證券商產業競爭優勢之研究

STUDIES OF COMPETITIVE ADVANTAGES IN THE FIELD OF SECURITIES FIRMS

洪雅萍(Hung-Ya Ping)

指導教授 ： 陳達新 ； 沈中華

國立臺北大學/商學院/國際財務金融碩士在職專班/碩士(2012年)

摘要

證券市場的興衰被認為是整體經濟榮枯的指標，也是一個國家經濟發展的櫥窗，透過市場機制，不僅可以協助企業籌資，也可以提供投資人能在證券市場投資，其影響層面涉及廣大投資大眾之權益與企業募集所需資金之成敗，進而影響整體經濟成長與發展。
台灣證券商發展過程，不斷因應環境之變遷與國際化之潮流，為了爭取業務，拓展證券市場版圖，紛紛進行企業併購、營業受讓或是策略聯盟，有助於改變證券商營業據點過多、經營水準良莠不齊、風險過大的問題。證券產業為成熟而高度競爭的產業，不但有來自於所提供之商品與服務相似程度極高、容易模仿等產業內的競爭，還有強調高服務水準，提供全球權威性研究報告的外資證券商的衝擊，如何能有效行銷、提昇顧客滿意度，才能確保企業在市場上之競爭力甚至領導地位。因此，證券業競爭來自於產業內外，競爭優勢取決於能提供全方位的服務，證券業將不脫離大者恆大，小者恆小之原則。
本研究從證券商產業談起，分析出國內證券商產業之特性。透過與市佔率前五名之證券商高階主管深度訪談，藉由證券商產業之需求面和供給面探討，歸納出此產業的關鍵成功因素。並以個案公司的介紹與經營策略分析，找出個案公司獨特競爭能力。本研究之個案公司持續透過併購，於證券商產業獨樹一格，成為國內的龍頭券商，藉由分析個案公司，期望歸納個案公司的競爭優勢，分別為多角化經營優勢、通路優勢、品牌優勢。

關鍵字

證券商 ； 競爭優勢 ； 關鍵成功因素 ； 資源基礎理論 ； 深度訪談

並列摘要

The rise and fall of securities market is considered an indicator of overall economic prosperity and a showcase of national economic development. Securities business, through market mechanism, does not only assist enterprises to raise funds but also provides advice for investors in investing in the securities market. The level of its influence can cover the rights of general public and the success of enterprises’ funds-raising result which will further impact on the whole economic growth and development.
The securities firms in Taiwan, in order to cope with the environmental change and internationalization/globalization trend, expand businesses and the securities market share, have continuously carried out mergers or business acquisitions or built strategic alliance, which will be able to eliminate the shortcomings of excessive business points, uneven service qualities and unpredictable risks. Securities filed is generally been considered mature and highly competitive. The competitions do not only come from the local securities firms providing products and services with high similarity and duplicability, but also from foreign securities firms full of high service quality and international authoritative research reports. Therefore, it is important for a securities firm to explore how to market in an efficient way and increase the customer satisfactory rate in order to remain the competitiveness and secure its leading place in the field. Since competitions of securities business come from all directions, a securities firm will only gain competitive advantages by providing a wide variety of services. In the end, the big ones getting bigger becomes the rule in the securities business.
The studies in this dissertation will start from the introduction of securities business and analyze the characteristics of securities firms in Taiwan. Through the in-depth interviews with senior-level managers of securities firms with top 5 market share in Taiwan, this dissertation aims to discuss and study the supply and demand sides of field of securities firms and further summarize the key success factors in this field. Also, this dissertation will find out each company’s unique completive advantages based on introduction and analysis of business strategy in each case study. The company in the case study in this dissertation will continuously carry out mergers and establish its unique style in the securities firm field and get leadership in Taiwan securities firms industry. By analyzing companies in each case study, this dissertation aims to summarize the competitive advantages of each company as follows: advantage of diversification, advantage of channels and advantage of brands.

並列關鍵字

securities firms ； competitive advantages ； key success factors ； resourced-based view ； in-depth interview

參考文獻

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