從我國證券商的發展經驗看其未來的發展策略

Abstract

在政府「以服務業再創台灣經濟奇蹟」的願景下，行政院金融監督管理委員會於93年7月1日正式掛牌成立，並期藉由資本市場的國際化與自由化，以立法從寬執法從嚴的原則鬆綁法規，讓業者有良好的發展空間，並建構以服務導向的金融管理文化，推動台灣成為區域金融中心，證券商在資本市場扮演著極重要的中介者角色，如何在此關鍵時刻掌握發展契機與方向以開創新局是本研究的動機與目的。 本研究藉由六力分析架構的六個面象，分析我國證券產業之結構及其利益，並透過我國證券商發展投資銀行業務、財富管理業務，以及內部控制與風險管理之相關文獻的蒐集與探討，再藉由與國內證券市場領導者之個案訪查，以及國外證券領導者之財務業務資料之分析，瞭解國內、外證券市場領導者之發展經驗、發展策略、核心業務及全球化之布局。最後，以SWOT分析國內券商之競爭利基，進而發掘我國證券商之發展方向及策略。 本研究結果發現，國內證券商的主要營業收入及獲利來源來自於經紀業務及信用交易業務，惟因主管機關持續放寬證券商經營業務的範圍及轉投資事業之限制，證券商在衍生性金融商品、債券業務方面之營收及獲利亦有不錯之表現，證券商之稅前純益自89年起與集中交易市場成交值的關聯性已轉為負相關，顯示多元化的發展是證券商持續穩定獲利的重要因素，本研究並提出下列建議： 1.對證券商的建議 1-1.建立良好的公司治理及風險管理機制 在政府採取法令鬆綁及差異化管理的政策下，必須特別注意法令的遵循，以免業務的開創受到限制而喪失先機，透過良好品牌形象的建立，才能在吸引顧客及策略聯盟夥伴上取得優勢。 1-2.證券商要獲取利潤，必須能為顧客創造價值，顧客導向可以讓我們瞭解顧客需要，但在競爭激烈的環境中，證券商必須走得比顧客更快、更遠，透過通路行銷來引導顧客，提供創新及差異化之服務與商品，才能維繫與顧客的長久關係，此時如何提升通路的價值及人才的培育就顯得格外重要了。 1-3.美林及高盛證券都是於證券業務奠定良好的基礎後再發展投資銀行業務及海外市場，元大京華、富邦及中信證券亦採類模式進行其布局，並已有初步成效，海外華人及東南亞利基市場是值得證券商開拓的海外市場。 2.對政府的建議 2-1.金融法令的鬆綁 證券交易法中對證券商業務經營的限制應儘速修法解除，使其能從事完整的證券相關金融服務與商品設計行銷。而在共同行銷及合作推廣上，更應大幅放寬現有規範，改以負面表列方式規範以利其發展。此外在證券、銀行、保險採取一致性的管理，使各業在公平的基礎上發展其業務。 2-2.賦稅制度合理的調整 儘速將衍生性商品及結構型商品採取一致性的課稅方式，以利證券商發展此業務，並建議改課交易稅，不但課徵技術簡易，並可即時取得稅收加以運用。此外外資投資國內債券課徵所得稅之課徵方式亦應儘速修法，以利我國證券市場的國際化。 2-3.建置以外幣交易的境外市場 建置以外幣交易之股票市場、債券市場及期貨市場，並由證券商扮演承銷及造市角色，以引導長期滯留於海外之資金回流國內從事投資。 2-4.開放證券商赴大陸投資之規範 開放證券商得直接或間接赴大陸投資證券商或證券投資信託公司，使我國證券商與國際金融機構在大陸市場有公平競爭之機會。

Under the vision of creating economic miracle of Taiwan by service industry, the Financial Supervisory Commission, Executive Yuan (FSC) was established in July 1, 2004 which expected to assist the development of private sectors by internationalization and liberalization of capital market and deregulation based on the principle of loosening legislation with powerful enforcement. Besides, the government anticipates promoting Taiwan as Regional Financial Center by the constitution of service-oriented culture. This research focused on the development and business scope in the meanwhile of the securities firms, one of the important intermediaries of capital market, which were the motivation and goals of this study. This research analyzed the industry structure and benefits based on the 6 forces of industry analysis, and reviewed related papers of investment banks, wealth management, internal control and risk management. This research also studied cases of domestic market leaders and analyzed the financial and business information of foreign market leaders to understand their experiences, strategies, core businesses and globalize arrangements. Finally, the developments and strategies of domestic securities firms were found after SWOT analysis for their competitive niche. The research found that the main operating revenues and profits of domestic securities firms were derived from their brokerage and margin trading businesses. Besides, the revenues and profits from derivatives and bonds were also in good performance due to the relaxing of regulation governing their business scopes and investments. The earnings before tax has been negatively correlated with market trading value since 2000, which shows that diversified development is important for securities firms to keep profits. This study also proposed the following suggestions: 1.To the securities firms: a)Building the mechanisms of corporate governance and risk management The securities firms must comply with the laws and regulations under the policy of deregulation and differentiated management. Thus, securities firms may achieve advantages of attracting customers and partners for strategic alliance through building better brand images. b)The securities firms must create values for customers in order to achieve profits. Customer-orientation is one way to know customer needs; however, under keen competition the securities firms have to lead the customers by providing creative and differentiated services and products for maintaining long relationship with them. Therefore the enhancement of distribution values and the cultivation of human resources are more important than others. c)MerryLynch and Goldman Sachs Inc. engaged in investment banking and established foreign affiliates after keeping good performance in securities business. In Taiwan the Yuanta Core Pacific Securities, the Fubon Securities and the KGI Securities have been also following similar routes with preliminary and fine outcomes. Therefore the niche markets of overseas Chinese and East-South Asia are worth digging for these securities firms. 2.To government: a)Relaxation of financial laws and regulations The restriction of business scopes of securities firms under the Securities and Exchange Act should be abolished to allow securities firms to provide and design financial services and products. Also, their business scopes should be listed negatively to allow securities firms to engage in mutual marketing and cooperative promotion. Besides, the governance on securities, banking and insurance sectors should be consistent to maintain equal foundation for their developments. b)Streamlining taxation The derivative and structural products should be taxed based on the same principles. Besides, it is suggested that those products should be taxed based on transaction, which is simpler and can achieve tax revenue timely. Furthermore, the regulation governing the income tax of domestic bonds invested by foreign investors should be revised to maintain internationalized securities market. c)Establishing offshore markets traded by foreign currency Establishing offshore securities, bond and futures markets traded by foreign currency and allowing securities firms to be market makers for the sake of attracting foreign capital to invest in domestic industry. d)Allowing securities firms to invest in Mainland Allowing securities firms to invest directly and indirectly in Mainland’s securities or collective investment sectors, which will provide securities firms with opportunities to compete equally with international financial institutions.