國內券商發展具有競爭力之國際投資銀行策略

我國證券業ROE處於較低的水準，參考成熟資本市場的投資銀行，其ROE的歷程分別由淨利率、資產週轉率以及槓桿率所推動，我國目前應由資產週轉率驅動ROE邁向槓桿率驅動ROE的階段，然而我國證券業低槓桿率限制了ROE的成長。參考國際大型投資銀行Morgan Stanley、Goldman Sachs及野村控股，觀察其營收結構並借鏡成功關鍵因素，以我國中華開發金控旗下凱基證券做為個案分析，發現國際投資銀行除了經紀業務外多以承銷、造市及其它市場風險較低的手續費為主要營收來源，若我國證券業以區域性投資銀行為目標，除了經紀業務外，應善加利用國際證券業務分公司(OSU)發展承銷、合併與收購與資產管理等境外業務，以參與香港、新加坡承銷團為首要目標，藉由建立良好的商譽及知名度朝國際投資銀行邁進，期許我國證券業能藉由開拓亞洲市場更具競爭力。

關鍵字

證券業；投資銀行；摩根史坦利；高盛；野村；凱基證券

並列摘要

The ROEs of domestic security firms industry are in a relative low level. According to mature capital markets, ROE is driven by Net Profit Margin, Assets Turnover Ratio, and Leverage Ratio sequentially in deferent stages. Now, the ROE of domestic security firms industry should be transformed from Assets Turnover Ratio to Leverage Ratio. However, low leverage in domestic security firms industry limits the growth of ROE. In this research, we did a case study based on the KGI securities in reference to the revenue breakdown and successful factors of Morgan Stanley, Goldman Sachs, and Nomura Holdings. We have observed that the major revenues of the international investment banks are from commission fees of underwriting, market making, etc. which are less risky. The domestic security firms industry can make regional investment bank as a periodical target, Set offshore branches to build goodwill, publicity and underwriting business overseas, making domestic security firms more competitive in Asia.