從策略群組觀點探討綜合證券商各事業範疇的經營策略

Abstract

國內現有五十二家綜合券商構成產業內的競爭群體，本研究深入探討經紀業務市佔排名前二十大的本國券商共十六家，並以2001~2004年6月為時間幅度，時序正好跨過2001、2002年景氣低迷的空頭，及2003、2004年股市回升的循環。運用市場交易統計資料，以1994~2004年6月為期十年的縱深觀察，發現了期貨市場交易量的增長，並未對股票交易量產生排擠的影響；外資券商進入後，以服務外資下單為主，對本國券商的實質市佔率也未造成侵蝕或威脅；證券商以「併購擴張通路的策略」快速朝向大型化經營；大型券商提供給顧客的組織資源，交易效率及服務效能已產生「規模經濟」的效應；2002年起陸續加入金控的券商，由於觀察期間不夠長，尚未構成明顯的領先變數。不過，應用金融集團整體資源的綜效，未來必然成為主流趨勢。 此外，本研究嘗試運用取樣券商公開資訊的財務報告書內容資料，以2001~2004年6月為研究期間，歸納各券商在法令開放的各事業範疇，實務上所採取的經營策略，均一致朝向全面性發展，並無明顯的差異化利基，更加深了產業競爭的程度。在衍生性證券相關商品方面，除了認購權證的發行，已帶來「ｓ型擴散效應」外，結構型商品的發展及利率商品的造市交易，仍在萌芽初期。積極開展海外證券事業，當然也是大型券商重要的課題，將承銷業務轉型為投資銀行，將券商自體結構推升為區域型券商型態，更是未來的策略方向。 最後，從研究發現及研究結論推導出的經營策略，絕對需要執行方案及執行力的配合。本研究從券商實務操作，媒體報導，業者行銷活動，經營管理制度等構面，整理而得的「策略活動系統」，或有其「策略模仿障礙」，各券商是否都適合全面引用，並欲期藉助達到相同的策略目的，猶需各自衡量現實的環境條件。不過，產業經驗可以用為啟發策略靈感，倒是可以確定的。

There are 52 securities firms（firms holding either two of the licenses for brokerage, underwriting and dealing are hereinafter referred to as securities firms）now in Taiwan competing to be the biggest financial giant in the industry, this thesis provides an in-depth study on the brokerage business for 16 securities firms whose market penetrations are among the top 20 in Taiwan. Based on the statistics on transactions in the market between 1994 and June 2004, the 10-year market performance suggests the followings: the increasing transactions in futures market have not imposed a threat on stock transactions; the entry of foreign securities firms to service foreign clients in Taiwan has not affected the market shares seized by domestic securities firms; securities firms have sought to increase their sizes drastically through “M&A” and “channel expansion” strategies; bigger securities firms have provided to clients with plentiful resources, organizational effectiveness and professional services sufficient enough to reach a “scale economy”, and in a foreseeable future the power of financial groups and their successful integration will no doubt become the mainstream in our financial world. In addition, this thesis attempts to utilize the public financial reports filed by securities firms between 2001 and June 2004. It is then concluded that securities firms in Taiwan manage the business strategies more practically, consistently and generally, to confront an even harder competition in the market. For financial derivatives, the issuance of warrants has created an “S-type expansion”. The presentation of structural products and interest rate products is still at its initial stage. For big securities firms, one of the primary agenda is to aggressively expand their overseas securities businesses. The prospect remains: through transforming their underwriting business to investment banking, local securities firms strive to upgrade themselves to be regional securities firms. Finally, the business strategies developed in this thesis conclude that a powerful implementation of plans is critical to a business’s success. Through studies on securities firms’ practical practices, media reports, marketing campaigns, and management and systems, this thesis develops a “strategic activity system” and explores possible “obstacles on strategic simulations”. It is intended to help securities firms evaluate their positions and circumstances and further, to reach their strategic purposes. With all the differentiations nonetheless, industry experience is undeniably one of the most crucial elements in inspiring business strategies.