資產管理公司經營策略與績效關係之研究

Research on the relationship between business strategy and performance of Asset Management Companies

覃顯仁(Hsien-Jen Chin)

指導教授 ： 洪英正

共同指導教授 ： 黃曼琴(Man-Chin Huang)

淡江大學/管理學院/企業管理學系碩士在職專班/碩士(2007年)

https://doi.org/10.6846/TKU.2007.00860

摘要

本研究選擇7家資產管理公司經理人作深度訪談，其中外國投資者4家，本國企業3家，以瞭解其經營策略與績效間關係，並驗證Klingebiel(1999)對AMC之分類理論：快速資產處置導管與長期重組導管。訪談後主要命題有：
1.外資AMC較本國AMC公司更傾向利用全球策略。
2.本國AMC較外資AMC公司更傾向利用資源統治策略。
3.外資AMC較本國AMC公司更傾向採取快速資產處置導管。本國AMC較外資AMC公司更傾向採取長期重組處置導管。
4.快速資產處置導管傾向「投資水準策略」；長期重組導管傾向「產品發展策略」、「市場發展策略」與「市場滲透策略」。
5.長期重組導管較快速資產處置導管更傾向建立長期的聯盟關係。
6.基於策略與績效不同的觀點，導致長期重組導管在組織的存活上明顯優於快速資產處置導管。

關鍵字

資產管理公司 ； 快速資產處置導管 ； 長期重組導管 ； 經營策略 ； 績效

並列摘要

In this research we want to know the relationship between business strategy and performance of Asset Management Companies. With literature review, as Klingebiel(1999) pointed out that “Two main types of AMCs can be distinguished: AMCs set up to help and expedite corporate restructuring and AMCs established as rapid asset disposition vehicles.” ,We choose and survey seven cases of AMCs in Taiwan , according in-depth interviews with managers that four are foreign institutional investors and the other three are domestic enterprises ,we build up some propositions and the main findings as following:
1.Foreign institutional investors have tendencies towards avail themselves of global strategies and domestic enterprises tend to choose strategies in connection with governing the resources.
2.Foreign institutional investors have tendencies towards employing the rapid asset disposition vehicles that depend on the investment benchmark strategies.
3.Domestic enterprises tend to employ the longer term restructuring vehicles, that have the tendencies towards to make use of the product development strategy, the market development strategy and the market penetration strategy.
4.The longer term restructuring vehicles have more intent to establish and maintain long-term relationships with strategic partners than the rapid asset disposition vehicles.
5.On the opposite views of strategy and performance between different vehicles , as the result have mentioned , the longer term restructuring vehicles are superior to the rapid asset disposition vehicles in the organization survival.

並列關鍵字

asset management company ； AMC ； rapid asset disposition vehicle ； longer term restructuring vehicle ； business strategy ； performance

參考文獻

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