台灣產業目前正面臨著轉換的關鍵時刻，許多企業更面臨接班問題，部分企業的第二代更希望帶領轉型而讓企業能夠繼續成長。然而轉型過程中，如何考慮新商業模型需要，改變財務管理內容，對於成功的轉型有著相當大的影響，錯誤的財務績效指標更有可能造成轉型的失敗。

企業轉型時，可能會產生不同的商業模式、產品組合的變化、商業流程的變革；如果無法了解這些變化，而持續以舊有的財務管理模式、績效指標來衡量轉型的績效，可能無法真正管理轉型的成效，甚至扭曲轉型應有的方向，造成轉型的失敗。

財務績效應為轉型活動之成果而非目標，企業管理者必須了解轉型為企業帶來的變化，理解轉型由根本上改變了企業組織、成本結構，以轉型方向來設定相關活動的財務績效目標作為衡量轉型進度管理的工具，如此才能根據長期方向來驅動成功的策略轉型。

本研究以國際商業機器公司 (International Business Machine, IBM)為例，由IBM公司的年度預算規劃模型出發，了解其策略規劃與財務目標設定的方法，進而透過1990年代與2010年代兩次轉型的過程來探討IBM公司以每股盈餘 (EPS, earning per share)為目標，造成策略轉型上遭遇的挑戰，從這個案例中了解財務管理與策略轉型的關連性以及管理者應該注意的重點，這些經驗將可以作為企業進行業務轉型規劃的參考。

Industry in Taiwan is facing the critical time of transformation. Some enterprises face the problem of successors (2nd generation managers), and these 2nd generation expects to lead business transformation to continue the growth. Business transformation involves changes in business model which also changes how financial management should be and successful transformation not only drives for better financial performance but also requires support from financial management.

Strategic transformation will result in different business models, product portfolio, business processes, and existing financial management framework might not support transformed enterprise. Managing finance of transforming enterprises with “old” way, existing KPIs might not manage the transformation effectively, and even disrupts the transformation.

Financial performance is the result of business transformation, not the objective of business transformation. If transformation is evaluated with financial KPIs, it is nearly impossible to design holistic performance evaluation framework, and it is even harder to manage strategic transformation with such framework. Managers need to understand the changes through transformation including organization, cost structure, and financial management shall be re-defined along with the transformation. By doing this, it is possible to cohere strategic transformation with financial management.

This study uses IBM (international business machine) as the target enterprise to understand how IBM plans its strategic transformation and how financial management with EPS as major objective affects the results for major transformation attempts during 1990~2010. The experience and lessons learned from IBM might be taken as a reference for Taiwan enterprises which consider business transformation.

衣龍新 2015. “公司財務治理：基礎理論與實證檢驗”, 元華文創
李華麟、鄭佳綾. 2014. “公司的品格”, 先覺出版
黎曉珍. 2006. “IBM變革供略”, 如意文化事業
IBM全球企業諮詢服務事業群. 2007. “軟性製造: IBM如何由做東西到做生意”, 商周出版
Adrian Slywotzky 1997. “成功，由轉型開始 – 創業與企業轉型的利基策略”，貞德圖書

Charles W.L. Hill & Gareth R. Jones. 2001. “Strategic Management, An Integrated Approach” Houghton Mifflin Company

Jeffery Word. 2009. “Business Network Transformation”, Jossey-Bass

Colin Mayer, Robert E. Quinn, Anjay V. Thakor, Peter Johnson & Jeff DeGraff, 2000. “Mastering Strategy (Financial Times Mastering Series)” Financial Times/ Prentice Hall

Louis V. Gerstner, Jr. 2002. “Who says elephants can’t dance?”, Janklow & Nesbit Associates

Peter F. Drucker. 1996. “The effective executive”, Big Apple Tuttle-Mori Agency, Inc.

Yves Morieux, Peter Tollman. 2014. “Six Simple Rules: How to manage complexity without getting complicated”, Harvard Business Review Press

Martin Reeves, Knut Haanaes, Janmejaya Sinha. 2015. “Your strategy needs a strategy: how to choose and execute the right approach”, Harvard Business Review Press

Robert X. Cringely. 2014. “The decline and fall of IBM: End of an American Icon?”, NeRDTV, LLC