從資源構型看全球證券業的競爭優勢與策略

Abstract

全球資本市場在經濟狀況欠佳、資本需求攀升以及成本居高不下的持續重壓下，截至2015年底全球投資銀行股東權益報酬率(ROE)已跌至6% (BCG, 2016)，在高度的動態市場下，全球證券業參與者如何評估本身優勢與劣勢，訂定並持續調整競爭策略以因應難以預測的產業變化，將是其於新的產業生態鏈中取得領先地位必須具備之能力。本研究以全球證券業者為研究對象，藉由解構財務指標，探討各國證券產業現有之資源構型，分析代表廠商之策略群體，比較各國業者與我國業者之異同，以此歸納我國證券業者之競爭優勢，期能作為我國業者國際化資源佈局及競爭策略之參考。 於上述研究背景與動機下，本研究分析S&P Compustat Capital IQ全球及北美資料庫收錄之各國證券業者(SIC代碼：6200-6282)、台灣經濟新報(TEJ)資料庫中我國證券業者，自2011年至2015年共五年期之財務資料，以杜邦分析法拆解股東權益報酬率(ROE)為多個財務指摽，並透過因素分析、集群分析歸納出全球證券產業六大資源構型，以及五大策略族群分別有「關係管理型」、「資產管理型」、「客戶管理型」、「多元經營型」及「風險及獲利追求型」，其中歐洲、北美洲及亞洲均以「風險及獲利追求型」之業者為最多，惟歐、美業者另多分屬於「資產管理型」、「多元經營型」，我國則與亞洲地區證券業者策略族群分布趨勢相近，以「關係管理型」為另一主要策略族群。

Unfavorable economic conditions, escalating capital requirements, and stubbornly high costs continue to depress the performance of many global investment banks. Their collective 6% ROE in 2015 capped off five years of dismal revenue results (BCG, 2016). In such highly dynamic, largely unpredictable industry, it is extremely important for players to assess their current strengths and competitive advantages to adjust strategy plan dynamically in order to locate its position in the new ecosystem. The study had collected financial indicators of global securities firms from year 2011 to 2015 and used DuPont analysis to better understand the composition of the industry’s ROE. By means of factor analysis and cluster analysis, six resource configurations were extracted and five strategic groups were classified. The five strategic groups are named as Stakeholders Relationship Management Cluster, Asset Management Cluster, Client Relationship Management Cluster, Product Diversification Cluster and Risk-Return Pursuer Cluster. In similarity, many of the vendors in Europe, North America and Asia are pursuer of high risk that generates high returns; however, differences were also found, that is, many other Europe vendors emphasize asset management instead, while other vendors of North America focus on product diversification and other Asia vendors value the relationship with stakeholders more importantly.