金融海嘯對台灣地區綜合券商經營績效影響之研究—以A券商為例

近幾十年來世界經濟蓬勃發展，資金、人才交流、商品或勞務貿易互動均日益頻繁，全球經濟脈動已唇齒相依，經濟全球化現象已完整地呈現。源自2007年美國次貸危機，所引發之2008年的全球性金融海嘯，打亂了世界各國金融市場的秩序，也可能衝擊國內綜合證券商之經營，本研究將探討此次金融海嘯對綜合證券商經營績效之影響。本研究嘗試以金控體系之綜合證券商為研究主體，針對本次金融海嘯發生前後其經營績效及綜效深入探討，藉以釐清本次金融海嘯對綜合券商實際影響程度，提供當政者、經營者、從業者執行管理參考，亦提供後續研究之建議。經深入探討研究結果，金融海嘯發生呈現全球股票市場下跌，投資者投資意願降低，成交量萎縮現象，影響綜合券商競爭力，降低獲利能力；降低綜合券商之實際價值，即股票的帳面價值；降低總體綜合券商投資意願及降低外部的擴展經營能力，閒置資金量增加；降低綜合券商償債能力及變現能力；據此本研究綜合判定，金融海嘯對國內綜合證券商之營收、報酬率、經營壓力、經營競爭力具負向影響。

關鍵字

綜合證券商；金融海嘯；經營績效

並列摘要

World economic boom in recent decade.。Resources, cash flow exchanges， commodities，service，mutual trade has been increased more often than ever.。Global economic movement has been interdependent.。Economic globalization phonemic has completed shown up.。Started in 2007 subprime mortgage crisis in the US has resulted in global financial Tsunami in 2008。It had destroyed world financial market rules，and to hit domestic securities firms business management.。This study will look into how financial crisis impacted securities firms，overall business operation.。 Study focus on document analysis, comparative analysis and ratio analysis, and financial holding company system of the securities firms as the research subject, for the before and after the 2008 financial crisis and compared the performance of its operations in order to clarify the current financial crisis on the consolidated securities firms practical impact, provide those who in power to operate with the reference to set business strategy, future research recommendations are provided. In Depth detail study by the financial crisis lead to global stock markets fall, investors will reduce volume drastically, affecting the competitiveness of comprehensive brokerage and reducing profitability. According to comprehensive study to determine the financial crisis on the domestic securities firm revenue, pay rate, operating cost pressure, operating with a negative impact on overall competitiveness.