台灣地區投信產業策略群組之實證研究

Abstract

1983年，為使台灣金融市場發展更加穩定與成熟，同時邁向國際化，政府計劃性地開放國內六家銀行成立「國際證券投資信託股份有限公司」，並引進國外深具證券投資信託專業經驗的基金投資機構，開啟了我國證券投資信託事業，二十餘年來的發展，投信業已進入完全競爭的時代。 在產業發展的過程中，雖遇過1997年公元投信的債券型基金假定存單事件，引起投資人對基金管理公司的信用危機；1998年金融風暴，使部份投信公司誤踩地雷債，造成贖回風險；及這些年來，少數個別公司因經營不善，使基金清算或公司易主等，都未曾如2004年的「聯合投信事件」引發產業全面的債券型基金贖回風暴，重創多數投信公司，來得嚴重。因此，此一事件實為國內投信事業發展的重大分水嶺。2005年在主管機關要求投信公司處理債券型基金中持有之結構債，使原本隱藏的龐大虧損浮出台面，實是業者難以承受之重；2006年開始，由於債券型基金資產規模大幅縮水，投信業原本賴以維持獲利的產品難以為繼，生存壓力將迫使投信業如果不能盡快找到填補債券基金資產規模的新商品，一場殘酷的淘汰賽即將展開。 根據過往的產業發展，近年來投信界在發生危機時的的版塊重新整合，普遍以經營權轉移為主，少見退出市場的情況。因此，歷經產業有始以來的全面性風暴，產業內個別公司的競爭優勢、策略發展、產業地位等勢必有所變化。本研究希從策略群組及群組移動等理論來驗證投信產業歷經重要事件後的變化。 本研究首先探討影響投信產業的策略變數，並經由集群分析將2000年與2005年投信公司予以分群，分別觀察不同時間點的產業內個別公司的策略位置及不同時間點的移動情形；同時比較經過實證的結果能否與產業現況及產業中專家的認知一致；並依各策略群組移動的狀況，及各群組的投信公司提出策略建議。 最後，本研究經實證研究後獲得以下結論： 一、 經由專家訪談而獲得之策略變數，可以做為投信產業區分策略群組的重要策略變數。 二、投信公司之債券型基金比重高低，確影響公司獲利及產業競爭力。 三、最具競爭優勢的投信公司，仍以擁有金控背景或外資加持的公司為主。 四、除了擁有金融集團資源之外，利基型投信仍有生存空間，重點在專心於產品創新並取得投資人信賴。 五、驗證2005年之股票型基金，其兩年期績效及Sharp值，在不同策略群組間具有差異性；因此投信公司應可以股票型基金之績效在市場中做出區隔。 六、投信產業亦可適用策略群組、群組移動及移動障礙等理論。

In order to make Taiwan’s financial market more sophisticated and mature, in 1983 the government encouraged six domestic banks to establish “International Investment and Trust, Ltd.,” and permitted foreign asset management companies to enter Taiwan’s market. This marked the beginning of the investment trust industry in Taiwan. After 20 years of development, the industry is now in an era of intense competition. In 2005, the government required all investment trust companies to deal with their bond funds’ structured bond problems. In facing the problems, all investment trust companies risked severe losses. Beginning in 2006, the size of bond funds shrank dramatically, significantly reducing the profits of investment trust companies. This resulted in investment trust companies seeking alternative investment products to maintain profitability and ensure their survival. History shows that in a crisis that causes industry consolidation, change in ownership is more common than withdrawal from the market. Currently the investment trust industry is facing a critical challenge it has never before experienced. Competitive advantages and positions are shifting among investment trust companies, and strategies are changing as well. This research first identifies variables affecting the investment trust industry and attempts to classify investment trust companies according to these variables for 2000 and 2005. Changes in the strategic position of investment trust companies are observed between these two periods and compared with the current market conditions and the understanding of industry specialists. Accordingly, we will submit strategic proposals to individual investment trust companies in different market positions. Finally, this research obtains the following conclusion after positive research: First, after interviewing with expert of industry to obtain strategic parameters, they can be run for grouping companies of investment trust industry. Second, the proportion of the bond fund is key issue for any company of investment trust industry, it is really influence company's making a profit and industry's competitiveness. Third, the most competition of companies, they still rely on the fact that there is financial holding company to backup or the foreign investment company to support. Fourth, besides the above mentioned, the niche companies are still survival in industry, the key point is to develop innovative products and obtain investors’ trust. Fifth, verify the equity fund of 2005, its two -year performance and Sharp value, have difference among different one group of strategic groups. It sould make differentiation in industry when investment trust company raise its performance of equity fund. Sixth, theories of strategic group can be applied in this industry.