我國期貨市場競爭力分析--鑽石體系理論模型之應用

Abstract

在政府積極推動期貨市場國際化與自由化之際，終於在一九九八年七月二十一日推出第一個商品－臺股指數期貨。開市前各方均對臺股指數期貨之交易抱持很高的期望，但實際結果卻未盡人意。由於期貨市場為我國政策性產業，其產業特性、政府政策、企業經營策略三大因素影響著期交所國際化的決策與方法。本研究的目的在於能效釐清各元素間的互動關係後，從系統性的思考角度，訂出有效的規劃方向。 本研究首先藉由文獻分析彙整方式，經過相關雜誌、論文、期刊、網站等資料進行初步分析整理，並研讀相關理論後，以Michael E. Porter的「鑽石體系」理論（Diamond Model）作為產業研究的模型，以分析現有期貨市場之競爭模式，為我國期貨市場國際化找到最合宜的有效模式，以期能降低企業與政府機關的摸索成本，為企業尋求所須之競爭優勢以及政府配合產業所應採用之政策與方法。 最後，本研究分別對政府相關單位、期交所、期貨業者及投資人提出建議，以做為我國期貨市場發展之參考依據。對政府相關單位之建議：市場管理法規合理化、修正不合國際慣例之管理措施以及人才培育計畫。對期交所之建議：建立安全便捷之全球交易網路、交易規則合理化、提供多樣化商品、符合國際標準之結算制度以及專業人才養成計畫。對期或商之建議：與國際期貨商建立策略聯盟關係、發展資訊技術與電子商務、國際人才之培育以及提高內部稽核與風險管理的能力。對投資者之建議：專業投資機構應致力推動我國期貨市場之成長，至於一般投資人，則應加強對期貨市場的認識。

Taiwan Futures Exchange（TAIFEX）launched its first future contract, the Taiwan Stock Exchange Capitalization Weighted Stock Index futures, on July 21, 1998. The government has been promoted the international and liberal futures market energetically. People highly anticipated the trade of the futures contract before its first day of transaction. Unfortunately, the results were not satisfiable. Industry characteristics, government policies and business management strategies are factors that affect TAIFEX’s ability to enter international market since futures market is a policy-making industry in Taiwan. The main purpose of this study is to distinguish the interaction relationship between and among each of the aforementioned factors. The existing researches are first collated. Magazines, theses, periodicals and websites are collected and studied. The internationalization of Taiwan’s futures market is then discussed. Michael E. Porter’s “Diamond Model” is employed to carry out the analyses of the competitiveness of TAIFEX. Some suggestions for government agencies, TAIFEX itself, futures brokerage firms and investment institutions are provided. It is suggested that the government should：1.Relax laws and regulations related to market management 2.Revise rules unsuited to international practices. 3.Promote personnel training programs. As to TAIFEX we suggest that：1.Safe and convenient Worldwide Trading Network is built. 2.Trading rules are relaxed. 3.Diversified contracts are provided. 4.International standard cleaning system is established. 5.Professional training programs are offered. We urge the futures brokerage firms to：1.Form alliances with foreign FCMs（futures commodity merchants） 2.Develop IT（information technology）and EC（electronic commerce）3.Implement international training programs 4.Improve risk management and internal auditing. Finally, each institution should devote itself to improving the growth of futures market while general investment should enhance the knowledge of the futures market.