運用合圖法探討台灣金融控股產業策略群組之競爭結構與動態發展關係

多年來，台灣大型金融控股企業（Financial Holding Companies; FHCs）透過成立金控公司以有效降低營運成本，相較其他未結盟成金控體系的公司而言，更容易發揮交叉銷售等的整合服務，達到提升整體經營綜效之目的。本研究旨在探討近年來台灣金控產業策略群組的結構關係與動態發展，對於金控業者而言，要如何在這競爭劇烈的金控產業中生存，釐清自己與競爭對手在市場中的位置與變化，就是金控公司主要的策略課題。本研究運用多元尺度法（Multi-Dimensional Scaling; MDS）中的合圖法（Common Plot; CoPlot）來比較分析台灣16家金控企業的策略位置及動態發展關係。資料擷取自台灣經濟新報資料庫（TEJ）中2011至2016年各家金控公司之市佔率、交叉銷售、資產週轉率、資本適足率以及Tobin's Q等數據，並透過合圖法以二維平面圖呈現分群結果，最終界定出市場領先群、平衡穩定群、利基聚焦群以及市場落後群等四大策略群組。本研究除了以橫斷面探討各年度策略群組的結構及成員外，再以縱斷面分析各群組間主要群組成員在策略、績效上的動態發展。本研究的結果可提供台灣金融控股企業在各自的目標市場上發展長期競爭定位策略時的參考，並進一步有效利用集團內部資源以提升經營效能。

關鍵字

台灣；金融控股產業；策略群組；合圖法

並列摘要

Over the years, large Financial Holding Companies (FHCs) in Taiwan integrated multiple corporations in different industries to effectively reduce operating costs, compared with other companies that yet to form as an aligned-system, FHCs are easier to offer integration services such as cross-selling to improve synergistic overall performance. The purposes of this study are to explore the structural relationship and dynamic development of strategic groups of Taiwan's financial holding industry in recent years. For each FHC, how to survive and develop in this highly competitive industry and to clarify their own and competitors' positions in the market as well as dynamic changes are the main strategic issues of every FHC. This study adopted the Common Plot (CoPlot) method, one of the Multi- Dimensional Scaling (MDS) methods, to compare and analyze the strategic position and dynamic development relationships of 16 FHCs in Taiwan. The data, including market share, cross-selling, asset turnover ratio, capital adequacy ratio and Tobin's Q of each FHCs, were accessed from the Taiwan Economic Journal Database (TEJ) for the period of 2011 to 2016. This study presented several two-dimensional graphs to show the grouping results and finally determined four strategic groups: Market-leader group, Balanced-player group, Niche-focuser group, and Market-laggard group. In addition to discussing the structure and members of each strategic group annually in a cross-sectional sense, this research also analyzed the dynamic development of some major members in each group by their strategies and performance. The results of this study can provide useful references for Taiwanese FHCs to develop long-term competitive positioning strategies in their respective target market, and further utilize the Groups' internal resources and improve their operational efficiency.