台灣基金產業國際化模式

Abstract

亞洲基金市場發展較歐美已開發國家緩慢，雖然亞洲/非洲GDP比重佔全球GDP比重有3成的水準，但共同基金規模僅佔全球基金總規模的12％。未來亞洲共同基金市場規模將有大幅成長的機會，主要原因來自於亞洲經濟體經濟持續高度成長、亞洲富人階級的興起、資本市場持續蓬勃、退休金制度興起等因素。 目前外資基金公司在亞洲基金市場著墨很深，但亞洲基金公司仍然有藉由國際化使得資產管理規模成長的機會，包括韓國Mirae與澳洲Macquarie基金公司都是在這十年期間資產規模迅速成長，韓國Mirae成為全球新興市場股票基金的領先群，澳洲Macquarie基金公司則成為全球另類資產第一大基金公司。分析兩家公司能夠在外資基金公司強敵環伺之下脫引而出，主要是靠差異化策略，包括產品差異化策略以及市場差異化策略。至於兩者的國際化模式則有所不同，韓國Mirae先實施以開設研究分公司為主的「第三級國際化」，而澳洲Macquarie以擔任海外投資顧問的「第二級國際化」為主。 台灣投信若要展開國際化腳步，公司宜先根據本身資源稟賦發展有競爭優勢的差異化產品，而國際化腳步也會因本身策略上的選擇而有所差異。而在國際化據點選擇方面，台灣投信也需考量當地基金市場現況、總體發展潛力、市場競爭強度、投資人與文化因素下從事國際化。

The mutual fund industry in Asia is underdeveloped rather than Europe/US. Although Asia/Africa contributes 30% GDP of the world, the mutual fund industry size is around 12% of global mutual fund market.The Asia mutual fund industry will grow rapidly due to following reasons: high growth rate of macroeconomics, increase of numbers of high networth individuals, solid capital and financial markets and investment demand from pension system. Although foreign mutual fund companies have large market share in Asia, the domestic mutual fund companies have growth opportunities.Mirae and Macquarie are examples of Asia mutual fund companies with strong AUM growth by Internationalization.They have their own differentiation strategies, either by product or market differentiation. They also have different foreign market entry modes: Mirae developed the “third degree internationalization” first by building up research subsidiary; while Macquarie developed the “second degree internationalization” by providing portfolio adviser service. The first step of internationalization of mutual fund companies in Taiwan is to develop its own unique product. The foreign market entry mode of mutual fund companies in Taiwan will depend on its strategic choice. The following factors should be considered in international market selection process: the current situation of local mutual fund market, macroecomic development, intensity of mutual fund industry competition, investor preference and culture differentiation.