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Title: | 中國證券市場國際化趨勢及中外券商競合策略之探討 A Study on the Internationalization of China’s Security Market and Co-opetition Strategy among Local and Foreign Security Companies |
Authors: | Hsiu-Ying Hsieh 謝秀英 |
Advisor: | 李吉仁 |
Keyword: | 中國證券市場,中國本土券商,外資券商,台灣證券業者,競合策略, China’s Securities Market,Foreign Joint Venture Brokers,Taiwan’s Securities Market,Co-Opetition Strategy, |
Publication Year : | 2019 |
Degree: | 碩士 |
Abstract: | 自從2018年4月28日中國證監會發佈《外商投資證券公司管理辦法》,中國開始大幅度放寬證券行業准入限制,成為中國資本市場全面開放的重大標誌。除了允許外資控股合資券商持股比例上限提高至51%,三年以後就不再設限外,並逐步開放業務範圍,不再局限於單一牌照,也不限定境內股東至少有一家是證券公司。此一管制規定的放寬,對於中國證券市場的競爭與合作會產生何種結構性的影響,值得我們深入研究探討。
針對此一議題,本研究透過次級資料收集與理論文獻,歸納出中國證券市場的現況與國際化趨勢,並運用產業分析、SWOT分析與競合策略理論架構,探究在中國政府全面開放新政策所引發的競合效應,尤其是針對中國本土券商、外資券商與台灣證券業者在中國證券市場可能形成的競爭態勢進行分析。 此外,本文並以外資券商瑞銀證券公司為個案進行研究,探討新政策出臺後對外資券商的成長機會內涵,以及思考創新經營模式的可能性,同時,對於中國本土券商該如何迎接挑戰,給予策略方向建議,進而討論建構中外券商之競合策略。 本研究結果顯示,中國證券市場全面開放,將促進中國證券市場更加規範及制度化運作,與國際金融市場會有更多元化交流,將進一步提高中國證券產業的國際競爭力,同時,也給予境外投資者更多進入中國市場的手段及機遇。短期內對經紀業務衝擊不大,以價格競爭為主的業務模式已不可持續,因此較劇烈的競爭可能集中於投行、財富管理及海外業務等利潤豐厚的領域,中國證券產業有機會掙脫過度競爭而進入良性競爭,共同實現互惠雙贏。 On April 28, 2018, China's Securities Regulatory Commission issued the 'Administrative Measures for Foreign-invested Securities Companies' and finally waited until China's mainland fully opened up to all foreign investors, rekindling the hope of Taiwanese securities firms to develop in mainland China. This regulatory change is not only allowing foreign investors to form joint venture but also gradually liberalizes its business field. Furthermore, foreign security brokers are allowed to hold share majority share and even wholly-owned status later on. Such a large-scale liberalization of China's access restrictions on the securities industry is a milestone of China's financial industry opening-up. To explore the potential opportunities following de-regulation, this study studies the current situation of China's securities industry, the development trend and the impact of the opening of China's capital market, with special emphasis on investigating the possible competition and partnership between Chinese local securities firms, foreign joint venture brokers and Taiwanese brokerage firms in the Chinese securities market caused by the Chinese government's new policies . Based on secondary information and support from useful theoretical framework of strategy analysis, our research conduct five-force analysis, SWOT analysis, and co-opetition strategy analysis, among others. Our exploratory research results show that the full opening of China's securities market will be surely helpful for institutionalization and internationalization, which will further enhance the international competitiveness of China's securities industry. It also brings up foreign investors more means and opportunities to enter the Chinese market. Chinese and foreign brokers can form a new partnership relationship to capture growing opportunities while compete with each other can stimulate progress. Competition based on price won’t be sustainable while providing differential services could create value. Service ares such a investment banking, wealth management, and oversea business will be common foci. Overall, China's securities market has a chance to upgrade itself from excessive competition to healthy competition. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/21793 |
DOI: | 10.6342/NTU201900297 |
Fulltext Rights: | 未授權 |
Appears in Collections: | 臺大-復旦EMBA境外專班 |
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