台灣投信產業策略群組之競爭行為研究 ─以國內共同基金為例

Competitive Conducts of Strategic Groups of Securities Investment Trust Industry in Taiwan - A Research on Onshore Funds

蘇丹成(Tancheng SU)

指導教授 ： 嚴奇峰

中原大學/商學院/企業管理研究所/碩士(2009年)

https://doi.org/10.6840/CYCU.2009.00916

摘要

我國政府為使台灣金融市場發展更加穩定與成熟，同時邁向國際化，於1983年時計畫性地開放證券投資信託事業，台灣也從早期的4家老投信時代發展至今有近40家投信業者，廿五年來的發展，投信業可謂已進入完全競爭的時代。而面對國內有限及重疊的金融市場，投信業間受限於證券法規的約束，產品及服務同質性高，如何運用策略來提昇自我優勢，在高度競爭的產業環境中脫穎而出，將是投信產業經營最重要的課題。
因此，本研究希望從策略群組(strategic group)的概念為核心，利用Co-plot法(聯合標定法或合圖法)將收集之產業次級資料，計算並繪製出台灣投信產業的策略群組分佈圖，以期能了解國內投信業整體的競爭態勢及策略群組競爭與發展之情形，更藉由策略群組間的分組、個別公司的移動及策略位置，進而探討其間的競爭行為及不同時間點的移動狀況，以期能提供台灣投信產業在擬訂及發展競爭策略時的參考。
本研究就六年之數據，分析策略變數及競爭態勢，獲得下列研究發現：
一、就股票/債券型基金而言，債券型基金市佔率與總規模市佔率相關程度高，因此債券型基金相關產品的成長，是總規模增長的基礎。
二、就國內/海外基金而言，國內基金市佔率與總規模市佔率相關程度高，顯示投信產業仍是以經營國內基金為主。
三、就客戶結構而言，法人數市佔率與總規模市佔率相關程度高，顯示爭取法人客戶的認購，將是總規模增長的關鍵。
四、策略變數間明顯區分兩群，一為債券、國內及法人的群組，另一則為海外、股票及自然人的群組。
五、國內型基金巿佔率與債券型基金市佔率的相關性逐年提高。
六、法人數市佔率與總規模市佔率的相關性逐年降低。
七、股票型基金市佔率、海外型基金市佔率與總規模市佔率的相關性逐年提高。

此外，本研究透過上述七個策略群組的構面，就市場地位及策略類型進行分析，並獲得下列研究發現：
一、無論市場地位如何，探勘者策略將有助於市場地位的提昇。
二、在進入領導者群組時，移至【領導者─分析者】將較【領導者─探勘者】易於維持本身地位。
三、於【領導者─分析者】群組中，原策略作為仍需持續，否則將逐步尚失其竸爭優勢，而淪為挑戰者。

關鍵字

策略群組 ； 投信產業 ； 競爭行為 ； Co-plot法

並列摘要

The government of Republic of China planned to deregulate SITEs (Securities Investment Trust Enterprises) industry since 1983 to stabilize as well as to internationalize Taiwan financial market. The development over the last 25 years of this financial market has expanded from 4 firms in the beginning to nearly 40 firms at present time. Because of the regulatory restrictions, firms in this industry provide similar products and services, along with the situation of limited and overlapping market, firms are facing severe competition in nowadays. Therefore the utilization of business strategy to upgrade firm’s competitive advantage in a tough environment is the utmost issue for the top management.
This research takes “strategic group” of the onshore funds as the core concept of the analysis and then uses Co-plot (Common plot) method to draw “strategic group map” of this industry by collecting useful secondary data. Research findings from structural perspective (industry, strategic groups and firms) as well as dynamic perspective (development, movement and trend) are mostly visualized by Co-plot method to demonstrate the competitive conducts of each strategic group within this industry in Taiwan. Several recommendations for firm’s competitive strategy are made afterward for both theoretical and practical purposes.
The authors try to analyze strategic and competitive variables based on six years’ data (2003-2008) and then disclose the following research findings.
1. Equity fund / bond fund – the market share of bond fund is positively correlated with total market share, therefore the growth of bond fund contributes to total sales directly.
2. Domestic fund / overseas fund – the market share of domestic fund is positively correlated with total market share, consequently the growth of domestic fund has a direct contribution to total sales.

3. Institutional client / individual client – the market share of institutional client has a positive correlation with total market share, thus the increasing procurement by institutional clients will contribute to total sales directly.
4. Strategic group – two distinctive strategic groups are found. The first is consisted of bond fund, domestic fund and institutional client, and the other is consisted of equity fund, overseas fund and individual client.
5. Bond fund and domestic fund – positive correlation between these two funds is increasing.
6. Institutional client and total market – positive correlation between the market shares of institutional client and total market is decreasing.
7. Equity fund, overseas fund and total market – positive correlations among these three variables (amount of market share) are increasing.
According to seven aforementioned analytical dimensions of strategic groups, some interesting findings, based on the concepts of market position and strategic type, are found.
1. “Prospect strategy” does help a firm to enhance market position no matter where the firm stands at the first place.
2. When becoming to be a member of leader’s group, it is easier to maintain its own market position as a “leader-analyzer” than a “leader-prospect.”
3. It is important for any player in the “leader-analyzer” group to preserve its originated strategy, or else it will lose its competitive advantage and then turn out to be a challenger.

並列關鍵字

Competitive Conduct ； SITEs Industry ； Strategic group ； Co-plot method.

參考文獻

司徒達賢(1995)，策略管理，台北：遠流。

林彥光(2006)，都市型態與能源消費之關聯性研究－台灣地區實證分析，私立長榮大學土地管理與開發研究所碩士論文。

陳明昕(2006)，台灣地區投信產業策略群組之實證研究，國立台灣大學商學組碩士論文。

王友慶(2006)，金融產業結構行為與績效之研究－以台灣金融控股公司為例，私立長榮大學經營管理碩士論文。

蕭慕荊(2003)，TFT-LCD產業策略群組廠商之關鍵成功因素探討，私立元智大學管理研究所碩士論文。