本論文研製之以大中票金融公司的市場競爭策略作為個案討論,在金融業體系公司只能算是中小規模金融機構。該案例票券公司規模不大,不太能夠與金控或老三票等公司作規模方面競爭。資產規模承作及擴張皆受主管機關限制,而這家小公司卻能於成立以來一直保有穩定的利潤。依靠的是建立優質的能耐,以差異性思考而以差異化的產品創造持久性競爭優勢。 十餘年來,票券公司商業本票保證餘額由於近年廠商外移,科技產業短期周轉融資以外幣為主。票券公司之商業本票保證與承銷業務,受企業資金需求不振影響,及替代性金融商品(公司債)及銀行短期融資替代短期票券之發行等業務競逐,排擠商業本票之發行需求,而有所萎縮。 票券產業由原來16家公司,迄目前僅餘八家票券公司繼續營業中。其中每一家消失的公司,都有其不同消失的原因及其所難以跨越的障礙及課題。票券市場三大業務領域,授信放款、固定收益商品及衍生性金融商品。其中授信業務因操作方式組合不同,較易以客製化方式做產品組合,並主要以此議題說明該票券公司差異化產品策略發展。 本研究主要是透過公司內部主管訪談及相關文獻研究,綜合本身工作業務的認知綜合整理而成。來分析公司及產業所面臨的處境,小公司如何於亂世中取得自己的一片競爭利基優勢及保持穩定的獲利。
In this thesis,we conduct a case study on market strategy of the Dah Chung Bills Finance Corp. Dah Chung Bills Finance Corp is one of the middle scale and relatively younger companies in the financial industry, and therefore is difficult to have a full scale competition with the Financial holding companies or the other well established Bills companies. Despite of both asset size and scope of business being limited by the regulatory authority, Dah Chung was able to maintain a stable profit since its birth. The secret is its capability of continuously developing differentiated products to keep the competitive advantage. In recent years, manufacturers of the traditional industries were gradually relocated outside of Taiwan. As for the high tech industries, their major financing needs are foreign currencies. Moreover, corporate bond and bank short-term loan are in direct competition with the commercial paper. Therefore, as the major business of any bills finance corporations, both the guarantee and the underwriting of the commercial paper face a great challenge. In fact, the size of the whole industry has decreased from sixteen to eight companies only. Credit loans (Commercial papers), fixed income, and derivatives are three major products or services provided by any bills company. Among them, the credit loan can be easily redesigned for the customer’s needs. This study discusses three differentiated products in the credit loan business developed by the Dah Chung Corporation. These examples demonstrate how a relatively smaller firm in the finance industry achieves its competitive advantage through a strategy of product differentiation.