網路下單對台灣證券業經營模式與經營績效之影響

機構典藏 > College of Business and Management > Department of Management Sciences > Thesis > Item 987654321/33238

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Title:	網路下單對台灣證券業經營模式與經營績效之影響
Other Titles:	網路下單對臺灣證券業經營模式與經營績效之影響 The impact of online trading on security industry in Taiwan : business models & performance
Authors:	蔡修盛;Tsai, Shiu-sheng
Contributors:	淡江大學管理科學研究所企業經營碩士在職專班蔡進丁;Tsai, Ching-ting
Keywords:	網路下單;創新理論;十字管理法;平衡計分卡;Online Trading on Security Industry;innovation Theory;MERSI;Balance Scorecard
Date:	2005
Issue Date:	2010-01-11 03:46:48 (UTC+8)
Abstract:	本研究以創新理論定義網路下單為維持性創新，並由台灣前十大證券商中，挑選推動網路下單業務具代表性業者：寶來、元大京華及富邦證券為樣本，依網路下單成交金額占該公司總成交金額的比例，區別為高度、中度、低度使用者，並以此為投入變數，利用十字管理法比較證券商的五大管理中介變數—理念、環境、實力、策略、執控，並以「MERSI企業全身健檢表」分數作為模式區別的綜合指標，以平衡計分卡原理作為測量模式運作績效的產出，進而找出模型與績效之關係。本研究發現：網路下單高度、中度、低度使用之三種經營模式的關鍵成功因素，與所知文獻的KSF相比，經專家訪談及十字管理法的檢驗，並無顯著的差異。且發現寶來及元大京華證券在網路下單的經營模式與本研究設定之網路下單關鍵成功因素模型，相似度較高。本研究也發現：網路下單對台灣證券業並未造成創造性的毀滅，且尚未完全改變台灣證券業的經營模式；不同程度使用網路下單雖確實造成證券商管理模式的調整，但模式與績效之關係，本研究假設有關聯性，但從案例公司仍無法找出確定的關係。本研究顯示：網路下單短期內無法完全取代現行傳統下單經營模式之可能，完全依賴網路下單運作模式的條件尚未成熟，但可確定的是掌握網路下單關鍵成功因素越多的證券商，未來在網路下單市場占有率將越大；如果忽略這項創新產品，可能受制於網路下單的低手續費而流失客戶，此種發展勢必對業者造成經營模式調整之壓力，故網路下單仍是證券業未來不能忽視的一個重要變數。證券商經營網路下單業務是趨勢，該不該投入此項業務卻是證券商未來走向的困難抉擇，本研究可提供擬投入經營網路下單業務之證券商決定因素之參考。 This research defines the on-line trading as a sustaining innovation in terms of Clayton M Christensen’s disruptive innovation theory. The researcher chose the representative securities corporations – Polaris, Yuanta Core Pacific, and Fubon Securities as the samples, which have been promoting the on-line trading business. The samples would be divided into groups of heavy, medium and light users according to the sales amount they deal with through on-line trading. And this factor would be taken as a variable. Moreover, The researcher would use MERSI to compare the five crucial management mediate variables – Mind, Ecosystem, resources, strategy and implementation, and take use of the score derived from MERSI corporation check-up list as a general index to differentiate various modes. Meanwhile, the author would adopt the balance scorecard to measure the outcome of the mode’s running results in order to find out the relationship between the model and the results. This research finds out that the key successful elements of heavy, medium, and light users of on-line trading make no difference when comparing to the KSF of the known literature or through the examination of MERSI and the interviews with experts. Furthermore, the management modes of Polaris and Yuanta Core Pacific Securities’ on-line trading are more similar to the successful on-line trading element models set up in this research. This research also finds that on-line trading never cause the creative destruction to the Taiwan securities industry nor completely change the management mode of Taiwan securities. Different levels of on-line trading do lead to the adjustment of the securities traders’ management modes. This research could not find the certain relationship between the mode and the results through the case study though the research gives two connections. This research shows that on-line trading could not replace the traditional trading management mode in a short time. The conditions for people to rely completely on the on-line trading management mode are not so ready. However, the securities corporations with more successful elements of on-line trading will share bigger market share in the future on-line trading market. If the innovative product is neglected, then the traders might suffer from losing the customers because of less on-line trading operation fee. This development would definitely render the relevant business owners the pressure to adjust the management mode, therefore, on-line trading is a crucial variable for the future of the securities corporations. The on-line trading business is a trend for the securities corporations. Since it’s a difficult choice for the securities traders whether they should go for the on-line trading business, this research provides the securities corporations which would like to invest in on-line trading business with some information to refer to.
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