台灣期貨商前進大陸市場之研究

Abstract

台灣期貨業發展已超過20年，近年來台灣本土期貨市場逐漸飽和，邁入成熟期階段。隨著中國經濟的崛起，大陸期貨市場與期貨業蓬勃發展：期貨新商品加速掛牌、中國期貨業經營業務範圍開放以及期貨商規模大幅擴充，已使中國期貨市場成為國際期貨市場重要的發展區域。展望未來，在大陸政策的引導之下，期貨市場成長動能可望持續。 本研究探討中國期貨產業現況與未來發展的機會，並比較兩岸期貨市場的優劣與互補性，發現兩岸期貨業具互補性，兩岸期貨業合作可互助互利。期貨業也是台灣金融業中，少數對大陸具有優勢的產業。加上大陸許多期貨業管理規章都與台灣相似，期貨市場發展趨勢相符，相對其他外資，在進入大陸市場應具備較有利的發展條件。透過兩岸期貨商的合作不僅可以提升中國期貨業服務的水準，更可加快中國期貨市場的良性發展。 本研究也探討了前進大陸期貨市場所面臨挑戰，包括：1.大陸期貨市場經紀業務競爭激烈，獲利能力下滑，雖然2013年大陸期貨市場交易量創下新高，然而全中國期貨公司手續費收入僅微增，整體行業淨利潤還微幅下滑，可見市場競爭十分激烈。2.期貨業是特許行業，尤其大陸存在許多不成文之規定，官方的態度相對不易掌握，而兩岸關係的變化，更是影響台灣業者前進中國投資的重要因素。 受限於兩岸服務貿易協議審查擱置，台灣業者參股大陸期貨商條文仍無法生效，本研究乃針對期貨業西進大陸進入途徑，探討各項可能性。大陸最新《期貨公司監督管理辦法》已明確規範外資可參股大陸期貨商，台灣亦有業者擬循此管道參股大陸期貨業，後續視兩岸主管機關審核狀況，可作為西進大陸參股投資重要依據。此外，透過期貨商轉投資大陸資訊公司，所需資本額較低，法規限制較少，算是參股以外的另一種選擇，有機會卡位中國選擇權上市的商機，間接參與中國市場。而台灣期貨商西進大陸市場時，必須盤點自身人才數量、資金、技術及後勤支援等，是否足以因應中國期貨市場成長快速與發展的要求，以選擇合適的進入策略。 以參股合資公司方式進行海外投資，常因時空變化開始產生經營方針與文化衝突，故須慎選合作夥伴。參股時，可以尋求大陸當地非證券期貨業之友好股東，共同參股投資，較容易掌握公司經營方向。期貨商西進大陸期貨市場亦可參考大陸證券合資的經驗，考慮業務互補性、雙方企業文化與經營理念是否能相符合。

With the futures industry in Taiwan has been developing over 20 years, the local market is gradually stepping into maturity. China’s booming development of futures market & futures commission merchants (FCMs), expedited new futures contracts’ listing, opening-up of new futures business and FCMs’ expansions all contribute to China’s futures market becoming one critical developing area in global market. Looking into the future, the continuous market growth is expected with China’s guiding policy. This thesis studies the current status and future development opportunities, also compares futures markets at both sides of Taiwan straits. In here concludes the futures industry at both sides complements each other. Taiwan’s futures industry is also one of very few relatively superior industries in financial service area in Taiwan. With similar regulations, Taiwanese FCMs are with better competition edge entering Mainland China market. Collaboration from FCMs at both sides will not only be able to improve the service quality but also to accelerate market development in China. This thesis also studies the challenges entering China futures market, which comprises: 1. severe competition of futures brokerage business in China; 2. futures industry requires specific government permits, especially non-clearly-written regulations, unpredictable China’s government attitude and cross-straits relationship at both sides is largely effecting the investing China. Due to the suspension of Cross-Strait Service Trade Agreement, this thesis studies the different entry strategies and possibilities for Taiwanese FCMs entering Mainland China. The newly released “Futures Supervision and Administration” by China government has clearly regulated foreign investors invest China’s FCMs by joint venture. Another option is for FCM investing in China’s information technology companies which can take part of the emerging opportunities of China’s options market and also participate in China market indirectly. Investing westward, Taiwan FCM has to consider whether human resource, capital, technology and logistic support are adequate to manipulate appropriate entry strategies. The objectives of each partner may differ in join venture. Difference in the culture and style of business also leads to poor co-operation. This study suggests Taiwanese FCMs can choose non-securities or futures partners in joint venture with China’s FCMs. to control the ownership and voting rights.