以個案探討臺灣證券商通路經營的轉變

金融產業在臺灣屬於特許行業，主管機關的政策強烈引導產業發展與興衰，主業者為銀行業、保險業及證券業，其中證券業由於涉及國家資本市場重要發展以及民眾金融消費權益，因此除了有最多週邊單位進行監督管理(諸如金融監督管理委員會證期局、檢查局、證券交易所、證券櫃檯買賣中心、期貨交易所、集保結算所、證券商業同業公會、期貨商業同業公會等)，在業務開放腳步上也落後於其他業別。雖近年來，政府已警覺到資本市場不振將對國家政經情勢及競爭力造成莫大傷害，因此已逐步啟動相關措施促進臺灣資本市場成長並鼓勵業者邁向國際舞台競爭，惟該關鍵角色「證券商」在通路經營上出現相當大的發展落差。據統計，臺灣證券經紀商(包含綜合證券商及專營經紀商)總分公司家數已逐年減少到2015年2月總公司81家、分公司縮減至963家，登錄之分公司受託買賣業務人員(即所謂營業員)人數規模同步減少到2015年3月的17,117位，其中緣由及對國內資本市場的衝擊值得進行深入探討。　　本論文從臺灣證券產業的發展進行分析，並對比在此發展趨勢中證券業所表現出來的經營對策及績效，截至2014年12月雖然市場上累積開戶數計17,217,905戶、有效開戶數計1,147,325戶，上市加櫃公司家數截至2015年2月也達1,543家、可以交易的商品類別也快速多元化，包括2014年開放投資人可以在櫃檯買賣中心買賣掛牌的台股證券投資信託基金、黃金、ETF等，同時在期貨市場開放之商品更是百花爭鳴，但如同前述，證券市場市場上最主要的參加人「證券商」的通路家數及業務人員數量卻是逐年加速減少，其中牽涉到的成因是多元的，包括資訊科技所帶來交易工具(含平台)電子化及行動化因而降低投資人對於實體通路及業務人員的需求，亦包括1990年代證券商進行合併加上2003年金融控股公司法實施後，第一批14家金融控股公司成立(後續陸續加入臺灣金控、合庫金控成為16家)所帶動的金融整併，導致證券商家數因整併而減少，並在經營型態上金控子公司間可以透過共同行銷進行顧客轉介及經營，提昇顧客開發及經營效率而降低對證券業務人員需要，又或是因所服務顧客結構改變而減少證券業務人員服務廣度等。面對未來金融環境的變化，無論是金融電子化或是電子金融化、金融互聯網或是互聯網金融，均衝擊著證券業未來發展方向與模式。　　在前述發展下，本論文逐步由臺灣證券產業發展歷程及證券商經營概況做探討，再進一步從研究金融法規變革、證券市場參與者結構改變以及異業跨領域合作等面向，說明對於證券商通路經營帶來之影響及衝擊；此外，以玉山金融控股公司(簡稱玉山金控)旗下的玉山綜合證券(簡稱玉山證券)從1998年11月20日開業以來，從相對「後進」的證券商角色如何在證券產業中去展現其通路經營價值，尤其在市場既存的資深證券商及資深證券通路業務人員競爭中進行差異化經營；另在金融控股公司法通過之後，該公司如何去運用同為玉山金控旗下子公司的玉山銀行通路價值，降低其新客群的開發及經營成本，並提高顧客往來忠誠度及黏著度，又其中對於玉山證券通路經營思維及策略如何轉換為該公司競爭優勢；尤其自2014年第四季開始金融監督管理委員會不斷提出「金融3.0」概念後，不但銀行業要3.0，證券業也要3.0，在中國大陸電子商務龍頭阿里巴巴創辦人馬雲提出：「金融業如果不改變我們就來逼著他們改變」，從中國大陸金融創新及電商經驗，玉山證券如何在金控資源整合運用上因應甚至走出一條創新的通路應營模式等。透過整體產業以及個別公司之研究，了解臺灣證券商通路經營所面對的過去、現在及將來轉折點及挑戰，嘗試從研究對象實務做法，尋求做為臺灣證券商未來擬訂通路經營策略之參考。　　金融市場競爭本身存在各種策略、模式可能，過往證券商分公司通路是開發顧客及提供服務最主要接觸點，通路的多寡以及通路內業務人員多寡往往與該證券商經紀業務市占率與經營績效有相當正關係，且亦提高了證券商進行併購時談判的籌碼與溢價空間，但時至今日物換星移，通路經營必須不斷因應產業趨勢及資訊科技等進行調整，惟有掌握趨勢、站在趨勢浪頭上，不斷創造通路經營彈性及多變性，相信才是未來面對這場金融革命的生存不二法門。

