社群投資之個案分析及本土發展策略

Abstract

近年來金融科技興起，影響財富管理業之一連串之變革，其中主要包含機器人理財及社群投資等兩種模式。此兩種模式都想要達成賦權投資、流程外部化等兩功能。本文將由財富管理之新興應用概況開啟，介紹現在台灣及海外在機器人理財及社群投資之應用，最後針對社群投資部分，介紹海外4個案及本土2個案之公司概況及其營運模式、生態圈，並且套用VRIO分析進行分析，找出個案之間之價值、稀缺性、易模仿性、組織等四要素。且因應社群投資常用之金融商品模式為差價合約，因此獨立回顧何謂差價合約及常見差價合約之模式為何。 針對個案部分，找出海外個案之成功因素在於其具有價值特色及不易模仿性，且因海外之商品模式與國內不同，導致賦權投資在本土個案中無法成功。同時發現本土個案成立之用意多作為其平台開發商之原公司附屬品，而非真正以社群投資之概念執行並運作。 因此，針對國內欲發展社群投資平台，依據台灣現行環境及本土平台開發商在策略或是功能上之改進，提出建議。並期盼未來國內能有真正完整社群投資功能並實踐賦權投資及流程外部化。

The rise of fintech in recent years has affected a series of changes in the wealth management industry, which mainly include two business models: robo-advisor and social trading. Both of the two models want to achieve two functions: Empowered Investment and Process Externalization. Therefore, this thesis will start with an overview of emerging applications of wealth management, introducing the current applications of robo-advisor and social trading in Taiwan and overseas, and finally comparing operation model and ecosystem of 4 global cases with 2 local cases with VRIO model to find the value, scarcity, inimitability, organization of each case. Moreover, as CFDs are commonly used in social trading, there are an independently review of the definition and the nature of CFDs. Through research, we can find the values of overseas cases and its inimitability. Also, the lack of CFDs directly or indirectly lead to fail in local cases. At the same time, it was found that the purpose of the establishment of local cases was mostly used as the original company subsidiary of its business development, rather than truly implementing and operating the concept of social trading. Due to the lack of derivatives and the wrong strategies of the local cases, there are still much rooms for local cases to improve. Hope the local government and platforms can improve to truly realize the empowered investment and process externalization.