。惠普傳引進陸資搶市先豐衝。取自 https://udndata.com/ndapp/Searchdec?SearchString=%EF%BF%BDa%EF%BF%BDx%2B%EF%BF%BD%EF%BF%BD%EF%BF%BD%26gt%3B%3D20150521%2B%EF%BF%BD%EF%BF%BD%EF%BF%BD%26lt%3B%3D20200516%2B%EF%BF%BD%EF%BF%BD%EF%BF%BDO%3D%EF%BF%BDp%EF%BF%BDX%EF%BF%BD%EF%BF%BD%7C%EF%BF%BDg%EF%BF%BD%D9%A4%EF%BF%BD%EF%BF%BD%7C%EF%BF%BDp%EF%BF%BDX%EF%BF%BD%DF%B3%EF%BF%BD%7CUpaper&page=1&sharepage=&udndbid=udnfree 英文文獻  The New York Times. (2002). HP Completes Compaq Merger. The New York Times.  BusinessWeek. (2008). HP's EDS Deal: A Services Powerhouse. BusinessWeek.  Harvard Business Review. (2004). Can HP’s Board Be Fixed? Harvard Business Review.  Fortune. (2006). How Mark Hurd Fixed HP. Fortune.  Wall Street Journal. (2009). Cisco Cuts Ties With HP. Wall Street Journal.  Harvard Business School. (2002). Hewlett-Packard Company: DeskJet Printer Supply Chain (A) (Case No. 9-702-072). Harvard Business School Publishing.  Hewlett Packard Enterprise. (2019–2022). GreenLake platform launch documents. Retrieved from https://www.hpe.com  Hewlett Packard Enterprise. (2022). CEO Antonio Neri’s GreenLake transformation memo. Retrieved from https://www.hpe.com  Hewlett-Packard Company. (2002). Hewlett-Packard Company: DeskJet Printer Supply Chain (A) (Case No. 9-602-072). Harvard Business School Publishing.  The New York Times. (2002, May 3). HP Completes Compaq Merger. Retrieved from https://www.nytimes.com/2002/05/03/business/hp-completes-compaq-merger.html  BusinessWeek. (2008, May 13). HP's EDS Deal: A Services Powerhouse. Retrieved from https://www.bloomberg.com/news/articles/2008-05-13/hps-eds-deal-a-services-powerhousebusinessweek-business-news-stock-market-and-financial-advice  Wall Street Journal. (2009, October 20). Cisco Cuts Ties With HP. Retrieved from https://www.wsj.com/articles/SB125598003961746961  Fortune. (2006, May 22). How Mark Hurd Fixed HP. Retrieved from https://fortune.com/2006/05/22/how-mark-hurd-fixed-hp/  Brandenburger, A. M., & Nalebuff, B. J. (1996). Co-opetition. Currency Doubleday.  Iansiti, M., & Levien, R. (2004). The Keystone Advantage: What the New Dynamics of Business Ecosystems Mean for Strategy, Innovation, and Sustainability. Harvard Business School Press.  Moore, J. F. (1996). The Death of Competition: Leadership and Strategy in the Age of Business Ecosystems. HarperBusiness.  Porter, M. E. (1980). Competitive Strategy: Techniques for Analyzing Industries and Competitors. Free Press.  Johnson, G., Scholes, K., & Whittington, R. (2008). Exploring corporate strategy (8th ed.). FT Prentice Hall.  KPMG. (2015). The power of transformation: How CFOs can lead the way to transformation success. KPMG International.  Pettigrew, A., Whittington, R., & Thomas, H. (2003). Handbook of strategy and management. SAGE Publications.  Tushman, M. L., & O'Reilly, C. A. (1996). Ambidextrous organizations: Managing evolutionary and revolutionary change. California Management Review, 38(4), 8–30.
