台灣資產管理業在大中華區域的競爭分析

A Competition Analysis of Taiwan Asset Management in Greater China

陳詩舜(Shih-Shun Chen)

指導教授 ： 邱顯比

國立臺灣大學/管理學院/財務金融組/碩士(2009年)

https://doi.org/10.6342/NTU.2009.10331

摘要

全球資產管理業近年來快速發展, 成為金融業成長最快的領域之一, 不只是產業的營收及獲利增加, 也對整體經濟成長與就業產生結構性的影響. 資產管理產業有高附加價值的特性, 除美國居領先地位外, 歐亞各國包括香港、新加坡、澳洲、英國、法國、盧森堡及愛爾蘭等, 甚至中國及印度等新興經濟體, 近年來無不全力發展資產管理業, 吸引企業、人才及資金進駐, 成效相當卓著.

在此發展趨勢下, 臺灣的資產管理業近年來快速發展,所管理資產及整體產業規模皆成長快速，然而，在一段成長發展期過後，同時面臨區域人才、資金爭奪及產業轉型的挑戰. 本研究理論架構上係以產業生命週期描述產業現況、以Porter(1990)國家競爭力的鑽石分析模型(Diamond Model)為基礎,就各項決定因素分析台灣在區域資產管理業的競爭狀況. 並以Porter(1980)的五力分析模型為基礎,輔以價值網分析，嘗試為台灣在亞太區的資產管理競爭能力及產業的未來發展策略提供參考。

研究中發現，台灣目前的資產管理規模在亞太地區尚未居領先地位, 在相關專業的發展、資源的支持、法令及政策的開放等方面的競爭優勢不足, 因此政府及業者在發展策略上必須格外謹慎, 以期能有效分配及運用有限資源, 並善用台灣在產業、大中華區域及人才培養的優勢, 發展適合的定位及競爭策略.

研究中建議, 由於特許行業的特性, 因此政府法令及政策的開放, 將是這個產業發展的重要關鍵; 而且由於各國均致力於資產管理業的發展, 台灣必須加快調整及開放政策的步調, 以免就此失去發展的時效與契機.

另外在整體產業發展策略上, 因應台灣資產管理產業所處的發展狀態, 業者應在不同階段、不同市場的產品發展及管理過程中, 同時採用區隔(Segmentation)與專注(Focused)策略. 不同於其他以規模及較大產品範疇的競爭策略, 台灣在有限的資源條件下, 可以選擇特定而專注的大中華區域中心發展策略, 才較有可能在日益激烈的國家及產業競爭中脫穎而出.

在區隔(Segmentation)與專注的競爭策略下建議的具體方案, 係利用台灣現有的產業及區域競爭優勢, 發展以華人區域為主的科技類股基金、亞洲及大中華區域基金為目標, 以此利基產品策略切入資產管理業的產業價值鏈, 以達到長期產業發展目標.

關鍵字

資產管理大中華區資產管理中心 ； 產品發展及管理

並列摘要

For recent years the asset management industry has been developing in a dramatic pace and become one of the fastest growing areas in financial industries. The prosperity has not only benefited single industry but also positively enhanced the economic growth and employment of the nation.
Because of the high added-value business nature of this industry, many economies including the United States, in Asia Pacific such as Hong Kong, Singapore, Australia, in Europe such as UK, France, Luxembourg and Ireland, even the emerging economies like China and India, are all working on this industry’s development.
Even the remarkable prograss of Taiwan asset management industry in past years, Taiwan found the limit of development faced the capital and telent competition with other nation. This thesis takes Product Life Cycle, Porter’s Diamond Model (1990) and Competitive Strategy (1980) and Brandenburger-Nalebuff’s Co-opetition concept as analytical framework in dealing with national and industrial competitiveness. The purpose of this thesis is twofold. One is to assess the feasibility of making Taiwan as an Asia product development and management centre in asset management industry. Secondly, based on the feasibility study above, this study proposes several viable strategies to gain sustainable competitive advantages.
In terms of market scale, Taiwan plays a modest role in Asia financial market. However, the competitiveness of the nation is endangered by the unfavorable conditions such as limited industry expertise, capability, resources and the openness of regulation and policies.
Based on the assessment, this study suggests the appropriate positioning and strategies for Taiwan to pursue is to leverage the competitive edges that Taiwan has already commanded, i.e. the strengths from related and supporting industries, regional ties, and the financial talents.
This study suggests opener architecture in policy formulation and regulation, of which will be a very critical condition for Taiwan’s development as a regional centre in asset management industry. Also the liberalization for financial industry should speed up before getting too far behind.
The present research suggests that Taiwan adapts a focused strategy for further development, given Taiwan’s comparatively limited resources, capability and supporting factors. Also this study proposes that Taiwan takes the niche approaches to develop and manage products in technology sector, Asia and Greater China region fund. Based on the unique resources that Taiwan owns, these niche approaches will definitely help Taiwan to develop long-term competitiveness in asset management industry.

並列關鍵字

Asset management or Investment management ； Greater China asset management centre ； financial product development & management

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