我國證券業發展趨勢及創新營運模式之探討

Abstract

本研究從台灣證券市場的總體環境與證券業的競爭情況加以探討，2012年台股呈現價漲量縮格局，去年上半年因面臨證所稅復徵議題干擾，使得台股量能急縮，下半年則因歐美寬鬆貨幣政策、兩岸政策利多以及政府基金護盤等因素，使得台股數次展開觸底彈升走勢，直至2013年初呈現高檔盤整。專業經紀商受制於台股成交量能萎縮，使其獲利金額大減近五成之多。2012年我國前十大證券商合計經紀成交金額市佔率較2011年減少1.78個百分點，其中元大寶來、凱基、富邦以及群益等大型本地券商市佔率皆下滑，反觀外資券商勢力明顯提升。 目前國內證券所面臨到的問題包括:國際化程度不足、業務趨向單調(大多為經紀收入，自營、承銷以及財富管理等業務缺乏)、商品創新不足以及法令環境限制多等問題。這些問題可從幾個面向去著手解決:第一，加速國內證券商國際化的腳步，可從證券商內部組織架構革新並朝向讓國際化內化成事業部門最高指標，搭配外部法令限制鬆綁，如開放證券商申請辦理離境證券業務（OSU）。第二，加強證券商收入來源多樣性，調整過往以經紀賺取手續費收入為主之經營模式，增加財富管理業務收益。第三，創新或引進更具投資人吸引力之金融商品來活絡整體資本市場。（如:商品ETFs、槓桿ETFs等）。

This study to be explored from the overall environment of the Taiwan stock market and the securities industry competition，2012 Taiwan stocks present prices go volume contraction pattern，the first half of last year due to face temporary permit recovery of the tax levy issues interference，making the stock market turnover volume urgent reduction.The second half of the year due to loose monetary policy in Europe and America，cross-strait policy interest and more，as well as government funds to support the market and other factors，making the Taiwan stock market several times bottoming the rebound until the beginning of the year 2013 presents a high-end consolidation. The professional brokers subject to the Taiwan stock market trading volume shrinking to earnings greatly reduced the amount of almost half as much as. 2012，Taiwan's top ten securities firms，total of the brokerage transaction amount market share over 2011， a decrease of 1.78 percentage points，which Yuanta Polaris， keygen，Fubon and CSC and other large local brokerage market share both declined .In the other hand，foreign brokerages potential ability has improved significantly.

The problems faced by the domestic securities include: the lack of degree of internationalization、business trends monotonous (mostly for the lack of brokerage income，proprietary trading，underwriting and wealth management business and so on)、the lack of product innovation and decrees environmental constraints and other issues. These problems can be tackled from several oriented: First，to accelerate the pace of internationalization of the domestic securities dealer，from the internal organizational structure of securities firms innovation and toward the highest indicators into international business unit with an external statute of limitations deregulation，such as to allow securities firms to apply for the Offshore Securities Unit (OSU). Second，to strengthen the diversity of the sources of income of the securities dealer，earn fee income based business model to adjust to the brokers in the past，to increase the income of the wealth management business. Third，innovation or the introduction of the more investors attractive financial instruments to active overall capital market.(such as: commodity ETFs、leverage ETFs )