外資投信在台灣之經營策略：聯博投信之個案研究

Abstract

台灣共同基金市場已發展了近40年，從早期四大投信寡佔市場，到2005年實施「境外基金管理辦法」，境外基金逐漸成為市場主流。自2016年以來，全球ETF市場蓬勃發展，本土投信跟隨此趨勢大舉發行ETF產品，管理資產規模更在2019年一舉超越外資投信。然而，外資投信面臨利潤持續被通路壓縮，替代性金融產品玲瑯滿目、政策不利境外基金等困境，在如此競爭的市場中，外資投信該如何突圍，找到新的成長方向呢？ 本研究以個案公司為例，利用個案研究和專家訪談，透過五力分析剖析投信產業的現狀，藉由商業模式九宮格歸納出個案公司過去成功的關鍵因素，利用安索夫矩陣針對個案公司未來發展的方向給予建議，最後以戰略鑽石模型發掘自身優勢，一步步實踐持續成長的目標。 最後，期許主管機關能秉持開放的政策，讓外資投信引進更多創新的商品，與本土投信共同成長，幫助台灣基金產業國際化，為投資人提供更多元化的選擇。只要有正確的策略和政策，台灣的共同基金市場仍然可以繼續茁壯成長。

The Taiwan mutual fund market has been developing for almost 40 years and has undergone significant changes over time. From the early dominance of the four major investment trust companies to the rise of offshore funds as the mainstream after the implementation of the "Regulations Governing the Management of Overseas Funds" in 2005. In recently years, the global ETF market has been booming, and local investment trust companies have followed this trend by launching ETF products, with assets under management surpassing foreign investment trusts in 2019. However, foreign asset managers are facing challenges such as continued profit compression by channels, a plethora of alternative financial products, and unfavorable policies towards offshore funds. In such a competitive market, foreign asset managers need to find new growth opportunities and break through these challenges. This study takes a case company as an example and uses case studies and expert interviews to analyze the current situation of the mutual fund industry through a five-force analysis. By summarizing the key factors that have contributed to the case company's past success through the Business Model Canvas, the Ansoff Matrix is used to provide recommendations for the company's future development direction. Finally, the Strategic Diamond Model is used to explore the company's own advantages and step-by-step implementation of its goal of sustained growth. In conclusion, it is hoped that the regulatory authorities can uphold an open policy to allow foreign asset managers to introduce more innovative products and grow together with local investment trust companies, helping to internationalize Taiwan's mutual fund industry and provide investors with more diversified choices. With the right strategies and policies in place, the mutual fund industry in Taiwan can continue to thrive and contribute to the growth of the overall economy