台灣基金管理業進入國際市場分析－以進入中國基金市場為例

Abstract

論 文 摘 要 台灣基金管理業競爭激烈，如何擺脫陷於競爭，業者有往國際發展的動機。本研究將基金管理業的國際發展分為兩種：一是投資標的國際化；二是資金來源國際化。在此架構下，本研究根據湯明哲(2003)「企業成長」及Hill et al.(1990)「國際進入模式」理論探究國際型基金管理機構之經營模式與台灣業者進入中國市場可行性，得到結論如下： 首先，國際型基金管理機構以垂直整合擴大資產規模、以購併建構「集團化、複合式品牌的投資平台」；單一品牌經營者則專注「產品創新」、借力其他國際銀行通路優勢將產品行銷至全世界。其不斷複製跨國投資平台，在跨國投資商品的發行速度及品牌知名度上創造優勢，形成全球性研究網絡，利用在地化的通路經營掌握散布於全球的散戶投資人。產品方面則以共同基金為主，投資標的單純、操作模式簡單，利於全球管理。 其次，以進入中國基金市場為例，除了台灣法令尚待開放與兩岸金融監理備忘錄(MOU)尚待簽署外，在投資標的國際化方面，台灣業者發行的基金如要投資中國A股，尚須增加資產規模以符合中國(QFII)資格。在資金來源國際化方面，若直接參股基金管理公司，台灣業者在資本額及資產規模相對較小，應結合集團資源進行，並以保險業切入是較好的選擇。法令未突破前，業者應創造利基產品或服務差異化，關注中國股市發展。此外，雖然中國擁有發展潛力，但是中國經濟結構的調整與轉型是否影響資本市場的發展、中國中央及地方政府政策的不確定性，都是業者進入中國市場時須慎重評估的風險。

Abstract Due to the tough competition in Taiwan Fund Industry, Securities Investment Trust Companies are well aware of internationalization. This study proposed two possible approaches for fund industry to develop national markets: One is investment portfolios internationalization; and the other is investment capitals globalization. By using this framework, based on Tang’s (2003) “growth model” and Hill et al.’s (1990) “entry model”, the study investigated the business models of international fund management institutions and the entry mode of China Fund Market for Taiwanese companies. Several conclusions are summarized as the following: First, International fund management institutions used vertical integration to enlarge the asset volume, and constructed multi-boutique investment platforms. The single-brand institutions which focused on the product innovation established joint venture with global banking channels. Continuing duplicating and leveraging the investment platforms, international institutions earned the reputation and the strength on international mutual funds. By a distribution localization strategy, the institutions easily communicated with global investors. For global management, the product strategy of those institutions was to list mutual funds with either stock or bond portfolios. Secondly, for entering China fund market, except the government’s legal restrictions and the unsigned MOU, Taiwan fund management companies are suggested to focus on the following two dimensions. In the dimension of investment portfolios internationalization, Taiwan companies have to enlarge asset volume so that the funds can be qualified by China QFII .In the dimension of investment capitals globalization, the result suggest the resource integration, the use of insurance sectors as the key access.Before the breakthrough of legal problems, Taiwan companies should develop niche market and products, and pay attention to China stock market. Finally, although China market seems to have the prosperous potential, there are still several risks for Taiwan enterprises. For example, the effect of the adjustment and transformation of economic structure on capital market, and the uncertainty of China government policy, should be all taken into considerations by Taiwan enterprises.