中國大陸基金業發展之分析：以某基金公司為案例探討

Growth of Mutual Fund Industry in China: One Mutual Fund Company Case Study

施桂桃(Kuei-Tao Shih)

指導教授 ： 柯承恩

國立臺灣大學/管理學院/會計與管理決策組/碩士(2010年)

https://doi.org/10.6342/NTU.2010.00548

摘要

本研究主要是探討從1998年開始即迅速發展的中國大陸基金業之成長策略與關鍵成功因素。

世界各國對於基金業皆採取漸進開放政策，各基金市場隨著開放的腳步，競爭也日趨激烈。基金公司要在激烈競爭中脫穎而出，「成長策略」無疑的扮演著重要角色。「成長策略」的目的，無非是要取得競爭優勢，競爭優勢的來源包括敏銳的策略洞察力、高效能的策略分析與管理能力和成功的策略執行能力，而決定競爭優勢的因素涵蓋總體產業環境以及企業自身資源與能力，此亦構成了基金公司的關鍵成功因素。

本論文透過美國、香港、台灣、中國之基金產業分析，歸納出基金業之成長策略，包括公司內部成長策略方面的新產品、新客戶、新行銷通路、管理模式創新和設立海內外子公司或分公司，以及跨公司成長策略方面的併購、合資和策略聯盟等。各國基金業對於成長策略之方向掌握與投入資源程度的不同，使得其各自的競爭優勢、成長速度與發展成果亦有別。也因為如此，中國基金業發展雖然起步晚於台灣，但憑藉其積極的成長策略，在基金公司家數、基金個數、管理資產規模等各方面，皆已領先台灣。

同時，本論文亦透過美國、香港、台灣、中國之基金產業分析，歸納出基金業之關鍵成功因素，包括總體環境方面之經濟成長增加投資人對金融資產的需求、資本市場的發展達到相當的規模、鬆緊適度的外部監管和完善的退休金計畫，以及內部資源與能力方面之優越的基金績效、完善的治理結構、嚴守誠信原則、良好的內控與風控、品牌建設、頻繁的產品創新、先進的服務手段、優秀的專業人才和有效的投資人教育等。總體環境方面之關鍵成功因素，因各國政府對於基金業的政策支持，以及基金業對於政府政策因應的彈性和效率之不同而有異；內部資源與能力方面之關鍵成功因素，則因各基金公司本身之各項資源與能力，包括洞察能力、分析管理能力和執行能力等之不同，也使得各國基金業各自的發展速度與成果也有差別。而前述內部資源與能力方面之關鍵成功因素，皆可提升基金公司的知名度和美譽度，因此，可將這些內部資源與能力方面之關鍵成功因素，納入基金公司廣義的品牌建設中。廣義的品牌建設，是基金公司打造核心競爭力和維持競爭優勢的關鍵成功因素。

本論文更透過對於個案公司之分析，進一步印證上述基金業成長策略與關鍵成功因素對於處於動態環境中的基金公司發展之重要性。

關鍵字

基金業 ； 基金公司 ； 共同基金 ； 成長策略 ； 關鍵成功因素

並列摘要

The research focused on exploring the growth strategies and key success factors of mutual fund industry in China, which has grown rapidly since 1998.

Regarding the mutual fund industry, all various countries adopt open policies gradually. Along with the open footsteps, the competition is also more and more intense. To be outstanding from the steep competition, “growth strategy” is very important for all mutual fund companies. The goal of “growth strategy” is to have competitive advantages. The competitive advantages come from the keen insight, efficient analysis, managing ability and successful implementation for strategies. The competitive advantages also rely on the macroenvironment as well as the strategic capabilities and resources within the organization, which also constitute the key success factors of mutual fund companies.

The research summarized the growth strategies for the mutual fund industry through analyzing the mutual fund industries in USA, Hong Kong, Taiwan and China. The growth strategies of mutual fund industry comprise the intracompany growth strategies - new products, new customers, new marketing channels, management pattern innovation and setting up subsidiaries or branches, as well as the intercompany growth strategies - merger and acquisition, joint venture and strategy alliance. With different policies and resources for growth strategies, the mutual fund industries in various countries have their respective competitive advantages, growth speed and development achievement. Although the mutual fund industry in China commenced later than that in Taiwan, by way of aggressive growth strategies, the former has surpassed the latter in most aspects, including the numbers of mutual fund companies, the numbers of mutual funds and the asset scale under management.

At the same time, the research also summarized the key success factors for the mutual fund industry through analyzing the mutual fund industries in USA, Hong Kong, Taiwan and China. The key success factors of the mutual fund industry comprise the ones existing in the macroenvironment - economic growth and individual income growth, capital market development, moderate government custodian and consummate pension plans, as well as the ones existing in the strategic capabilities and resources within the organization - superior fund performance, consummate corporate governance, adherent faith principle, adequate internal controls and risk management, brand building, frequent product innovation, differential service, outstanding human resources and effective education to investors.

In various countries, owing to different support from government, different flexibility, different efficiency, different insight and different ability of analysis, management and implementation, the mutual fund industries have their respective growth speed and development achievement. All of the aforementioned key success factors, originated from the strategic capabilities and resources within the organization, can promote the popularity and good reputation of mutual fund companies, so they may be integrated into “generalized brand building”. The generalized brand building is the key success factor to make mutual fund companies develop their core competences and maintain their competitive advantages.

From the case study, the importance of growth strategies and key success factors mentioned above to the development, expansion and achievement of mutual fund companies in dynamic environment was further verified.

並列關鍵字

Mutual fund industry ； Mutual fund company ； Mutual fund ； Growth strategy ； Key success factor

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