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    Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/74256

    Title: 臺灣證券業在兩岸金融開放交流下之商機
    Other Titles: The opportunities of Taiwan securities industry in financial market between Taiwan and China
    Authors: 陳振榮;Chen, Jen-Rung
    Contributors: 淡江大學企業管理學系碩士在職專班
    李月華;Lee, Yueh-Hua
    Keywords: 中國大陸證券市場;合資證券公司;合資基金管理公司;合格境外機構投資人;Chinese A-share stock market;Securities joint venture;Fund management joint venture;QFII
    Date: 2011
    Issue Date: 2011-12-28 18:19:08 (UTC+8)
    Abstract: 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:
    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.
    Appears in Collections:[Graduate Institute & Department of Business Administration] Thesis

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