台灣金融控股公司的成長與亞洲市場進入策略研究

Abstract

台灣的金融產業已臻成熟階段，如何繼續成長及發展，是各家金控公司的關鍵策略議題。有鑑於此，本研究欲藉由探討金融體系的競爭與經營要素，以及亞洲市場的機會內涵，了解市場競逐者的策略發展空間，並選擇國內多家不同類型的金融控股公司作為多重個案研究的樣本。 首先，本研究針對國內金融產業發展歷史沿革進行了解，然後，再運用SCP架構進行產業分析，其後進一步分析金融控股公司樣本的各項營運指標，並運用C-SOP模型、組織設計三要素以及成長策略的3S模型，從多層面解析個案公司的成長策略內容，最後再運用CAGE模型、CPA模型分析亞洲市場的機會樣貌與特質，參酌樣本公司現有的亞洲市場進入策略選擇，據以提出對台灣主要金融控股公司未來的國際化發展建議。 在金融控股公司的經營與成長部分，本研究發現台灣的金控若能在發展歷程中掌握適當的時機採取併購及強化其內部改造與成長，並適時發展海外進入策略，便得以發揮規模經濟、範疇經濟以及國際跨業投資等綜效；而在亞洲市場進入策略的部分，將經過CAGE距離屬性調整後依照發展機會排序的國家對照主要金控實際發展佈局後仍有所差異，分析後得出與准入條件、進入時機以及文化等其他無法量化並包含在CPA模型的調整變數中的質化因素有所關聯。整體而言，本研究結果對於金控公司未來國際化與區域化的發展，在策略邏輯與對應組織規劃上，都具有參考價值。

The main purpose of this thesis is to unravel key success factors of major financial holding companies (FHCs, hereafter) in Taiwan and explore their strategic opportunities in Asian markets to sustain continuous growth. We take multiple case study approach and purposively select seven major FHCs as research samples. Guided by the SCP paradigm, we first conduct a thorough analysis on the industry structure and performance. With these fact-base analytical results, relative competitive strength and success factors of these sample companies are concluded. We then apply C-SOP and 3S models to unravel growth strategies of sample FHCs and use CAGE and CPA model to analyze Asian market opportunities. Last but not least, by comparing the theoretical outcome with practical implementation, we could conclude the insights from the existing entry strategies of Taiwan’s major FHCs in Asian market. Our research results can be depicted as following. In terms of company growth, the synergy, economies of scale and economies of scope would appear when the FHCs seized the right timing to emerge the M&A and launch the overseas expansion to boost the growth internally and externally. In the aspect of Asian market entry strategy, there would be some difference between practical and theoretical outcomes in the CPA Model after adjusting various distances according to CAGE. After throughout analyses, the reason lies in the facts that there have been more qualitative factors such as capital and entry regulatory, the timing of entry, culture effects and so forth which could not be quantified and included in the CPA adjustment options. Based on these results, implications to the theories used in the research and to the strategic planning of FHCs are also discussed. To further understand this topic, future research may consider using quantitative indicators, benchmarking or extending the topic to the global market as measures in order to advance and gain more insights.