台灣專營期貨商之創新收益模式研究

Abstract

自民國83年國外期貨開放後，期貨交易的風潮興起，歷經86年台灣期貨交易所成立及其後數次的新品契約上市後，至95年11月止，期貨市場整體的交易量已來到2億1503萬口的新高，短短十三個年頭，期貨市場的發展倍速成長。與83年創立時僅有的34.4萬口比較，市場交易量成長了625倍，這樣的發展讓人驚嘆。 然而近年來期貨市場高度成長，專營期貨商的經營獲利卻未同步成長，相較於90與93年的整體市場交易狀況，市場交易量大幅成長了9.3倍，但專營期貨商稅前損益僅僅成長了20%，其間的差距相當可觀。本研究認為近年來市場交易結構改變，可承作經紀業務比重不斷降低，且本土專營期貨商家數眾多，彼此間業務同質性太高，各專營期貨商為爭取有限客戶，彼此間不斷削價競爭，進而造成期貨市場競爭過度，也讓期貨商自身的經營獲利能力面臨嚴峻考驗。 若要擺脫價格競爭的產業宿命，建立起有別於同業的差異化策略是必要的。本研究的目的就是希望藉由期貨業創新收益模式的可能性分享，激發同業擬定創新策略的無限可能，最後航向屬於自身開創的藍海。 本研究提出了四個專營期貨商創新收益模式的觀點，包含法人機構之風險管理顧問專案、顧問加值服務模式之創新、期貨市場客戶之開創、以及跨業種合作，並針對跨業種合作的部份做更詳盡的討論。創新的來源無限寬廣，期望本研究的成果能提供專營期貨商經營發展上之不同思維及方向，專營期貨商可依據自身的資源與競爭優勢，尋找出最合適的創新定位與策略。

From the international futures and options deregulated in 1994, Taiwan futures market began to grow up swiftly. In 1997, Taiwan Futures Exchange was set up to develop the Taiwan futures market and created several products. Until Nov 2006, the futures market volume is going to a new high to the 215 million contracts. Compared with the volume (344,000 lots) in 1994, the market volume increased 625 times. It was a fabulous achievement for this growing only 13 years. However, even the futures market continues growing fast, the revenue of futures commission merchants (FCMs) is not increase the same way. To contrast with the market of 2001 and 2004, the whole volume increased 9.3 times but the gross profit before tax for all FCMs only rose 20%, which was a big gap between the volume and profit. One of the most significant reasons is owing to the change of trading construction. The rate of proprietary traders continues going up. Meanwhile, the quantity of local FCMs and similar business model also cause this terrible consequence. Therefore, the challenge becomes intensive so that to damage the profit of all FCMs. To change this over-competitive situation, it is essential to develop a differentiation strategy. The purpose of this study expects to share the possibility of innovative business models so that can motivate more FCMs to contribute new innovative strategies. The research mentions about four innovative business models that include corporate risk manage consultant project, the innovation of value-added consultant model, the creation of new customers, and strategic alliance with other Industries. Among these four models, the cooperation in cross industries, which FCMs may further establish new operating area by the combination of each professional, will be specially emphasized. Hopefully the models mentioned in the study can be efficiently utilized in FCMs industry, and FCMs can rely on their resource and competitive advantage to find out the most suitable market positions and creative strategies.