台灣證券投資信託事業之競爭策略

Abstract

本研究針對台灣地區之投信公司為研究對象，以價值鏈模型、五力分析、關鍵成功因素以及鑽石模型，並配合投信業的特性，分析我國投信產業競爭形態。運用次級資料分析法、專家訪談法等完成本研究之結論。 我國投信業以價值鏈模型分析結果，四項價值活動分別為：了解市場需要、基金產品形成、行銷基金產品與客戶服務等。此四項價值活動最主要建立在公司的行銷活動、資產管理與客戶服務。公司基礎建設、人力資源管理、研究發展活動、內部控制與風險管理則形成支援活動。 本研究五力分析的結果，可以了解目前投信業的競爭形態為：中度進入障礙、同業競爭激烈、替代品威脅不大、購買者議價力低、供應商有中等議價能力。 分析我國投信業關鍵成功因素，本研究歸納基金績效表現、良好的企業品牌形象、完整的銷售通路、完整的產品線及完善的客戶服務。 以鑽石模型分析我國投信業，國內網路基礎建設發達，金融與資訊人才尚稱充足，再加上國內發達的投資風氣，投信業相關支援產業完整。近來集團化的結構越來越盛行，實施資源共享之下可達到最大效益。但也帶來更激烈的競爭，如何顯示本身金融集團的品牌特色將成為最大的課題。

The purpose of this thesis is to examine the competition environment of the securities investment trust industry in Taiwan, with analytical techniques such as value chain, five forces, key success factors and diamond models. We have collected secondary information and conducted interviews with senior managers of the industry to accomplish the thesis. With value chain model, we have identified four value activities and they are: (1) understanding the market demands; (2) formation of fund products; (3) marketing fund products; and (4) customer services. These four value activities are established on the corporation marketing activities, asset management activities and customer services. Infrastructure, human resources management activities, research and development activities, internal control, internal audit and risk management have become the supporting activities of the securities investment trust industry. The results of five forces analysis on the industry are as follow: (1) the level of entrance barriers is medium, (2) competition within the industry is fierce; (3) the threats of substitution are low; (4) buyers’ bargaining powers are weak; and (5) suppliers have medium bargaining powers. The key success factors of the securities investment trust industry are: (1) overall performance of subordinate funds; (2) great enterprise branding and reputation; (3) integrated marketing channel; and (4) complete product lines and comprehensive customer services. Our analysis of the industry using diamond model shows that the industry is equipped with a well-developed infrastructure of information communication technology, supported by sufficient amount of competent professionals from both financial and IT industries, under a rising investment atmosphere, and strongly linked with other supporting industries. In recent days, the aggregative trends of the industry indicate a continual growth trend and greater competition among the industry. The most important of all is to reveal strong brand image of the group to all investors.