票券金融公司之經營管理與未來發展策略

Abstract

本論文之主要目的在探討我國貨幣市場建立及發展經過、利率商品市場之現況、票券金融公司經營管理的特點、其業務限制，以及將來發展之可能方案。 我國有組織之貨幣市場建立於民國六十年代，歷經三家票券金融公司寡占之輝煌時代、八十年代的開放，以及近年來金融改革朝向國際化及自由化發展，新種金融商品推陳出新，面對激烈的競爭及獲利空間日益縮小的環境下，票券金融公司之未來發展將會是什種景況，這不僅是業者關心的問題，也是金融市場規劃者及金融政策執行者共同想瞭解的問題。 本研究之主要結論如下： 1、實務上票券金融公司除擔任傳統短期票券的交易商外，其營業範圍尚包括債券、證券化受益憑證、利率衍生性金融商品，以及股權相關商品等之交易與投資。依過去認知，將直接金融市場截然區分為票券與債券二部份，顯然已與現實脫節。 2、本文提供的票債券、證券化受益憑證及相關衍生性金融商品各項交易資料的分析研究結果，可以幫助瞭解利率商品市場的發展與現況。 3、票券金融公司有獨到的經營管理技巧與核心競爭能力，值得提供各界參考。在國際化與自由化風潮下，票券金融公司的經營環境變得十分艱難，對此亦須有一個客觀公平的評議。 4、提供幾個票券金融公司的發展策略，包括進一步開放更多新種業務、業內或跨業整併，票券金融業與證券業合流，以及導向成為具有國際競爭力的投資銀行，或有助於我國貨幣市場與資本市場未來的發展。

The main objective of this thesis is to explore the progress of establishment and development pertaining to the Money Market of Taiwan, the present situation of interest-rate securities market, the characteristics of Bills Finance Corporation’s management and thereof business restrictions plus the possible solutions to their future development. Established in 1970’s, the organized Taiwan Money Market has experienced a markedly bullish market monopolized by three Bills Finance Corporations, a deregulation of financial industry in 1990’s and a monetary reform toward the development of internationalization and deregulation in recent years with new financial products constantly derived from existing products and launched in the market. In the face of such a drastically competitive environment with profit margin decreasingly narrowed, what will be the scenario for the development of Bills Finance Corporations in the future? This issue is not only concerned by the service providers but also the understanding of this issue is commonly desired by those persons in charge of the planning of financial market and the implementation of financial policy. The major conclusions of this research are as follows: 1.Practically, in addition to the role as the trader of traditional short-term notes and bills, the business scope of Bills Finance Corporation also includes bonds, securitized beneficiary certificate, interest rate derivatives, trade and investment of equities, etc. According to the cognition in the past, it is apparent that direct dividing the financial market into two distinct parts, the notes & bills and the bonds, is not pragmatically realistic. 2.The results of analysis and research with respect to the variety of trading information of notes & bills and bonds, the securitized certificate of beneficiary and the relating equity derivatives, etc., provided by this research will be helpful in understanding the development and present situation of interest-rate market. 3.Particular worth sharing with other industries is the unique technique of administrative management and core competitive competence in the possession of Bills Finance Corporation. As impacted by the craze of internationalization and deregulation, the operating environment of Bills Finance Corporations becomes extremely hard. In view of this, an objective and fair judgment in this regard is required as well. 4.Bills Finance Corporation’s strategies of development are proposed, including a further approval of new businesses, a merger & acquisition within the trade or cross-trade, an integration of notes & bills financial trade and security trade and an investment bank in pursuit of the international competitiveness, etc. They may be helpful for the future development of Taiwan Money Market and Capital Market.