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博碩士論文 etd-0824106-140135 詳細資訊
Title page for etd-0824106-140135
論文名稱
Title
台灣全權委託投資業務之行銷策略─以AB公司為例
Marketing Strategies of Discretionary Investment Business in Taiwan Case Study:AB Company
系所名稱
Department
畢業學年期
Year, semester
語文別
Language
學位類別
Degree
頁數
Number of pages
74
研究生
Author
指導教授
Advisor
召集委員
Convenor
口試委員
Advisory Committee
口試日期
Date of Exam
2006-06-10
繳交日期
Date of Submission
2006-08-24
關鍵字
Keywords
全權委託代操、SWOT分析、行銷策略、產品差異
Discretionary investment business, product differentiations, asset management performance, 4P
統計
Statistics
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中文摘要
由於台灣股市的大部份成交量來自散戶,台灣政府一直推動專業理財,希望將資金由散戶手中引導至專業法人。繼行政院於民國79年六月30日三讀通過證券交易法修正草案(證交法第18條第3款)之後,證期局於民國80年一月5日核准投信與投顧提供全權委託代客操作業務。

就本質上而言,全權委託代客操作與共同基金類似,但是代客操作具備量身訂作的特性,就投資範圍與投資標的而言,可以滿足各個投資人的不同需求。在機構法人的高度專業素養之下,他們可以擬定專業的投資策略,並仔細研究政治經濟情勢與上市公司的產業趨勢,更能有效地配置資產與選股。

本研究報告檢視相關文獻,並探究全權委託代客操作的法令架構。本研究報告認為,原本立意良好的法令規範,就某種程度而言,反而限制了全權委託的市場發展。本研究報告檢視全權委託法令架構的基本結構與特點,深入探討台灣資產管理市場的發展現況,並以大華投信為個案討論,希望能會台灣全權委託市場的未來發展有所貢獻。

本研究報告的個案探討檢視大華投信的經營策略,就整體市場環境與同業競爭之下,以情境分析、SWOT分析,以及波特的競爭力架構(成本領導相對於產品差異化)為分析工具。本研究報告的策略考量包括4P(價格、產品、通路與促銷)。
Abstract
As the majority of trading volume in the Taiwanese stock market is created by retail investors, the Taiwanese government has been aiming to promote professionalism by channelling the money from retail investors into the hands of professional asset managers. The Executive Yuan passed the third reading of the Amended Draft of the Securities & Exchange Law on the 30th June 2000 (Article 18-3, the Securities & Exchange Law) and the Securities & Futures Bureau approved on 5th January 2001 that investment & trust and investment consulting companies may offer services in the discretionary investment business.

The discretionary investment business in, in nature, similar with the set-up of mutual funds; however, the discretionary investment business offers bespoke characteristics and specifications catering to specific requests of individual investors. The customization in the scope of investment and underlying targets is made possible to satisfy differing needs of individual clients. As institutional investors are sophisticated in mapping out investment strategies and dedicated in their fundamental analysis of macroeconomic and political situations, industry trends and financial reports of listed companies, they are able to better allocate assets and select the stocks.

At first, this research reviews all the relevant literature and looks into the details of the legal framework governing the discretionary investment business. This paper argues that the originally well-intentioned regulations in fact, at least to some degree, hamper the development of the discretionary investment business. Then this research paper examines the characteristics, basic structure and the legal framework of the discretionary investment business, probes into the Taiwanese asset management market and uses Grand Cathay Securities Investment Trust as a case study, as an attempt to shed light to the future development of the discretionary investment business in Taiwan.

In this case study, the author investigates the strategies employed by Grand Cathay Securities Investment Trust against the backdrop of the business environment and the market competition by deploying scenarios analysis, SWOT analysis and the Porter’s competitiveness framework (cost leadership vs. product differentiations). The scope of the strategic considerations covers 4P, i.e. price, product, place and promotion.

Finally, this research concludes that there are two competitive strategies in this market, i.e. cost leadership and product differentiations and summarize the operational, marketing and operational implications of these two strategies.
目次 Table of Contents
Table of Contents


Chapter 1 Introduction ………………………………………………………………..7
1.1 Research Background & Motivations ……………………………………….7
1.2 Research Purpose ………………………….………………………………….9

Chapter 2 Literature Review ………………………………………………………..11
2.1 Definition of Discretionary Investment Business ……………………..…11
2.2 Regulations Governing Discretionary Investment Business …….……14
2.3 Relevant Theories of Marketing Strategies…………………………….….30

Chapter 3 Research Design ...……………………………………………………….40
3.1 Research Architecture……………………………………………………...…40
3.2 Research Methodology ……………………………………………………….41


Chapter 4 Developments of Discretionary Investment Businesses………….46
4.1 Development of Discretionary Investment Business in Taiwan……….46

Chapter 5 Marketing Strategies of Discretionary Investment Business at
Grand Cathay Securities Investment Trust Co., Ltd…………………..52
5.1 Overview: Product, Price, Promotion & Place…………………………….52
5.2 Product …….………………………………………………………………….. 53
5.3 Price………………………………………………………………………………62
5.4 Promotion ..……………………………………………………………………..64
5.5 Place……………………………………………………………………………...65

Chapter 6 Conclusions & Recommendations………………………………………67


Table 2-1 Characteristics of Discretionary Investment Business……………….13
Table 2-3-1 Marketing Communication Mix …………………………………………39
Table 4-1-1 Year 2005 Market Size…………………………………………………..48
Table 4-1-2 Year 2004 Market Size……………………………………….………….48
Table 4-1-3 Year 2003 Market Size……………………………………………….….49
Table 4-1-4 Year 2002 Market Size…………………………………………….…….49
Table 4-1-5 Year 2002 (First Two Months) Market Size……………………………50
Table 4-1-6 Year 2001 Market Size…………………………………………………..50
Table 5-3-1 Management Fee Table………………………………………………...63
Table 6-1-1 Cost Leadership vs. Product Differentiations…………………………69


Chart 1-2-1 Research Flowchart ……………………………………………………..10
Chart 2-1-1 Basic Structure of the Discretionary Investment Business ………….12
Chart 2-2-1 Flowchart of the Discretionary Investment Operations ………………21
Chart 2-3-1 Maslow's Hierarchy of Cognitive Needs ………………………………..30
Chart 2-3-2 Scenario Planning ..………………………………………………………32
Chart 2-3-3 SWOT Analysis Illustration ………………………………………………33
Chart 2-3-4 Factors That Affect Pricing Strategies…………………………………...35
Chart 3-2-1 Grand Cathay Shareholder Background .……………………………….42
Chart 4-1-1 No. of Discretionary Investment Contracts (2005)………………………51
Chart 4-1-2 Dollar Amount of Effective Contracts (2005)…………………………….51
Chart 5-2-1 Discretionary Investment Performance of GC (1 of 5)…………………59
Chart 5-2-2 Discretionary Investment Performance of GC (2 of 5)………………….59
Chart 5-2-3 Discretionary Investment Performance of GC (3 of 5)………………….60
Chart 5-2-4 Discretionary Investment Performance of GC (4 of 5)………………….61
Chart 5-2-5 Discretionary Investment Performance of GC (5 of 5)………………….61
Chart 6-1-1 Scenario Planning of GC ..…………………………………….………….67
Chart 6-1-2 GC Company SWOT Analysis ..………………………………………….68
參考文獻 References
《中文部分》
1. 吳思華著,「策略九說」,臉譜,2000年。
2. 邱志聖著,「策略行銷分析」,智勝,2001年。
3. 司徒達賢著,「策略管理新論」,智勝,2001年。
4. 黃俊英著,「行銷學的世界」(第二版),天下遠見,2003年。
5. 立法院議案關係文書,院總第七二七號,政府提案第四三二四之一號,行政院函請審議「證券交易法部份條文修正草案」,1992年。
6. 立法院議案關係文書,院總第七二七號,政府提案第四三二四號,立法院財政、經濟、司法三委員會就「證券交易法相關修正草案」之審查報告,1998年。
7. 行政院經濟建設委員會編印,發展台灣成為亞太營運中心計劃,1997年。
8. 中華民國證券投資信託暨顧問商業同業公會資料www.sitca.org.tw。
9. 四大基金公開招標標案資料。
10. 何思湘「開放證券投資全權委託業務之立法政策研析─兼論證交法第十八條之三增修條文草案」,立法院法制局專題研究,2000年。
11. 廖大穎著,「論全權委託證券投資制度—開放代客操作業務與保戶投資人的課題」,實用稅務2000.12。
12.張書源著,「我國全權委託契約業務規範體系之研究」,國立政治大學國際貿易研究所碩士論文,1998年。
13.黃啟瑞著,「共同基金─行銷策略之研究」,國立政治大學企業管理研究所碩士論文,1996年。
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15.謝文欽著,「論證券投資顧問之投資全權委託業務」,國立中興大學法律研究所碩士論文,1999年。

《英文部分》
1. Porter, Michael E, Competitive Strategy,Free Press, 1980。
2. Porter, Michael E, Competitive Advantage,Free Press, 1985。
3. Louis Loss, Fundamentals of Securities Regulation, 1983。
4. Magrsth, A. J., “When Marketing Services, 4Ps are not enough” , Business HoriZons, May-June, 1986。
5. Kotler, Philip, Marketing Management: Analysis, Planning, Implementation, Prentice Hall, 1967。
6. Philip Kotler, “Marketing Management-Analysis, planing, Implementation, and Control” , Eighth Edition。
7. