中國大陸證券市場的開放措施，主要有設立合資證券公司、設立合資基金管理公司及引入合格境外機構投資人（QFII）等三項。前二項必須是合資；在證券公司方面，外資參股最高33%，並專營以A股承銷保薦為主的投資銀行業務；外資參股基金管理公司則可達49%。在QFII方面，由於有總額度（目前為300億美金）的限制，因此政府的政策考量變得極為關鍵。本研究主要是探討臺灣券商在上述三項投資途徑：設立合資證券公司、設立合資基金管理公司及取得QFII；擬定進入策略及研析可能產生的商機及危機。本研究從搜集到的資料記錄中可以發現： 在合資證券公司方面，這是對臺灣券商最堅困的挑戰。首先，承銷保薦業務最倚重的是關係網絡及響亮品牌，臺灣券商全無；臺灣券商目前的弱勢很難找到夠標準的合資夥伴；而世界級的外資如瑞士信貸、摩根大通銀行及摩根士丹利等又蜂擁而上；此時，臺灣券商入場恐凶多吉少。 在合資基金管理公司，中國基金管理公司2010年的平均凈利潤率將升到34.5%，她確實一直是擁有暴利的壟斷性行業，臺灣已申請的富邦證券運用一切手段，爭取核准。 在QFII方面，由於有總額度（目前為300億美金）的限制，因此政府的政策考量成為准入快慢的主要因素；但中國超快核准富邦、群益、寶來等三家臺灣證券投資信託公司獲得QFII資格及額度，證明政治考量仍高於一切。 本論文還注意到兩岸關係的演變已延伸到重視大陸臺商的融資需求，正視個人投資者購買紅籌股的現實以及在世界性的交易所合併風下的臺港中證券交易所整合。這些從臺灣出發的多種商機；包括「來臺第一上市」、「臺灣存託憑證（TDR）」、「紅籌股複委託」及「ETF交互掛牌」等業務，說不定才是久逢大旱的臺灣券商手上的第一桶金。 For foreign financial institutions, establishing a securities joint venture, a fund management joint venture, or qualifying an institutional investor are the only three channels to tap into the Chinese A-share stock market. The focus of this thesis is to study the opportunities and risks for Taiwanese security firms offered by each channel through a thorough review of the Chinese security market and to analyze the numerous cases studies of foreign participations. China is currently the most prosperous market worldwide on the underwriting sector, and it is exactly the main business of the securities joint venture. Considering that the M&A and bond markets will also be booming in the near future, almost all major financial institutions have sought to enhance their presence in China despite the harsh restriction on only 33% holding stake by the foreign party. Because Taiwanese security firms are lagging behind the international investment banks and Chinese giants on business networks, brand recognition, and technological expertise, and coupled with Mainland China’s refusal to grant the privilege of directly conducting brokerage services, this thesis does not recommend that Taiwanese security firms enter the market in its current state. The fund management industry in China has emerged as the most influential institutional investor and the most profitable business as well under the strong support and protection from the government. Currently, China has 63 fund management companies under operation including 37 joint ventures in which foreign entities are allowed to comprise up to a 49% stake. Taiwan''s Fubon Securities had formed a fund management joint venture with China’s Founder Securities. However the slow and cautious review on the application makes it uncertain to pass.Alternately, Taiwan security firms enjoyed the privileges through Chinese QFII system. Fubon, Capital Group, and Polaris of Taiwanese securities investment companies had been quickly approved to be the qualified institutional investors and soon can conduct the investment on Chinese stock markets within the approved quota. The focus of this thesis has also been shifted to some new opportunities for Taiwanese securities firms such as the IPO (Initial Public Offering) or the TDR (Taiwanese Depositary Receipts) of overseas Taiwanese firms, and the cross-listing of ETF (Exchange Traded Fund). Those opportunities are truly worthwhile to have their devotions as they are visible in profitability and almost without any risk.
