中華民國證券櫃檯買賣中心發展策略之研究

我國證券市場之運作架構，依證券交易市場區分，由臺灣證券交易所、中華民國證券櫃檯買賣中心（以下簡稱櫃買中心）、臺灣期貨交易所、臺灣證券集中保管公司，共同建構我國證券暨期貨市場。在證券發行市場，櫃買中心與台灣證券交易所對於公開發行公司分別訂有上櫃、上市標準，以提供符合條件之企業得於資本市場上籌資。企業依其資本額、財務狀況或經營情況等條件之差異，可自行選擇在集中交易市場上市或在櫃檯買賣市場上櫃，因此，櫃買中心實質上具有「第二個證券交易所」之功能。在證券交易市場，以兩者之參加人相同及買賣制度類似、交易及給付結算制度、對市場之監視與稽核等有相同或重疊之處。觀諸我國證券櫃檯市場之發展，主管機關長期以來似將櫃檯買賣市場定位成集中市場的預備市場，並設有「管理股票」制度提供下市或下櫃公司股票流通之管道。本研究首先就全球證券產業特性、變遷及發展趨勢作及全球證券交易所採行之競爭策略等相關文獻探討，其次分析櫃買中心之現況、我國證券市場中之定位、目前競爭環境分析，再就各主要國家櫃檯買賣市場進行比較分析，以瞭解我國與世界各國（美、日、香港、新加坡與韓國）櫃檯買賣市場的差異性，並經由深度訪談方式，藉此探討我國櫃檯買賣市場可能發展之方向與釐定可能之發展策略。本研究綜合提出櫃買中心未來發展策略有四項：一、差異化的競爭；二、放寬信用交易之限制；三、建立新的電腦交易系統；四、組織型態朝股份有限公司發展。同時在探討各國櫃檯買賣市場時，發現政府政策支持是各市場成功發展的主要原因之一。在訪談資料中，受訪者亦提到證券市場管理權責的落實確有其必要，本研究建議主管機關應賦予櫃買中心更多管理權責，使其得以發揮其特色與競爭力。

關鍵字

櫃檯買賣；交易所；策略；競爭

並列摘要

Taiwan's securities market is currently operated by Taiwan Stock Exchange Corporation (TSEC), GreTai Securities Market (GTSM), Taiwan Futures Exchange (TFE), and Taiwan Securities Central Depository (TSCD) which form a trading system for Taiwan's securities and futures market. In the securities market, TSEC and GTSM have specified the qualification for the listed stock and over-the-counter (OTC) stock respectively such that the private sectors can issue stocks to raise their funds. The private sectors can select their trading market either at listed stock or OTC according to their capital, financial status, or operational status. Therefore, GTSM provides a function similar to TSEC, and hen it is acting as “The 2nd Stock Exchange Corporation”. From securities trading market point of view, these two organizations have equitant or overlapping functions because they have the same participants; and the similar trading mechanism, accounting system, settlement mode, and monitoring and auditing functions. Observing the developing history of Taiwan securities markets, the supervising governmental agency defines OTC market as “a secondary market” of listed stock. It also specifies a regulation of “Stock management” to provide a channel for OTC companies to enter into or withdraw from market. This study surveys the revenant literatures regarding to the characteristics, evolving, and trend of global securities market. The competition strategies adopted by various stock exchange corporations are reviewed. The status of GTSM, the role of OTC in Taiwan' securities market, and the analysis of completive environment for OTC market are addressed as well. In order to more understanding the specific characteristics of Taiwan's OTC market, a comparison of Taiwan's OTC market with the several foreign OTC markets (US, Japan, Hon Kong, and Korea) is performed. Finally, the possible developing direction and strategy for Taiwan's OTC market are elaborated via extensive interview with domestic experts and scholars.In conclusion, the developing strategy for GTSM is recommended as follows: 1. Competition by deference product 2. Loosed the limitation of margin trading 3. Establishing a new software system for trade 4. Reforming GTSM into a limited liability company In the mean time, it is found that the support from national policy is one of the important factors leading to a successful market development after analyzing various OTC markets of foreign countries. Interviewees also emphasize that it is essential to implement the role and responsibility of securities market predefined by the authority. This study recommends that GTSM should be given more management authorities such that GTSM can enhance its role and responsibility and its competence on Taiwan' OTC market.

並列關鍵字

otc ； exchange ； strategy ； competitiveness

參考文獻

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中華民國證券櫃檯買賣中心發展策略之研究

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