證券金融事業經營交割款項融資業務之探討 : 以G公司為例

淡江大學機構典藏 > 商管學院 > 國際企業學系暨研究所 > 學位論文 > Item 987654321/51689

Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/51689

Title:	證券金融事業經營交割款項融資業務之探討 : 以G公司為例
Other Titles:	The analysis of settlement financing businesses engaged by securities finance enterprises : a case study on company G
Authors:	江貞寬;Chiang, Chen-kuang
Contributors:	淡江大學國際貿易學系國際企業學碩士在職專班林志鴻;Lin, Jyh-horng
Keywords:	證券金融公司;交割款項融資;競爭策略形成要素;Securities Finance Enterprises;Settlement Financing Businesses;Strategic Management Framework
Date:	2010
Issue Date:	2010-09-23 15:48:16 (UTC+8)
Abstract:	本研究是以交割款項融資業務的發展現況，來探討台灣地區證券金融事業應如何因應環境之變化，發展其競爭策略，並檢視承做該業務是否能達成企業使命。本研究採用Lin and Pao(2004)建議的企業策略評估架構，透過個案公司建立的使命陳述下，進行其內部環境及外部環境的評估，以7S模式、五力模式及PESTEL分析等三大構面，建立本研究理論分析架構，歸納出企業競爭策略形成之重要相關因素，以提供證券金融事業參考。本研究採用探索性的個案研究法，透過國內外相關文獻探討和次級資料的蒐集，經由本研究之探討，歸納結論如下：一、證券金融事業面對自辦證券商合併大型化發展趨勢，代理證券商將呈現日益減少現象，以致傳統業務逐漸萎縮。因此，政府開放的新種業務，對證券金融公司未來業務之發展極具有相當的重要性，以期能跳脫既有框柩，朝向多元化的經營模式，以因應未來發展趨勢。二、交割款項融資業務之特性，對投資人而言，對持有符合規定證券之投資人，提供一個便利及多樣化選擇之需求。對證金公司而言，因擔保品具有優質特性，並採直接授信能落實投資人之徵信品質，且不須支付代理費用，因此，經營風險較小，相對於傳統業務，是為收益較高之業務。但開辦至今，其業務績效不佳。因此，透過內部環境、外部環境的分析，所形成的競爭策略，來檢視G公司承做該業務的合適性。三、本研究在個案公司建立之使命陳述下，綜合內部、外部環境及總體環境分析，歸納出其競爭策略為「風險品質極大化」，來承做交割款項融資業務，是足以達成G公司「成為新證金公司風險品質領導品牌」之使命目標。 The study attempts to explore how securities finance enterprises in Taiwan should respond to changes in its environment and develop a relevant competitive strategy, given the current development of settlement financing business, and examine whether such business helps to achieve the enterprises’ mission. The study aims to find out the important factors that form the competitive strategy of the example case through the strategic management framework proposed by Dr. Lin and Pao (2004) as study foundation, and the assessment of the company’s internal environment, industrial and macro environment. It also adopts the 7S model, 5F model as well as PESTEL three dimensions as the analysis framework. The study utilizes exploratory case study method using domestic and foreign literatures as well as primary and secondary data. The findings are summarized below： In the face of the trend toward merging of securities firms to become larger companies in the securities finance industry, there are increasingly less agents, resulting in diminishing traditional business. Thus, the introduction of new types of business is critical to the future development of business for securities finance enterprises. It provides the potential for innovative, diversified operations that fit in with future development trend. In terms of the characteristics of settlement financing business, it provides a convenient and diversified choice for investors holding valid securities; and a lesser operating risk for securities finance enterprises because the collateral is good, direct financing ensures investors’ credit quality, and there is no need for agency fee, making the business more profitable. However, business performance has been poor since its introduction. Thus, the Study examines Company G’s suitability in undertaking the business through the competitive strategy developed from the analysis of its internal and external environments. From a combined analysis of internal/external environments and overall environment based on the mission statement established by Company G, it is deduced that the competitive strategy of “risk-quality maximization” for undertaking settlement financing business is adequate for achieving Company G’s mission of “becoming the leading risk-quality brand amongst new securities finance enterprises”.
Appears in Collections:	[國際企業學系暨研究所] 學位論文

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