關鍵字

證券商；分公司；通路；轉變；金融控股公司

並列摘要

Financial industry in Taiwan belong to the licensing industry, policy authorities strongly guide industrial development and the rise and fall, the main industry for the banking, insurance and securities industries, including the securities industry as it involves the national capital market development and the important interests of the public finance consumption, so in addition to Regulatory most peripheral units (such as FSC, TSE, OTC, TFE, TDCC, TSA, CNFA etc.), the business open also on pace to lag behind other industries do. Although in recent years, the government has alerted to the capital markets will be weak national political and economic situation and the competitive forces that have caused great damage, so have gradually start the relevant measures to promote Taiwan's capital market growth and encourage the industry into the international competition arena, but the key role of securities suppliers appears considerable gap in the path of development operations. According to statistics, Taiwan's securities brokers (including integrated securities firms and franchise brokers) of the total number of enterprises has been decreasing branch in February 2015 to head 81, reduced to 963 branches, the branch login fiduciary trading business staff synchronization reduction (so-called salesperson) to 17,117 the number of scale bits in March 2015, and of the reasons and impact on the domestic capital market and should be further explored. This thesis analyzes the development of Taiwan from securities industry, and compare trends in this manifested in the securities industry business performance measures and, as of December 2014, although the cumulative number of accounts on the market counted 17,217,905 households, effectively accounts counted 1,147,325 households, plus cabinet number of companies listed as of February 2015 is also up to 1,543 homes, merchandise category can be traded the rapid diversification, including the Taiwan stock market securities investment trust fund open to investors in 2014 to buy and sell listed at the OTC, gold, ETF etc, but also is open flowers contend in the commodity futures markets, but as mentioned earlier, the stock market's main market, the number of participants, securities firm in several passages home and business is gradually accelerate the reduction of personnel, which involves the Causes are diverse, including information technology brought trading instruments (including internet) and e-Mobility thus reducing investor access to the entity and the needs of business people, also including the 1990 merger securities firms plus 2003 financial holding company After the implementation of the law, the first batch of 14 financial holding company (FHC follow-up have joined Taiwan Cooperative Bank Holdings became 16) and driven by financial integration, leading securities businesses and reduce the number and whole, and in the business type Holdings subsidiaries can cause structural changes in the customer service staff to reduce the breadth of services and other securities business conducted through customer referrals and joint marketing operations, improve customer development and operational efficiency while reducing the need for securities business, and or the state. The face of future changes in the financial environment, whether it is financial electronic or electronic financialization, financial Internet or Internet banking, securities industry are impacting the future direction and mode. In the foregoing development, the paper gradually made to explore the history of Taiwan's securities industry and securities firm before, and further regulations change from study finance, stock market participants structural changes and cross-sector cooperation for interdisciplinary, indicating the passage of Securities Dealers bring the operation of the influence and impact; In addition, E.SUN Securities since November 20, 1998 opening, from a relatively "backward" in the role of Securities Dealers How in the securities industry to demonstrate its access business value, especially different operations in existing markets, a senior securities trader and senior business people compete securities path; the other after the Financial Holding Company Act by the company on how to use the same E.Sun Bank, a subsidiary of the financial holding path value, lower development and operating costs of its new customer base and increase customer loyalty and degree of adhesion between, and where access to E.SUN Securities business thinking and strategy on how to convert the company a competitive advantage; Especially since the beginning of the fourth quarter of 2014, the Financial Supervisory Commission continues to make "Bank 3.0" concept, not only the banking sector to 3.0 and 3.0 have the Securities industry in mainland China e-commerce leader Alibaba founder Jack Ma pointed out: "If the financial sector without forcing them to change we have to change "from the Chinese mainland electricity supplier innovation and experience in finance, securities E.SUN how the integration of resources in the FHC should even out of use due to an innovative path should camp mode. Through research individual companies and whole industries, to understand Taiwan securities firms access business faced in the past, present and future turning point and challenge, try to approach practice from the study, as Taiwan Securities firms to seek future business strategy formulation of the reference path. Financial market competition itself a variety of strategies, models may, in the past a securities firm branch path is to develop and provide customer service main point of contact, the amount and the amount of business people in the path is often associated with the securities brokerage service provider market share and operating performance There are quite a positive relationship, raise the stakes with premium space when the securities firm's merger talks, but today things changed, access management must continue to respond to industry trends and information technology and other adjustments, only to master the trend, standing trend waves head and continue to create pathways operating flexibility and variability, I believe is the future in the face of this financial revolution the only way to survive.