金融控股公司架構下證券商角色與定位之研究與探討

簡鴻文(Hung - Wen Chien)

指導教授 ： 管中閔 ； 楊朝成

國立臺灣大學/管理學院/財務金融學研究所/碩士(2004年)

https://doi.org/10.6342/NTU.2004.00033

摘要

本研究主要透過證券市場發展背景與金融控股公司相關文獻之研究，來探討金融控股架構下之證券商所應扮演角色與其定位。研究範圍包括金融控股公司及證券產業的國內外實證研究、本國金融控股公司之競爭利基與未來發展趨勢、國內證券產業發展現況及未來發展趨勢、金融控股架構下證券商現況分析等內容。
本研究所歸納出之結論為：
證券商加入金融控股公司後，可以提高資產的價值與效益，以因應國際化的競爭壓力，並透過交叉銷售來擴大各項業務的市場佔有率，以產生核心競爭力相加的綜效。但加入金融控股公司後，須先面臨內部管理與整合的問題，包括了人員、文化、資訊系統、通路與產品的整合，若能透過內部的整合而重新出發，則能為公司未來的發展帶來更大的助益。
未來證券商將於金融控股公司中扮演關鍵性與互補性角色以達到金融控股公司綜效，其所應扮演之角色與其定位如下：
1.扮演集團內新金融商品專業投資顧問的角色，從事各項金融商品之研發與推介服務。
2.綿密的經紀據點可成為金融控股公司拓展理財業務的重要通路。
3.與銀行在客戶族群上應可共享資源。

關鍵字

金融控股公司

並列摘要

This thesis aims at exploring the role and positioning of a securities firm within a financial holding framework. The coverage of this thesis includes empirical studies on local/foreign financial holding structure and securities industries, the competitive advantages and future prospects of domestic financial holding companies, the industry outlook for the domestic securities industry, and the analysis of domestic securities firms within the financial holding framework.

Conclusions:

A securities firm operating within a financial holding company benefits from a lift in asset value and is better equipped to cope with international competition. Synergy is created as a result of product cross selling, which will increase market share of respective product lines at lower costs. However, the issues of internal management and integration way arise. Possible areas to be of concern include personnel, corporate culture, information system, sales channels and product lines. A securities firm will play a more active and complementary role should these issues be adequately coped.

The role and positioning of a securities firm within a financial holding framework are as follows:

1.Play a role of a professional investment advisor of derivatives within the group, synthesizing and selling derivatives;

2.The extensive network of brokerage branches can be utilized as sales channels for developing asset management business;

3.Sharing of clientele resources with bank peers.

並列關鍵字

financial holding framework

參考文獻

「正視金融革新的相關論題」，台灣經濟研究院月刊，民國90年7月

Dyson R., strategic Planning: Models and Analytical Techniques, John Wiley & Sons, 1990

Keenan, Faith. & Timothy J. Mullaney, ”Let’s Get Back to Basics, Folks!,” Businessweek e.Biz,2001

Miller, Suzanne. ”Thinking Strategically,” The Investment Dealer’ Gigest: IDD, New York, April 22, 2002

中文部分