金融控股公司之證券子公司經營策略研究

Abstract

我國綜合證券商自民國77年修正證券交易法准予設立以來，其非僅就證券業務占有重要比率，且於金融市場占有舉足輕重地位。而「金融控股公司法」於90年6月27日立法院制定三讀通過，並於90年11月1日正式施行，隨即台灣便興起一股金融整合併購風潮，目前已有14家金融控股公司獲財政部核准設立。金融控股政策的轉變，徹底改變我國金融資本市場的結構及競爭態勢，業者透過合併的手段，走向大型化的金融控股集團模式，跨業經營的趨勢已然成形，整合銀行、保險、證券以及理財等業務的多元化金融服務提供以客戶最具效益的選擇也成為主流趨勢。故本研究透過對金融控股公司之證券子公司進行產業分析，並找出其關鍵成功因素，輔以專家深度訪談與個案研究之實證，對金融控股公司之證券子公司建議適當之經營策略。 本研究之研究結果發現： 一、金控證券子公司與一般綜合券商在經營策略上的主要差異之處在於「交叉行銷」、「成本下降」以及「金控資源的運用」三方面； 二、金控體制能帶給其證券子公司「共同行銷」、「金控資源的運用」以及「規模經濟」三大競爭優勢與資源； 三、子公司組織較功能別組織之金控證券子公司擁有較佳而穩定的績效表現； 四、國內證券商未來發展及尚待努力強化的方向有「規模大型化、集團化」、「經營整合化」以及「國際化」。 五、國內金控證券子公司的關鍵成功因素有「專業人才與知識能力的掌握」、「金融版圖的完整」、「金控資源及產品整合的能力」、「金控公司的資訊整合」、「產品訂價能力」、「產品創新設計能力」六項。

The passage of Taiwan’s revised Securities and Exchange Act of 1988 permitted the establishment of securities dealing firms in Taiwan. Since then they account for a significant proportion of the domestic securities transactions and as a group, plays a pivotal role in Taiwan’s financial market. And a radical transformation of the landscape and competitive structure of the Taiwan financial market occurred following the subsequent passage of the Financial Holding Company Act on June 27, 2001 and its implementation since November 1, 2001. With the official approval of the Ministry of Finance, 14 financial holding companies have since been formed, resulting mainly from a surge in M&A activities among Taiwanese financial firms. This led to an emerging trend towards the formation of large-scale integrated financial groups that are able to offer a broad spectrum of financial services arising from the integration of hitherto specialized financial service firms, particularly banks, insurance companies, and securities dealers. This research employed two qualitative methods: (1) focused interviews with industry authorities and (2) a case study of an unnamed securities dealing subsidiary of a NT$60 billion (US$2 billion) Taiwan-domiciled financial holding company. The design of the interview questionnaire and the case study analysis is based on an analytical framework derived from an industry analysis consisting of an external contextual analysis, a competitive analysis based on Porter’s conceptual framework, and comparative analyses of the business and operating performances of the securities dealing subsidiaries of the 14 financial holding companies. The conclusions of the research, based on the findings of the study include the following: 1. Three major operational features that distinguish financial holding company securities subsidiaries from non-affiliated integrated securities firms are: cross-marketing, operating cost savings, and access to holding company resources. 2. The financial holding structure offers securities subsidiaries three significant competitive capabilities and advantages: (1) co-marketing with other subsidiaries, (2) use of the group’s combined resources, and (3) economy of scale and scope. 3. Compared to non-affiliated securities firms, a financial holding company securities subsidiary tends to have better and more stable performance 4. The future development of the domestic securities industry will likely trend towards the formation of large-scale corporate entities, business integration, and globalization and industry plays need further work to boost these trends. 5. Six key factors contribute to the success of domestic financial holding company securities subsidiary, which include: (1) availability of professional and intellectual capabilities, (2) comprehensive scope of financial service offerings, (3) ability to integrate with the group’s resources and products, (4) integration with the financial group’s information system, (5) greater ability to price products, and (6) ability to design and create new products.