信託業與證券投資信託事業競合分析之研究

Abstract

本文是以比較信託業者所經營之「共同信託基金」與投信業者所經營之「證券投資信託基金」，兩項產品在法規、架構之不同來探討兩種產業的競爭與合作關係。先利用五力模型、價值鏈模型分別找出兩種產業在經營兩項產品之機會、威脅、優勢與劣勢後，再藉由SWOT模型將其整合並分析出在面對各種環境條件下，兩種產業永續經營之因應之道。其分析結果整理如下：

1.在信託業者SWOT分析表中，發現信託業者有著行銷與銷售經驗豐富、企業形象良好、銷售通路廣大、產品間差異性大等優點，但卻有著研究經驗不足、產品開發能力不足、缺乏操作績效可供檢視、與替代品有強大威脅等缺點。而在2×2競爭策略矩陣中，在四種環境下，有三種環境是應該與異業(投信業)進行策略合作，而只有一種環境是應採取競爭手段。 2.而在投信業者SWOT分析表中，可以明顯看出投信業者有著研究能力強、操作基金經驗豐富、專業人才素質高、品牌忠誠度高等優點，但卻有著銷售管道受制他人、產品同質性高與同業競爭激烈等缺點。而在2×2競爭策略矩陣中，在四種環境下，只有一種競爭策略是應該與異業(信託業)者進行策略合作，但有三種競爭策略是應該加強競爭關係。

但由兩種產業之SWOT分析表中，可以很明顯看出，信託業者之優勢與機會恰好都是投信業者之劣勢或威脅；而投信業者之優勢與機會也恰好為信託業者之劣勢或威脅。因此兩者無論在內部條件抑或是外部條件上都存在互補關係。本文研究之結果認為，信託業與投信業可透過加強彼此之合作關係，讓一方能設計出更多符合客戶需求之產品，而另一方也能讓舊客戶關係更為鞏固及拓展新的銷售通路，並減少不必要之利益衝突與成本之耗損。

This thesis studies the relationship of competition and cooperartion between common trust funds operated by the trust business and security investment trust funds operated by the security investment trust industries. To start with, using five force model and analysis of value chain to separately find out the strengths , weaknesses, opportunities and threats of the two products. Then , using the SWOT 2×2 matix model to find out the best ways to continue working. The results show that the strengths and opportunities of the trust business are the weaknesses and threats of the security investment trust industries. And the strengths and opportunities of the security investment trust industries are also the weaknesses and threats of the trust business. Both from the internal environment and external environment, the two products closely emerge a complementary relation. The thesis suggests that the two industries should enforce the cooperation. One can design more products which satisfy the most customers, the other one can not only maintain the relationship of old customers but also expand the new sale passageways and reduce the unnecessary conflicts.