台灣證券業發展趨勢與經營策略之研究-以永豐金證券為例

Abstract

在一國經濟的發展過程，資本市場扮演著重要的角色，而在資本市場之中，牽涉股權交易的證券市場尤為重要。 近年來由於國內、外金融環境快速變遷，大型化、綜合化、國際化及自由化為金融機構的發展方向，國內證券商面臨高度同質性競爭使得業者無法獲致更高利潤，整體產業趨於飽和狀態，經營環境日益困難。為提升競爭力，各券商紛紛朝大型化綜合券商發展，積極以合併或受讓方式增加營業據點，建立客戶網路來擴大市場占有率，券商規模大型化儼然形成趨勢。此外，在政府政策開放下，無論是傳統的經紀、承銷及自營業務皆已逐步新增營業或投資項目。再者，金融機構除維持國內經營，更必須往海外市場拓展，增加海外營運據點，以便在全球金融市場競爭下，提升我國金融機構的競爭力。 有鑑於此，透過本研究，將可了解國內證券業的主要業務概況及經營模式、ECFA簽訂後，兩岸證券市場可能之轉變及OSU離境財富管理業務的推動，針對個案永豐金證券進行研究，面對台灣證券業之經營之瓶頸與困境，藉由訪談證券商高階經營階層主管，分析個案公司在其產業發展現況，及ECFA簽訂與自由經濟示範區架構下，如何利用本身的競爭優勢，研擬其經營策略，藉由國內證券市場環境特性，達到在政府鬆綁相關法規與制度後，強化自身的國際競爭力，提升台灣證券商自由化與國際化之利基及模式。

In the course of the development of Taiwan's economics, the capital market has been playing an important role, and the equity transaction in securities markets is particularly important. Due to the rapidly changing financial environment in recent years, large-scale, integrated, internationalization and liberalization become the directions to develop financial institutions. In order to enhance their competitiveness, the brokerages have towards the development of large-scale integrated brokerage by merging and setting up networks to increase their market shares. In addition, with the de-regulation by governments, the competition has forced the traditional brokerage, underwriting and proprietary trading to include new business or investment project. Through this research, we will understand the main business of Taiwan securities industry, the influence of ECFA on securities markets of Taiwan and China, and the OSU for the wealth management business. To the case of the Sinopac Securities company for study, facing the bottleneck and dilemma of the Taiwan securities industry, by interviewing the senior management, we will analyze the development status of Sinopac in its industry, and how to use its advantages to develop its business strategy after the Government’s de-regulations.