我國證劵商發展投資銀行的規模策略選擇

本文主要針對我國證劵商發展投資銀行的規模策略選擇進行研究，採用賽局理論方法建立了資本承諾與進入阻止的動態賽局模型，在此基礎上闡述了我國證劵商發展投資銀行的規模策略選擇的深刻內涵。研究結果顯示：一、在現有規模上通過融資融劵制度的合理安排，實現國內證劵商資本結構與規模擴張最優化。二、通過證劵業內市場化的併購重組，實現國內證劵商通過業內的整合做大做強，這裏既包括國內證劵商資源的整合，也包括與國外投資銀行進行國際資源的整合。三、關於金融跨業經營的研究，即國內證劵商結合自身市場定位整合市場金融資源共同組建金融控股公司的思考。

關鍵字

證劵商；規模策略；賽局理論

並列摘要

This research aims to study the choices of scale strategies made by securities businesses in Taiwan in the process of developing investment banks. We adopted game theory to establish the committed capital and entry deterrence dynamic game model and argued the in-depth connotations of the scale strategies choosen by securities companies domestically in the process of developing investment banks on this theoretical basis. Results of this research indicated: 1. Maximization of the capital structure and scale expansion for domestic securities companies is achieved through the securities financing and margin trading system on top of the existing scale. 2. Augmentation of the scale is achieved through mergers and consolidation in the industry; this includes converging of resources held by domestic securities companies, as well converging of international resources through foreign investment banks. 3. Considerations of cross-industry operations arise, that is, the thinking of domestic securities companies integrated with their market positioning to consolidate the financial resources in the market and jointly establish financial holding companies.