脫胎換骨──金融產業廠商之經營發展策略： 以中華開發金融控股公司為例

The Corporate Strategy Analysis of Financial Industry: A Case` of China Development Financial

高若桁(Jo-Heng Kao)

指導教授 ： 陳忠仁

共同指導教授 ： 陳玠甫(Jei-Fuu Chen)

國立臺灣大學/管理學院/商學研究所/碩士(2022年)

https://doi.org/10.6342/NTU202201124

摘要

臺灣金融業在經濟體系中扮演舉足輕重的角色，從過去融資管道的建立到配合產業發展而創設金融市場，再到配合金融改革措施而成立各家金控公司，開啟大型化及規模化的趨勢。近年的金融集團更是成長迅速，金控總資本規模已經突破70兆，除了跨足電信、媒體及醫療產業等，更開始走向全球市場。在金控公司當中，開發金控在過去二十年間，透過一系列事業成長及發展策略，逐漸擺脫過去政治色彩及包袱，蛻變成獲利排名第四的金控，甚至率先招聘外籍專業經理人擔任總經理，可謂脫胎換骨。
本研究透過資料與相關文獻的蒐集，分析金融業現況、趨勢、競爭者及產業環境，透過波特五力分析瞭解產業吸引力及產業關鍵指標。個案公司以開發金控為主要研究對象，探討集團事業現況及發展歷程，盤點公司現有資源與能力，同時以BCG矩陣分析事業組合發展，再透過事業成長策略及競爭策略分析公司經營發展策略，最後將研究結果歸納並提出管理意涵。
本研究發現金融產業因資本密集特性而具有大者恆大的趨勢，因此各家金控追求規模經濟及範疇經濟，雖然擁有政府法規及資本規模之護城河，但內部競爭激烈，產業整體吸引力低，產業的主要關鍵指標為「產品服務差異化」、「政府法規」。在個案公司方面，研究發現KGI品牌、數位轉型能力及菁英人才引進是開發金控的持續競爭優勢，透過BCG矩陣分析得出三大事業的銀行及壽險事業為瘦狗事業，證券事業為明星事業，以波特競爭策略分析應分別以集中化策略及差異化策略創造永續的競爭優勢。最後本研究針對研究結果提出開發金控在未來發展方向上之策略建議。

關鍵字

金融產業 ； 開發金控 ； 產業分析 ； BCG矩陣 ； 競爭策略

並列摘要

From the establishment of financing channels to the creation of financial markets for industrial development, Taiwan's financial industry has played a pivotal role in the economy. In recent years, the financial groups have grown rapidly, with the total capitalization of the financial holding companies exceeding 70 trillion. Among the financial holding companies, China Development Financial has gradually get rid of burden through a series of growth and development strategies over the past two decades and transformed itself into the fourth most profitable financial holding company.
This study analyzes the current situation, trends, competitors, and industry environment of the financial industry through the collection of data and related literature, understanding the industry attractiveness and industry key indicators through Porter's Five Forces analysis. The case study takes China Development Financial as the research target, and examines the company’s business situation, resources and capabilities. Analyze the company's business development strategy with BCG matrix, business growth strategy and competition strategy, the study eventually summarize the research results and propose management implications.
This study found that in the financial industry, bigger is always bigger due to its capital-intensive nature, thus each financial holding company pursues economies of scale and scope economies. The study also found that KGI's brand, digital transformation capability, and the introduction of elite talents are the sustainable competitive advantages of China Development Financial. On the other hand, BCG matrix analysis shows that banking and life insurance business are the Pets, and the securities business is the Star, and should maintain competitive advantage through concentration and differentiation strategies, respectively, by Porter's competitive strategy analysis. Finally, this study proposes the strategic recommendations for the company’s future development based on the study results.

並列關鍵字

Financial Industry ； China Development Financial ； Industry Analysis ； BCG Matrix ； Competitive Strategy

參考文獻

英文文獻

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Boru, T. K., Abdurezak. (2018). The Structure Conduct Performance Model and Competing Hypothesis- a Review of Literature. Journal of Financial Management and Analysis, 8. 11-25.