票券金融公司應用FinTech於價值轉型之研究

Abstract

本論文研究目的在探討台灣票券金融公司在FinTech發展，以及科技技術的革新下，如何將現有的經營價值轉移，發展FinTech利基業務，提升未來競爭優勢。從現有的經營模式予以分析，再以M-I-T分析，從市場、制度以及技術三個層面，個別及交叉分析對票券金融公司所帶來的影響與衝擊，並藉由SWOT分析，以優勢、劣勢、機會、威脅等面向，研究票券金融公司發展FinTech的優勢策略。研究發現：1. 票券金融公司因無法向大眾收受存款，主要資金來源以銀行拆款及票、債券交易等短期資金為主，獲利能力取決於資產及負債控管能力。2. 免保證商業本票為近年來票券市場最快速成長之交易工具。3. 民間企業及銀行為票券主要投資人。4. 近年來票券平均每日交易量皆優於台股，屬高度流通市場。5. 區塊鏈技術有助提升票券交易安全及效率。6. 大數據分析結合人工智慧有助分析未來發展趨勢，取得競爭優勢。7. FinTech業務的特色為去中間化，與票券交易本質相似，將可能為票券金融公司帶來衝擊。欲提升競爭力，建議票券金融公司積極發展網路金融服務平台，並加強FinTech有關之基礎建設，發展企業型債權型群眾募資業務，擴大票券生態系；近年來股權型群眾募資成功將許多具發展潛力之新創公司加速發展成獨角獸公司，建議票券金融公司發展股權群眾募資相關業務，轉型為專業投資機構，獲得更佳投資及獲利機會。

The purpose of this research is to discuss Taiwan Bills Finance Corporations applying FinTech, as well as the innovation of technology, to transform business value to new niche business, and enhance competitive advantages. The procedure is divided into three sections. First, I analyze the Bills Market, especially focus on Commercial Paper, discuss the change of market transaction volume, current transaction trend, and the business model of Bill Finance Corporations. Second, I apply M-I-T analysis, to discuss Market factor, Institutions factor, Technology factor, and cross factor impact to Bills Finance Corporations. Besides, I apply SWOT Analysis to discuss the Strengths, Weaknesses, Opportunities, and Threats Factors that Bills Finance Corporations develop FinTech business, and induce advantage strategies. Through this research, there are several discoveries and conclude as blow: 1. Bills Finance Corporations’ working capital are mainly from Interbank loan, Repo, and Outright Purchase from Bank and Institutional Investors, the profit of Bills Finance Corporations majorly depends on the ability of capital management. 2. Non-Guarantee Commercial Paper is the fastest growing trading instrument in recent years. 3. Institutional investors and Banks are the main buyer in Bills Market. 4. In recent years, daily average transaction volume of Bills Market is larger than Stock Market. 5. BlockChain technology helps to improve the security and efficiency of Short-term Transaction Instruments. 6. Big Data computing systems apply with Artificial Intelligence help analyze future business model and gain competitive advantages. 7. FinTech business and Short-term Transaction Instruments are both direct finance tools, the development of FinTech will impact the business of Bills Finance Corporations. It is proposed that Bills Finance Corporations actively develop on-line finance service platform, and strengthen the infrastructure construction of FinTech, expand new business on Corporate Equity and Debt Crowdfunding, expand the Bills ecosystem.