- 學位論文
投資銀行業關鍵成功因素分析
A Key Success Factors Analysis of the Investment Banking Industry
摘要
論文摘要 一國經濟的成長除了有賴製造業的發展之外，金融產業也扮演了重要的角色，對任何生產事業來說，資金的取得與流動可說是其生存與成長的源頭活水之一，因此金融環境及產業的健全與否，決定了經濟發展是否具有長期的潛力。由於70年代開始的金融自由化及緊接而來的全球化浪潮，使得透過資本市場取得資金的效率及成本優勢，逐漸超越傳統金融機構的借貸方式，因此直接金融的重要性開始凌駕間接金融之上。 在直接金融的世界中，投資銀行作為資金需求者及供給者的中介機構，可以說是主要的參與者之一，歐美地區的投資銀行由於發展歷史悠久，在產品線的完整度、專業技術及配銷網路的佈局上，均遠勝其他地區的銀行，而國內由於法令限制的關係，使得各項投資銀行業務散落在不同的金融機構，因此傳統上並無完整的投資銀行及相關產業，有鑒於金融業的跨國競爭加劇，加上國內的政府及業界均有意推動投資銀行業的加速成立，故了解此產業的關鍵成功因素及相關銀行的核心能耐建構模式便成為政府政策制定及業界發展策略擬定的參考依據。 本研究透過產業經濟學、核心能耐及關係觀點的分析模式，採取個案研究的方法，選擇美國知名投資銀行高盛公司、澳洲知名投資銀行麥格理銀行及國內具發展潛力的中發開發工銀為研究主體，透過個案分析及比較，以探討投資銀行業的關鍵成功因素及成功的公司如何建構其核心能耐，並指出國內在發展投資銀行上所欠缺的要素。 本研究發現，投資銀行業的關鍵成功因素主要為聲譽及地位、關係配銷通路、金融技術，此三項要素形成產業高度的進入障礙，而成功的投資銀行所需建構的核心能耐主要為複雜關係網路的管理能力、產業及市場研究能力、金融技術能力，而核心及終端產品皆為核心能耐使用、組合的成果。此外，投資銀行的定位逐漸朝向兩極化，大型知名銀行以大型企業客戶為區隔，實行多產品線及國際化策略，充分發揮規模經濟及範疇經濟的優勢，而較小型的銀行則採取利基型策略，專注在特定市場區隔(特定產業或地區)，並以少數核心產品為主軸，而利基型銀行跨國發展的成功要件則為核心能耐的延伸並善用聯盟策略以加快進入市場速度。 對我國的金融機構來說，由於必要核心能耐的缺乏，加上此產業高度的進入障礙，想要發展國際級銀行的難度較高，因此我國的銀行除了本土市場外，應以大中華經濟圈為首要目標，並善用既有台商客群的優勢，以加快進入市場的速度，在不擅長的業務上，應尋求與國際級銀行合作的機會，以成為投資銀行業國際價值鏈的分工體系中的一環。
並列摘要
Thesis Abstract Graduate Institute of International Business National Taiwan University Name: Chuang, Sung-Hui Month/Year: July, 2004 Advisor: Dr. Tang, Ming-Jer A Key Success Factors Analysis of the Investment Banking Industry The financial industries play an essential role in economic growth. As economic growth leads to the need for raising capital and with financial deregulation and globalization, the cost advantage and efficiency of capital raising through capital markets are superior to lending through financial institutions. Direct finance has become increasingly more important than indirect finance. Investment banks, major players in the direct finance world, serve as intermediaries between the supplies and needs of capital. Because of longer development history, banks in the US and Europe have broader product lines, superior technical skills and more complicated distributing networks than any other banks in the world. In Taiwan, investment banking activities belong to different institutions due to regulations and thus, officially, there have been no investment banking industry or banks. The purpose of this thesis is to conduct an exploratory study based on in-depth case studies on investment banks abroad and in Taiwan. We took Goldman Sachs in the US, Macquarie Bank in Australia and China Development Industrial Bank in Taiwan as our cases. Through careful analysis and inter-case comparison, we found that how the famous investment banks built and leveraged their core competencies, and key successful factors in this industry. We also found the capabilities and resources that banks of Taiwan may need. Based on thorough study through these cases, we found that major key successful factors of this industry are reputation and status, relational distributing networks and financial technical skills. And these factors constitute high level entry barriers. Successful banks usually have to build core competencies like capability to managing complicated relationship networks, research capability of industries and the capital market and financial technical skills. Famous larger banks usually focus on large enterprises, adopt multi product line and globalization strategies. Smaller or niche banks usually focus medium or small enterprises, develop focused products and services, and localized strategies. Niche banks usually well leverage their core competencies abroad and utilize strategy alliance to achieve the goal of internationalization. It is difficult for banks in Taiwan to develop cross-border investment banks due to lack of necessary core competencies and high entry barriers to this industry. In addition to local market, banks in Taiwan should first focus on the Great China Economic Area and take advantage of Taiwan manufacturers as customer bases in order to enter this market quickly. For unfamiliar businesses, banks in Taiwan should find opportunities to cooperate with famous banks and become one part of global vale chain.