我國商業銀行兼營証券事業的發展策略

Abstract

本文主要之研究目的，係以現行證券商業務發展，及金融機構兼營證券商業務的經營現況分析，並導入Porter之產業競爭模型，以釐清兼營證券商於產業組織架構中的角色定位，及其競爭壓力的來源。 此外，對於近來全球金融市場所產生的系統性風險，以及美國大型投資銀行殞落的成因探討，亦是本文針對兼營證券商業務未來走向國際投資銀行目標，不可忽略的重要課題。 經由本研究的觀察發現，目前我國不論是綜合證券商，或銀行機構的金融發展，皆面臨營運規模過小、業務同質性過高、創新能力不足、及經營策略封閉的結構性問題。因此，就兼營證券商業務之金融機構而言，究竟應以何種競爭策略或市場定位，發展證券商業務，亦是本文極欲探討與發掘的研究重心。 由於本文之發展研究，係以個案銀行個別之發展背景作為分析基礎，並依據SWOT之企業競爭力模型，提出不同的策略配對分析，進而研擬出個案銀行兼營證券商業務的最適發展策略。 在外部競爭條件及內部發展資源之有效配置考量下，個案銀行兼營證券商業務所制訂之最適發展策略方針，可簡單歸納如下： 一、聚焦之業務發展策略 二、利基型導向－企業金融理財業務 三、差異性服務－專業經紀業務 四、金融技術的提昇 五、累積長期發展基礎－3P+1S策略 為達成以上策略發展方針，個案銀行仍應於現行組織架構中，予以重新整合相關業務平台，並增強各業務組別之產品線功能。 其中在業務投入成本及現有組織架構資源限制的考量下，建議於短期發展目標規劃中，以可轉換公司債承銷及資產交換交易，作為拓展證券商業務及跨入投資銀行領域的主要商品媒介，並冀望藉由新商品業務的開發經驗，逐步拓展個案銀行理財商品及承銷業務的行銷通路管道。 簡言之，個案銀行所採行之最適發展策略，主要係依據企業金融業務之現有基礎，透過獨立證券部門之衍生性商品、及承銷業務平台的整合，並以發展全方位企業金融理財、及專業證券經紀，為業務發展導向，期能在現有基礎與經營成本效益兼備的策略下，創造屬於利基型與產品差異化之金融商品服務。未來，並藉由個案銀行兩岸三地的海外佈局策略，逐步將證券及投資銀行業務，推向國際資本市場的發展領域。

The main purpose in this paper is to identify the role of financial institution that concurrently operates security business in the industry. By analyzing the developments of security business and the operation of financial institution, we try to figure out where the competitive pressure among the industry comes from. Furthermore, we apply Porter’s industry competition model to confer this issue. Besides, this issue is trying to explain the systematic risk of global financial market and the reason why the conglomerating investment banks in the United State deteriorated. It’s also important issue to become international investment bank for financial institution that concurrently operates securities business. In our research, all the security firms and banks in Taiwan face structural dilemmas of small operating-scale, high business homogeneity, insufficient innovation ability, and closed-end operating strategy. Thus, what kind of competitive strategy or market position for financial institution that concurrently operates security business should be taken to develop the securities business is also the topic we will discuss in this paper. The analyzing basis of this paper is the individual development background of target bank. According to SWOT model of enterprise competitive power, this paper also provides different strategy matching analysis and develops the optimal development strategy of target bank that concurrently operates security business. To sum up, based on the efficient allocation of the external competitive conditions and internal development resources, the optimal development strategies of target bank that concurrently operates security business are: 1. Focusing business development strategy. 2. Niche-oriented: corporate finance business. 3. Differential service: professional broker business. 4. Financial technology promotion. 5. Accumulating long-term development basis: 3P+1S strategy. In order to achieve the development strategies given above, target bank should reintegrate related business departments and reinforce the product line function of each reintegrated departments. Taking the business cost and limit of existing organization structure resource into consideration, this paper suggests that by means of underwriting convertible corporate bonds and asset exchange transaction as the main media to extend security business and to intervene in investment bank field in short-term. Furthermore, we hope that we can broaden the scope of existing marketing channel of current financial commodities and underwriting business of target bank from the experience of the strategies we suggested. In brief, the optimal development strategy of the target bank depends on the existing basis of corporate finance background. By the integration of independent derivative commodity and underwriting business department, our business activities are trying to develop diverse institution finance management and professional security brokerage. Considering the current bases and efficient cost strategies, we hope that we can initiate financial commodity services of niche and derivate production. Furthermore, in the future we can step by step expand our security business and investment banking affairs to global capital markets in the basis of target bank arrangement strategies in China, Hong Kong and Taiwan.