境內投信業者在面對國際投資品牌競合關係及投資人信任危機下之因應策略-以個案投信為例

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境內投信業者在面對國際投資品牌競合關係及投資人信任危機下之因應策略-以個案投信為例

The Analysis of Strategy on Asset Management under the Global Competition and Investors’ Distrust - A Case Study

呂威君 , Masters　　Advisor：鄭漢鐔　　

繁體中文

商業模式；投信產業； Business Model ； Asset Management Industry

Abstract │ Reference (60) │ Times Cited (2) │ Altmetrics

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After discovering opposite directions of the changes in the stock volume of domestic and overseas funds, this research not only employs PETS to analyze the evolution of external environment but also execute Michael Porter''s Five Forces Model to illustrate the development of the industry structure dynamics. Furthermore, this research uses Dr. Hann-Tarn Jeng’s Eight-Ten Business Model as the main analytical method. Case study in asset management industry is conducted, and we try to explore how domestic asset management companies compete with international brand names with certain reactions and adjustments in core capabilities. In general, there’re four aspects relating to those adjustments: Business orientation, investment and integration of key resources, clients’ value propositions and profit models.
Business orientation: The financial market has been much more volatile after the financial crisis. Not only urgency for transformation has resulted from external market but also incentives to reorient have gradually developed in the industry. With existing business model, under the circumstances of international competition and investors’ perceived confidence risks, it’s necessary for asset management companies changing business orientation. As one of the international brand names with strong competitive edge in managing domestic products, not only the capability strength of R&D and marketing could be justified, but also with certain brand appeals. Rather than focusing on product development, it’s much more effective to enhance investment services in order to win the hearts of investors, stabilize the market share, and then expand the gross margin.
Investment and integration of key resources: Staff productivity and asset management capabilities are the key resources. It’s really important for team members to
learn to transfer from earnings growth pursuing strategies to investment service enhancement ones, so that to create an open and supportive working environment and cultivate employees with passions and positive thinking. Through appropriate learning attitudes, it’s easier to construct a client-oriented and faithful service team to continue the spirit of excellence.
Clients’ value propositions: Compared to other industries, clients’ needs in financial investment service industry are much clearer, that is, making money, especially in more stable way, so the sense of trust for those clients is necessary. In the past, the definition of clients’ value propositions is that asset management companies always create “supply” to meet “clients’ needs”. Now, the products in the market are oversupplied, creating the timing of destructive innovation. How to simplify clients’ deep needs into trusted investment services is the key direction in the future.
Profit models: Management fee is one of the main revenue sources in the asset management company. The key operation risks now are that, the financial market with high liquidity endangers huge volatilities in management volume, and the percentage of stock funds under management is too high. Following the transformation of business model, investment portfolios face certain extent of adjustments afterwards. Those assets with lower volatilities also lower profitability. After reviewing investors’ asset quality constructions, under long-term management viewpoint, long term investment recommendations are the key strategies to win investors’ trusts. With the enhancement of brand name’s competitiveness, asset size growth would be the result in the end.

Reference ( 60 ) 〈TOP〉

20. 封德秋，我國投信公司基金管理競爭策略之研究，國立台北大學企研所，民國97年。
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25. 林兆木，國家發改委宏觀經濟研究院研究員，人民日報，2012年1月16日。
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1. Afuah Allan and Christopher L. Tucci, “Internet Business Models and Stategies”，McGraw Hill 2nd Edition，2003年。
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5. Mark W. Johnson, Clayton M. Christensen, Henning Kagermann,“Reinventing Your Business Model”, Harvard Business Review, December 2008.
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16. Investment Company Institute http://www.ici.org/
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