我國金融控股公司國際化策略之個案研究

Abstract

我國在2002年加入WTO 之後，金融服務業面臨了國際金融機構全球化服務的競爭壓力，為了因應此一局競爭情勢的改變，政府以成立金融控股公司（以下簡稱金控公司）的方式，來提升本國銀行的經營規模與效率，期能與國外大型金融機構競爭。然而，由於金控業者所面臨的主要競爭皆為國際金融機構，而當客戶國際化程度提高，對於金融商品的需求將更加多元，加上，中國大陸經濟體的影響力逐漸增強，因此，金控公司除了增加經營的規模以外，國際化程度將是影響金控公司競爭力的關鍵因素之一。 本研究內容除針對國內的金控產業進行結構分析外，並選取兩家主要金控公司為代表樣本，運用次級資料與重要經理人的深度訪談，進行個案分析，，一方面希望能針對金控公司的國際化佈局以及市場進入策略規劃邏輯進行，在個案的基礎上進行系統性的解析，另一方面則歸納出金控公司在進行國際化時所遭遇之困難與障礙，以期能提供金控業者做為參考，並期能對提升金融產業競爭力有所助益。 在金控公司的國際化策略方面，本研究發現個案金控公司在利基市場的選擇上，首先皆以華人市場之法人客戶為主，然而在進入策略方面，各家金控公司會依法規限制、對市場之熟悉度、進入速度、以及其所偏好之控制模式為考量，選擇不同的市場進入模式。其次，個案金控公司目前在國際化營運上所遭遇之困難包括：(1)雙方法規限制；(2)廠商國際化程度不夠，且缺乏自有品牌；(3)金控公司為求國際化，紛紛計畫進入目前極有潛力之市場，然而限於資源可能無法分散佈局，降低風險；(4) 缺乏國際營運人才。 據此，本研究提出以下幾點建議，以期能作為後續觀察、研究之方向：(1) 金控公司應積極建立消費者市場優勢，取得先佔優勢，並建立差異化；(2) 國內金控公司承銷能力有限，要仔細思考其未來在證券市場之發展方向；(3) 金控公司在進行國際擴張時，應加強其風險控管能力；(4) CEPA提供許多潛在發展機會，政府政策應具備彈性，以協助廠商掌握機會提升國際競爭力。

Having been joining WTO in 2002, the financial service industry in Taiwan faces a great competitive pressure from the entry of multinational financial service institutions. In order to cope with such competition, government policy aggressively promotes the establishment of financial holding companies (FHC) which could both increase operational scale advantages and enhance competitiveness through operational synergy. However, due to the increasing pressure of global competition and corporate customer’s demand toward global variety services, there is a decision imperative of the FHCs in Taiwan to be more internationalized. The purpose of this research is to discuss the current internationalization development of the FHCs in Taiwan and strategic logic leading toward different business configurations. Our approach is to purposively select two major FHCs in Taiwan, upon which in-depth case studies are developed. With secondary information and interviews of key informants of these two case firms, we are able to depict the commonality and differences between case firms in their strategy logics of internationalization and selected entry modes. Moreover, we will indicate obstacles and key challenges of internationalization of FHCs in Taiwan. This research found that the choice of niche market to internationalize is similar. However, the choice of entry mode will depend on the regulation, familiarity with local market, speed of entry, and the preferred control mode. In addition, the difficulties of internationalization that FHCs faced include the restricted regulations in host and home markets, client’s low degree of internationalization, less market coverage due to resource constraint, and insufficient human capital for international operations. Finally, this research suggests issues for further observations: (1) FHCs should build differentiation through offering customer benefits and achieving first-mover advantages; (2) Since FHCs don’t have enough ability to underwrite foreign securities, they may focus on their future development on brokerage business; (3) FHCs should well control risk when expanding internationally. Furthermore, the government in Taiwan must keep policies flexible to help FHCs catch the opportunities provided by CEPA to increase their competitive advantages.