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標題: | 期貨商從事槓桿交易業務之策略規劃 Strategic Planning of FCM Engaging in Leverage Transaction Business |
作者: | Kuo-Chun Hsu 許國村 |
指導教授: | 李存修(Tsun-Siou Lee),張景宏(Ching-Hung Chang) |
關鍵字: | 槓桿交易商,外幣保證金交易,SWOT矩陣策略, Leverage Transaction Merchant,foreign exchange margin trading,SWOT matrix strategy, |
出版年 : | 2018 |
學位: | 碩士 |
摘要: | 自臺灣期交所推出第一檔期貨商品以來,迄今已近20個年頭,雖然我國整體期貨市場交易量仍持續增長,但國內期貨商彼此同質性高,早已處於價格競爭激烈的一片紅海中,因此槓桿交易商的開放可使期貨業者能從現有的國內外集中市場,跨足至店頭衍生性商品市場,並期望能透過增加營業項目來擴增商機。然而,期貨商從事槓桿交易業務究竟是機會還是另一片紅海,既有業者如何延續優勢與潛在進入者對抗或未來的發展方向與策略,是本文研究主題。
本研究藉由波特五力分析、SWOT分析與矩陣策略,透過國內槓桿交易商實務發展現狀與限制,並結合香港、新加坡發展槓桿交易之相關經驗,與內地服務實體經濟之經驗,分析出我國槓桿交易商產業結構及其競爭利基,進而探討期貨商從事槓桿交易業務未來的發展方向與策略,得出結論如下: 一、 以目前槓桿交易商業者皆有經營之外幣保證金交易業務,受限於購買者議價能力高且有替代性產品之威脅,是項產品差異度極低,故實為高度競爭之產業。 二、 槓桿交易商進入門檻高,特別是對於新進業者有諸多障礙,故尚未申請槓桿交易商經營資格之期貨業者應審慎評估,是否具有通路優勢或進行價格戰的能力,而目前跨足槓桿交易商是否還具有其超額利潤。 三、 透過 SWOT分析瞭解到目前槓桿交易商最大的威脅與劣勢,其實是來自於國外的券商,業者間應儘速推動內文所述之 SWOT矩陣策略以改善經營環境。 四、 不論新進或既有業者皆須思考未來會面臨的價格戰,倘能規畫適當之風險額度,針對客戶交易數據及部位選擇自留或拋補,以期能將獲利最大化,或及早研擬如何利用現有軟硬體設備增闢業務項目,避開保證金交易市場從服務實體經濟的角度切入,亦為開拓藍海市場的辦法。 針對政府法規限制與賦稅制度亦有建議如下: (一) 對屬自然人之一般客戶可提供之交易服務限制鬆綁。 (二) 開放僑外資從事槓桿保證金契約交易。 (三) 外幣保證金交易賦稅制度調整。 Since the first product launch on the Taiwan Futures Exchange, it has been nearly 20 years, although the trade volume of the overall domestic futures market continues to grow, the domestic futures companies are highly homogenous and have long been in the Red Sea market with fierce price competition. Therefore, the authorized of Leverage Transaction Merchant will enable futures industry to move from the exchange markets to over-the-counter derivative markets and hope to expand business opportunities by increasing this project. However, whether the futures industry is enter in Leverage Transaction Merchant business is an opportunity or another Red Sea market, it is the subject of this paper to explore how the industry will continue its advantages versus potential entrants or future development directions and strategies. This study analyzed the status quo and limitations of domestic Leverage Transaction Merchant through the Porter Five Forces analysis, SWOT analysis and matrix strategy, combined with the relevant experience in the development of leveraged transactions in Hong Kong and Singapore, and experience of China in serving the real economy to analyze industry structure of domestic Leverage Transaction Merchant and competitive advantage, and explore the future development and strategy of the futures industry enter in Leverage Transaction Merchant, the following conclusions: 1. Currently foreign exchange margin trading business operated by Leverage Transaction Merchant is limited by the high bargaining power of buyers and the threat of alternative products. Product differentiations are very low and therefore, a highly competitive industry of this business. 2. Leverage Transaction Merchant has high entry barriers, especially for new entrants. Therefore, futures commission merchant that has not yet applied for the qualifications should carefully consideration, whether they have place advantage or ability to conduct price competition, and still have its excess profits with enter in Leverage Transaction Merchant? 3. Through the SWOT analysis, we learned that the biggest threats and weakness of Leverage Transaction Merchant are actually comes from foreign brokers. The industry should promote the SWOT matrix strategy described in the article to improve the business environment as soon as possible. 4. Both new and existing industry must consider the price competition they will face in the future. If they can plan appropriate risk quota, they will choose covering or keep for customer trading data and looking forward to maximize profitability, or as early as possible. To discuss how to use existing software and hardware equipment to increase business projects and avoid foreign exchange margin trading market from the point of view of serving the real economy. It is also a way to develop the Blue Ocean market. There are also recommendations for government regulations and taxation systems as follows: (1) Restrictions on the trading services available to general customers who are natural persons. (2) Available overseas Chinese and foreign investor engaged in leverage contract. (3) Adjustment of the taxation system for foreign exchange margin trading. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/77578 |
DOI: | 10.6342/NTU201802372 |
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顯示於系所單位: | 財務金融組 |
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