台灣證券商加值服務與營運績效關係之研究

Abstract

美國次級貸款引發的金融風暴，以及證所稅復徵的衝擊，使得台股面臨前所未見的窒息量，造成證券商產業的面臨生存關頭。各家券商紛紛採用殺價競爭、裁員減薪等手段，期待度過此次的艱困期。 本研究希望透過探討加值服務對於顧客滿意度與忠誠度的正面影響，了解能否透過創新、異質化的加值服務，提升顧客滿意度與忠誠度，並有效帶動營運績效，跳開殺價競爭的紅海市場。另外，也希望藉由加值服務種類的探討，針對我國政府對金融產業的嚴格管制方式，找出一個兼顧監督與創新空間的制度，並透過積極鼓勵方式，以及市場良性競合關係，將金融業推向國際化、多元化發展，促使證券業經營績效不再完全受制於交易市場的景氣牽動，得到風險分散與穩定獲利兼具的經營模式。 此次研究利用富邦證券在台北市各行政區據點進行，使用非隨機抽樣調查，透過方便取樣與配額取樣之折衷方式進行，透過證券投資態度與經歷、對證券產業加值服務的認知態度、不具名的受訪者基本資料，以及對證券交易加值服務及政府或業者的改善建議，進行各種分析。 研究結果顯示，超過六成一的受試者認為當前整體投資環境顯著變差，且對於選擇證券商而言，是否有加值服務與便利的下單機制是選擇證券商的重要依據。同時受試者對於新型態的數位交易方式偏向願意，且相當期待能夠實施個人化服務。在加值服務項目裡，市場資訊之主動提供，是受試者最期待的項目，也顯見市場投資人對於訊息之渴求，與資訊不對稱之現象，是未來證券商發展出差異化的重要切入點。而在客戶分類上，介於21~30歲以及51~70歲的女性在忠誠度經營上效果最為顯著。建議可針對這項結果，進行更深入的分析探討，有助於證券商在設計或規劃新服務時，能針對貢獻度與忠誠度效果最顯著的客層作為目標對象。

The US subprime mortgages brought on global financial crisis. Followed by the imposing of securities transaction tax, TAIEX has recorded its lowest point. Brokerage industry has come to a juncture. Besides the ongoing price war, brokerage firms manage to weather the storm by dishing out dismissal and pay cut. The primary goal of this paper is to examine the positive effects on customer satisfaction and loyalty when providing valued-added service (VAS). Whether brokerage firms could increase customer satisfaction and loyalty, better operating performance and create blue oceans by offering various innovative VAS. A secondary goal is to find a new system of supervision which can leave room for changes outside the strict financial regulations in Taiwan, and together with co-opetition, to globalize our financial industry with variation. The operating performance will no longer bind to the market. Brokerage industry can benefit from stable revenue and risk diversification. This study employs non-random sampling, including convenience sampling and quota sampling. Based on the data acquired from Fubon Securities branches, this article analyses anonymous participants’ personal information, perception of brokerage VAS, investment experience, and comments on VAS, brokerage or government. The result indicates that over 61% of participants consider the market declines, and that they tend to choose the brokerage firms according to VAS and convenient ordering system. It also shows tendency of respondents is “willing to” make orders online and they look forward to customization. Also, giving market information is the most desired item in VAS, which reveals the importance of information for investors, and information asymmetry in stock market. This finding uncovers a critical divergence when brokerage firms develop their VAS. Loyalty operations have significant effect on female participants aged 21-30 and 51-70 among all interviewees. Profitable and loyal customers should be target customers for future VAS programs. Further evaluation focusing on target customers is recommended for the benefit of service design and development.