本研究探討台灣家族企業集團中，財務長（CFO）如何在「探索」（exploration）與「利用」（exploitation）兩種對立策略情境間，展現雙元角色與動態平衡。以X集團為個案，對比分析兩起關鍵決策：「利用導向」的虧損事業撤退案與「探索導向」的跨國併購案。研究發現，CFO不僅是財務守門人，更是策略動能的雙元整合者，能在風險控管的「監督者」與價值創造的「推進者」間靈活轉換。其能力對應於動態能力理論的三構面：感知（sensing）—將數據轉化為策略訊號；把握（seizing）—將抽象機會化為可執行方案；重組（reconfiguring）—於併後整合中重構資源與學習。結果顯示，在家族企業的信任與情感脈絡下，CFO需兼具理性專業與關係敏感度，成為連結數據與人心的橋樑。本研究豐富了雙元策略理論之實踐內涵，並具體化CFO於財務決策層的動態能力，對家族企業在成長與穩健間的治理平衡具有實務啟示

This study explores how Chief Financial Officers (CFOs) in Taiwanese family business groups perform ambidextrous roles and achieve dynamic balance between the opposing strategic orientations of exploration and exploitation. Using Group X as a case example, the research conducts a comparative analysis of two critical decisions: a loss-making business withdrawal representing an exploitation-oriented strategy, and a cross-border acquisition illustrating an exploration-oriented move. Findings reveal that the CFO functions not only as a financial gatekeeper but also as an ambidextrous integrator of strategic momentum, dynamically shifting between the roles of “supervisor,” emphasizing risk control, and “promoter,” driving value creation. These dual capabilities correspond to the three microfoundations of dynamic capabilities theory: sensing—translating data into strategic signals; seizing—transforming abstract opportunities into actionable initiatives; and reconfiguring—restructuring resources and fostering learning during post-merger integration. The results further suggest that within the distinctive context of familial trust and emotional ties, CFOs must blend analytical professionalism with relational sensitivity, acting as a bridge between data-driven reasoning and human dynamics. This study enriches the practical understanding of ambidextrous strategy and concretizes the application of dynamic capabilities at the financial decision-making level. Practically, it offers governance implications for family business groups seeking to balance organizational growth and stability.

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