描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
112363009
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112363009
資料類型 thesis
dc.contributor.advisor 謝凱宇<br>郭曉玲zh_TW
dc.contributor.author (Authors) 侯妤安zh_TW
dc.creator (作者) 侯妤安zh_TW
dc.date (日期) 2025en_US
dc.date.accessioned 1-Sep-2025 15:11:55 (UTC+8)-
dc.date.available 1-Sep-2025 15:11:55 (UTC+8)-
dc.date.issued (上傳時間) 1-Sep-2025 15:11:55 (UTC+8)-
dc.identifier (Other Identifiers) G0112363009en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/159115-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理研究所(MBA學位學程)zh_TW
dc.description (描述) 112363009zh_TW
dc.description.abstract (摘要) 本研究以惠普(Hewlett-Packard, HP)公司為個案,探討其在全球個人電腦(PC)產業邁入成熟期的背景下,如何透過策略轉型有效因應成長動能趨緩、價格競爭激烈與產業結構劇變等多重挑戰。隨著 PC 市場於 2000 年後逐步飽和,產品同質化與替代性裝置(如智慧型手機與平板電腦)快速崛起,傳統 PC 製造商面臨獲利模式失靈與市場重整壓力。在此情境下,HP 採取一系列具有策略意涵的轉型作為,包括併購 Compaq 與 EDS 以擴大規模與強化服務能力,後續則進行企業分拆為 HP Inc. 與 HPE,以聚焦各自核心事業,提升資源運用效率與市場反應靈活性。 本研究以產業生命週期理論作為時間背景,價值網模型等策略工具,分析 HP 於不同時期的轉型選擇與效果。研究發現,HP 透過先擴張再聚焦的「先併購、後分家」策略,在穩固既有基礎的同時開創新收入來源,成功轉化外部挑戰為成長契機。特別是在價值網觀點下,HP 亦展現出對互補者與競爭者角色轉換的高度敏感度,藉由整合資源與改變合作關係,強化整體生態系統的競爭韌性。 本研究不僅梳理 HP 個案的策略轉型脈絡,也對於企業如何在成熟產業中重構價值、提升競爭力,提供具體理論參照與實務啟示。結論指出,企業在面對產業成熟與技術變遷壓力下,須結合內部資源優勢與外部環境評估,制定出兼具擴張性與靈活性的策略路徑,方能確保長期生存與成長。zh_TW
dc.description.abstract (摘要) This study uses Hewlett-Packard (HP) as a case to explore how a leading firm in the global personal computer (PC) industry strategically responded to the challenges brought by market maturity, including stagnating growth, intensified price competition, and structural shifts. As the PC industry approached saturation after 2000, with increasing product homogeneity and the rise of substitute devices such as smartphones and tablets, traditional PC manufacturers faced declining profitability and growing strategic pressure. In this context, HP adopted a two-stage transformation strategy: acquiring Compaq and EDS to expand its scale and strengthen service capabilities, followed by a corporate split into HP Inc. and Hewlett Packard Enterprise (HPE) to enable greater business focus and resource efficiency. Drawing upon the industry life cycle theory, with value network model, this research analyzes HP’s strategic decisions and their effectiveness across four stages. The findings highlight HP’s use of a “merge first, split later” strategy to consolidate its position and build recurring revenue streams while addressing external threats. From a value network perspective, HP also demonstrated strategic agility by responding to shifts in the roles of complementors and competitors, thereby strengthening the resilience of its ecosystem. This study offers both theoretical and practical insights into corporate transformation within mature industries. It concludes that enterprises facing maturity and technological disruption must leverage internal capabilities and adapt to environmental shifts by formulating scalable yet focused strategies to sustain growth and competitiveness.en_US
dc.description.tableofcontents 書頁 1 誌謝 2 中文摘要 3 英文摘要 4 目次 5 表次 7 圖次 8 第一章 緒論 9  第一節 研究背景及動機 9  第二節 研究目的 11  第三節 研究流程 12 第二章 文獻探討 13  第一節 產業發展脈絡 13  第二節 成熟期的探討 16  第三節 價值網模型分析 18  第四節 企業轉型 21 第三章 研究方法 22  第一節 個案研究法 22  第二節 資料來源與分析方法 24 第四章 個案研究 26  第一節 1990-2000 後 PC 產業背景說明 26  第二節 個案公司發展回顧 28  第三節 以價值網模型分析各階段發展 42  第四節 小結 57 第五章 結論與建議 60  第一節 研究結論與發現 60  第二節 研究限制及未來研究建議 63 參考文獻 65zh_TW
dc.format.extent 3890454 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112363009en_US
dc.subject (關鍵詞) 產業成熟期zh_TW
dc.subject (關鍵詞) 策略轉型zh_TW
dc.subject (關鍵詞) 併購與分拆zh_TW
dc.subject (關鍵詞) 價值網模型zh_TW
dc.subject (關鍵詞) 惠普個案zh_TW
dc.subject (關鍵詞) industry maturityen_US
dc.subject (關鍵詞) strategic transformationen_US
dc.subject (關鍵詞) merger and spliten_US
dc.subject (關鍵詞) value network modelen_US
dc.subject (關鍵詞) HP case studyen_US
dc.title (題名) 成熟產業中的企業轉型策略:HP 個案研究zh_TW
dc.title (題名) Corporate Transformation Strategy in Mature Industry: A Case Study of HPen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文文獻  惠普公司(1999–2002)。《惠普公司年報》。  商業周刊(1997)。HP 的矽谷精神轉向商業競爭。《商業周刊》,(512),頁數。  HP 官方新聞稿(1999)。HP 分拆儀器部門為 Agilent。  財訊雙週刊(2009)。HP 服務轉型中的併購與挑戰。《財訊雙週刊》,(367),頁數。  經濟學人(2011–2015)。HP 分拆與轉型策略相關報導。《經濟學人》,多期。  HP 分拆投資人簡報(2014)。HP Inc. 與 Hewlett Packard Enterprise 拆分策略簡報。  HPE 公司(2017)。HPE 公司財報與策略公告。  商業周刊(2014)。PC 產業的未來是服務。《商業周刊》,(1378),頁數。  天下雜誌(2015)。HP 分家真相。《天下雜誌》,(581),頁數。  天下雜誌(2012年1月10日)。惠普巨人隕落,賈伯斯曾想出手挽救?取自  天下雜誌(2003年1月10日)。惠普執行長菲奧莉納談未來管理:回歸誠信,企業才能走下去。取自  聯合知識庫。惠普授權國內光碟機設計製造廠建興電子與影音通路品牌百視達,共同推出頂級藍光影音播放機HP BD-2000。取自 https://udndata.com/ndapp/udnimage/photo?photoID=4246071  聯合知識庫。惠普拉攏陸廠供應鏈染紅。取自 https://udndata.com/ndapp/Searchdec?SearchString=%EF%BF%BDx%EF%BF%BD%EF%BF%BD%2B%EF%BF%BD%EF%BF%BD%EF%BF%BD%26gt%3B%3D20150407%2B%EF%BF%BD%EF%BF%BD%EF%BF%BD%26lt%3B%3D20250403%2B%EF%BF%BD%EF%BF%BD%EF%BF%BDO%3D%EF%BF%BDp%EF%BF%BDX%EF%BF%BD%EF%BF%BD%7C%EF%BF%BDg%EF%BF%BD%D9%A4%EF%BF%BD%EF%BF%BD%7C%EF%BF%BDp%EF%BF%BDX%EF%BF%BD%DF%B3%EF%BF%BD%7CUpaper&kind=2&page=9&select=0&sharepage=20&udndbid=udnfree  聯合知識庫。惠普傳引進陸資搶市先豐衝。取自 https://udndata.com/ndapp/Searchdec?SearchString=%EF%BF%BDa%EF%BF%BDx%2B%EF%BF%BD%EF%BF%BD%EF%BF%BD%26gt%3B%3D20150521%2B%EF%BF%BD%EF%BF%BD%EF%BF%BD%26lt%3B%3D20200516%2B%EF%BF%BD%EF%BF%BD%EF%BF%BDO%3D%EF%BF%BDp%EF%BF%BDX%EF%BF%BD%EF%BF%BD%7C%EF%BF%BDg%EF%BF%BD%D9%A4%EF%BF%BD%EF%BF%BD%7C%EF%BF%BDp%EF%BF%BDX%EF%BF%BD%DF%B3%EF%BF%BD%7CUpaper&page=1&sharepage=&udndbid=udnfree 英文文獻  The New York Times. (2002). HP Completes Compaq Merger. The New York Times.  BusinessWeek. (2008). HP's EDS Deal: A Services Powerhouse. BusinessWeek.  Harvard Business Review. (2004). Can HP’s Board Be Fixed? Harvard Business Review.  Fortune. (2006). How Mark Hurd Fixed HP. Fortune.  Wall Street Journal. (2009). Cisco Cuts Ties With HP. Wall Street Journal.  Harvard Business School. (2002). Hewlett-Packard Company: DeskJet Printer Supply Chain (A) (Case No. 9-702-072). Harvard Business School Publishing.  Hewlett Packard Enterprise. (2019–2022). GreenLake platform launch documents. Retrieved from https://www.hpe.com  Hewlett Packard Enterprise. (2022). CEO Antonio Neri’s GreenLake transformation memo. Retrieved from https://www.hpe.com  Hewlett-Packard Company. (2002). Hewlett-Packard Company: DeskJet Printer Supply Chain (A) (Case No. 9-602-072). Harvard Business School Publishing.  The New York Times. (2002, May 3). HP Completes Compaq Merger. Retrieved from https://www.nytimes.com/2002/05/03/business/hp-completes-compaq-merger.html  BusinessWeek. (2008, May 13). HP's EDS Deal: A Services Powerhouse. Retrieved from https://www.bloomberg.com/news/articles/2008-05-13/hps-eds-deal-a-services-powerhousebusinessweek-business-news-stock-market-and-financial-advice  Wall Street Journal. (2009, October 20). Cisco Cuts Ties With HP. Retrieved from https://www.wsj.com/articles/SB125598003961746961  Fortune. (2006, May 22). How Mark Hurd Fixed HP. Retrieved from https://fortune.com/2006/05/22/how-mark-hurd-fixed-hp/  Brandenburger, A. M., & Nalebuff, B. J. (1996). Co-opetition. Currency Doubleday.  Iansiti, M., & Levien, R. (2004). The Keystone Advantage: What the New Dynamics of Business Ecosystems Mean for Strategy, Innovation, and Sustainability. Harvard Business School Press.  Moore, J. F. (1996). The Death of Competition: Leadership and Strategy in the Age of Business Ecosystems. HarperBusiness.  Porter, M. E. (1980). Competitive Strategy: Techniques for Analyzing Industries and Competitors. Free Press.  Johnson, G., Scholes, K., & Whittington, R. (2008). Exploring corporate strategy (8th ed.). FT Prentice Hall.  KPMG. (2015). The power of transformation: How CFOs can lead the way to transformation success. KPMG International.  Pettigrew, A., Whittington, R., & Thomas, H. (2003). Handbook of strategy and management. SAGE Publications.  Tushman, M. L., & O'Reilly, C. A. (1996). Ambidextrous organizations: Managing evolutionary and revolutionary change. California Management Review, 38(4), 8–30.zh_TW