銀行集合管理運用帳戶發展策略與業務推動之比較探討

Compare study on the Strategy and Implementation of Banking Collective Management Account

孫承梅(Chen-Mei Sun)

指導教授 ： 張重昭

國立臺灣大學/管理學院/商學組/碩士(2007年)

https://doi.org/10.6342/NTU.2007.10151

摘要

「信託資金集合管理運用帳戶」指信託業就營運範圍或方法相同之信託資金為集合管理運用所分別設置之帳戶。是一種信託關係，投資者必須將形式所有權以契約方式信託與銀行，由受託銀行全權管理運用。這項部分近似於共同基金的理財工具，已然為國內銀行業搶佔資產管理大餅之競爭態勢開啟了序幕。
銀行信託業是否會因「集合管理運用帳戶」業務的開辦而改變了以往代銷共同基金的經營模式？以及在面對「集合管理運用帳戶」的私募方式與廣告限制,銀行信託業對於「集合管理運用帳戶」業務的發展策略為何？
本研究乃以「銀行集合管理運用發展策略與業務推動之比較探討」為題，進行探討。研究目的如下：
一、「集合管理運用帳戶」發展策略與業務推動的關係。
二、募集方式對帳戶規模的影響。
三、「集合管理運用帳戶」所創造的價值。
四、歸納前述發現，作成結論，並提出建議，供銀行信託業發展「集合管理運用帳戶」的參考。
本研究採取質的研究，所使用的研究方法包含立意抽樣法、深入訪談法與內容分析等方法。研究對象為銀行業中已推出「集合管理運用帳戶」的台新銀行、台北富邦銀行、國泰世華銀行、玉山銀行、上海銀行、大眾銀行等六家銀行。所得資料記錄內容後依屬性歸類，加以分析討論。
經過以上探討本研究獲致下述結論：
一、銀行對於「集合管理運用帳戶」的支持與帳戶規模成正相關。支持度愈高者帳戶規模愈大。
二、資金私募的方式降低了投資者對於「集合管理運用帳戶」的認知度與接受度，也因此限制了業務發展。
三、「集合管理運用帳戶」能創造的價值，涵蓋產品的創新與資產的管理層面，「集合管理運用帳戶」可以依投資者的風險屬性規劃投資標的、分散風險減少投資成本進而創造出較高的投資效益，並間接建立客戶的忠誠度。
基於上述結論，本研究分別對銀行信託業與政府相關單位、以及後續研究等，提出若干建議，備供參酌。

關鍵字

集合管理運用帳戶 ； 信託業 ； 私募 ； 信託資產平台 ； 金控 ； 證券投資信託投信

並列摘要

“Collective Management account” indicates a trust funds account set up by trust enterprise receiving trust funds [from a trustor(s)], pooling, managing and employing such funds together with the funds of other trustors, within the same scope or by the same method. Given the fiduciary relationship in nature, the trustors shall transfer the asset ownership to the trust enterprise in accordance with the trust agreement. As with its mutual funds like natures, “Collective Management account” has indeed sparkled the fierce competition of domestic banks for the asset management market.
Will the banking trust enterprises be changing the business model of distributing mutual funds due to the emerging of the “Collective Management account” business? What will the developing strategy of “Collective Management account” become given the limitations as private placement and the advertisements?
The study titled as “Compare Study on the Strategy and Implementation of Banking Collective Management Account”, is aimed to achieve the following objectives:
(1) Study the relationship of the developing strategy and the respective business promoting.
(2) Realize the influence of fund raising measures to the respective fund size.
(3) Realize the value to be generated by “Collective Management Account”.
(4) Conclude the above findings and propose suggestions as reference for banking, trust enterprises in developing their “Collective Management Account”.
The study is based on the qualitative research, with sampling, insight interviews as well as the respective research. Targets of research include those who have practically launched “Collective Management Account” such as Taishin International Commercial Bank, Taipei Fubon Bank, Cathay Bank, E.Sun Bank, Shan Hai Bank, as well as Ta Chong Bank. The collected information is classified by natures and further analyzed.
Conclusions are summarized as follows:
(1) Fund Size of “Collective Management Account” is positively correlated to the extension that bank grants supports to the business. The more the supports, the larger the fund size.
(2) The legitimate model of private placement tends to diminish degrees of perceptions and receptions, consequently imposing limitations to the business development.
(3) The values created by “Collective Management Account” rest on dimensions of product innovation and asset management. “Collective Management Accounts” can be planned to fit in accordance with the risk characteristics and appetites of investors, so as to diversify risk, reduce investment cost, and further generate higher investment benefits, building up the clients’ loyalty.
Findings of the study are hereby provided for reference to banking trust enterprises, governmental entities, as well as the following studies.

並列關鍵字

Collective Management Account ； Trust Enterprise ； Private Placement ； Asset Trust Platform ； Financial Conglomerate ； SITE (Securities Investment and Trust Enterprise)

參考文獻

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