我國投信公司基金管理競爭策略之研究

The Study of Competitive Strategy for Securities Investment Trust Enterprises in Taiwan

封德秋(Te-Chiu Feng)

指導教授 ： 詹毓玲 ； 林靖

國立臺北大學/商學院/企業管理學系/碩士(2008年)

摘要

96年開啟的美國次貸風暴，而後國際油價金價持續飆漲、新興市場的崛起、原物料的上漲及全球通膨的衝擊，影響股市漲跌及匯率、利率升貶的因素日益複雜，本研究探討投信公司在此詭譎多變的市場中，如何持續擁有競爭優勢?如何階段性的調整競爭策略，以快速適應這動態的競爭環境。本研究之個案研究法將以定性分析研究方法進行歸納，進而取得探索性之研究發現，以直接觀察與深度訪談來增加資料來源的多元性。運用文獻探討、資料蒐集，及與個案公司之高階管理者深度訪談後，探討投信公司如何運用資源及能耐，發展出核心競爭力，並隨環境之變動而調整其競爭策略，以發展難以模仿之核心競爭優勢。然後，根據我國投信產業之競爭態勢及四家個案公司之深入訪談，將策略規劃/目標、資源與能耐、核心競爭力、外在環境、競爭策略及競爭優勢等做一分析彙總，發展出命題及模型。
命題發展如下:命題1:有集團強大資源支持的投信公司，較能因應外在環境之變化，進行核心競爭力之辨識、整合，創造價值，使企業具有獨特的競爭優勢。命題2:具外資背景的投信公司，較重視品牌形象的塑造，企圖以品牌領導強化品牌權益優勢。命題3:具外資背景的投信公司，投資研究團隊陣容堅強，較能以宏觀的角度，前瞻性的規劃，開發創新產品，引領趨勢，具全球化佈局之策略。命題4:採取廣泛差異化策略與整合策略的投信公司，較能有效因應環境規範、技術和資源上的改變，擬定動態競爭策略，適應快速變遷的環境。命題5:採取廣泛差異化策略和整合策略的投信公司，有策略企圖心，能在動態的競爭環境中創造並維持競爭優勢。命題6:採取整合策略之投信公司，在競爭層次方面已將產品品質、服務品質晉升至品牌優勢之階段，其品牌權益優勢為企業帶來具差異化的核心競爭力。命題7:具金控體系背景的投信公司，在資源與能耐整合效益下，具通路優勢，資源整合能力強。
本研究發現國內投信產業之競爭狀況:產業內競爭程度高、潛在競爭者威脅中度、替代品的威脅高、購買者議價力量高、供應商(銷售機構)的議價能力威脅略降、互補力的增加漸強。本研究認為投信公司應該透過策略規劃，發展難以模仿與取代的資源與能耐，使核心競爭力具備長期競爭優勢，並規劃各階段的競爭策略，與落實策略的執行，以全球化投資佈局的角度，創造品牌價值。

關鍵字:投信產業、資源基礎論、核心競爭力、動態競爭策略。

關鍵字

投信產業 ； 資源基礎論 ； 核心競爭力 ； 動態競爭策略

並列摘要

In 2007, American subprime mortgage crisis makes the global crude oil and gold prices rising violently and starts international inflation. Besides, the towering of national economy of emerging market countries let the commodities prices rising high in the sky. All these factors causes the fluctuation of stock market, exchange rate, and interest rate more complicated. This paper use case study to analysis the securities investment trust enterprises. How they use resource-based view theory to expand the core competences and keep competitive advantage continuously, and how they regulate their competitive strategy on each stage in this changing age.
According to competitive situation of the securities investment trust enterprises and the data collection from the interview of four enterprises, we develop seven propositions and competitive strategy model by summarized the analysis results of their strategy planning and goal, resources and capabilities, core competences, external environment, competitive strategies and competitive advantages.
We discover that the competitive situations of the securities investment trust enterprises are high industry competitive, medium threat of potential competitors, high threat of substitutes, high buyer power, lower threat of supplier power, and threat of complementors increasing. We deem the securities investment trust enterprises should through the intermediary of strategy planning to cultivate strategy intent, to develop difficultly imitative and substitutive resources and capabilities, and make long tern competitive advantage of core competences. Besides, the enterprises should plan and implement competitive strategy for each stage and create the brand value from global investment view point.

Keywords: Securities investment trust enterprise, Resource-based view, Core competences, Dynamic competitive strategy

並列關鍵字

Securities investment trust enterprise ； Resource-based view ； Core competences ； Dynamic competitive strategy

參考文獻

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