經營策略精進是否可以帶領個案P公司成為下個階段的領導者

Can Sophisticated Business Strategy Support Case Company to Become a Leader in the Next Stage?

吳東霖(Tung-Line Wu)

指導教授 ： 曹銳勤

淡江大學/商管學院/管理科學學系企業經營碩士在職專班/碩士(2014年)

https://doi.org/10.6846/TKU.2014.00231

摘要

近年來國內證券市場交易人的型態相較以往有明顯不同，儘管本國自然人在集中市場成交比重仍屬最大，但2010年以來比重也呈現逐年下滑走勢，明顯顯示大型證券商之主力客源有流失，表示不只有散戶因面臨證券市場紛擾感到慌恐無力，主力大戶與中實戶更因證所稅風暴紛紛撤出，使得市場交易量明顯萎縮，本土資金縮減，對於大型證券商經紀業務及其市佔率衝擊影響更甚於中小型業者，大者恆大的優勢也不敷以往。近期資訊技術的精進，券商也早已意識到電子商務(甚至是行動商務)發展必將成為未來交易主流趨勢，是在系統技術上不斷強化，相繼引進韓國大型交易系統及行動下單的催生形成。在多家低價網路券商依續進入巿場後，讓整個產業陷入殺價競爭的景況中。專業證券公司該採取什麼樣的經營策略方向，才能不被擊潰進或遭市場淘汰，進而去追求更進一步的差異化發展，在在都是在市場中的工作者或經營者值得去研究的問題，藉由巿場區隔化找到企業生存新策略。本研究依文獻探討過程選擇企業文化、經營策略、經營績效三大構面做為主要策略之判斷，亦認為這三大構面在金融機構競爭優勢上有舉足輕重的影響力，參考個案券商P證券在市場上面臨的決策困難，希望透過策略的擬定，整理以下五個假說，試圖以TOPSIS找到決策良方、券商獲勝的關鍵因素，五項假說如下：假說一、公司文化不同是否會影響證券公司策略發展與獲利能力？假說二、領導風格與組織創新是否會影響券商電子化策略發展？假說三、企業創新文化與差異化策略是否影響市佔排名？假說四、電子下單服務創新策略是否帶給券商新的機會？假說五、金融版圖是否影響市場策略與獲利能力？以上五個假說調整後的變化，研究僅有調整TOPSIS策略項目部分(次級資料部分都不調整)，依據每一個假說的領先者所屬的策略，假設個案券商P證券可依此調整公司的策略方向，以一個模仿者的策略跟進，P證券在後續的策略比較上都有大幅的邁進，表示模仿策略在金融業是有可行的機會。

關鍵字

企業文化 ； 經營策略 ； 經營績效 ； AHP層級分析法

並列摘要

In recent years significant changes in trading patterns have been observed in the domestic securities market even though the turnover proportion for natural persons remains the largest in the centralized market. This proportion has been sliding since 2010 which clearly indicate the gradual but significant loss of large securities firms’ main clientele in the country. It is a sign that not only are the individual investors feeling powerless in the chaotic securities market, main investors and medium-capital investors are also retreating due to the tax crisis causing market trading volume to shrink significantly. Dwindling domestic funding is having a larger impact on the business and market shares of these big securities firms and their brokers than medium and smaller-sized brokerage. These large securities firms no longer enjoy the advantage they used to have.With recent advancement in information technology, brokers have long realized the inevitable evolution of e-commerce (even mobile commerce) in becoming the mainstream trading vehicles for the future. The introduction of large-scale Korean trading system and mobile order is but one example of system advancement in this sector. The subsequent entry of many low-cost internet brokerages force the entire industry into a cut-throat price war.What kind of business direction and strategy should professional securities companies take in order to survive and thrive in such competitive market? How to further differentiate themselves from their competitors? These are questions worth answering by all those whom are involved. A new strategy in the form of market segmentation is needed for companies to survive.Based on literature review conducted, this study has chosen corporate culture, business strategy and operating performance as dimensions to be used as the main criteria of strategy evaluation. These three dimensions are believed to be highly influential in deciding the competitive advantages of financial institutions. Using Securities Brokerage P as a reference case, this study hopes to examine the difficulties the firm faces while developing its market strategies. With the five proposed hypotheses below, this study hopes to find best strategic decisions and winning solutions through the use of TOPSIS. Hypothesis 1: Do differences in corporate culture affect strategic development and profitability of securities companies? Hypothesis 2: Do leadership styles and organizational innovation affect the e-commerce strategic development of brokers?Hypothesis 3: Do the corporate innovative culture and differentiation strategy affect market share and ranking of securities companies?Hypothesis 4: Does the innovative strategy of electronic ordering service bring in new opportunities for brokers?Hypothesis 5: Does the financial landscape affect marketing strategy and profitability of securities companies?Adjustments were made to the above mentioned five hypotheses. This study only adjusts strategic items within TOPSIS (no adjustment was made to secondary market data). Based on the strategies utilized by each of the leading firms, if Securities Brokerage P was able to emulate strategy directions of these leading firms and adopt an imitation strategy, it was found that there would be substantial improvement to Securities Brokerage P’s subsequent strategies. This shows that adopting an imitation strategy in the financial industry is a viable strategy.

並列關鍵字

Corporate Culture ； Business Strategy ； Performance ； AHP ； TOPSIS

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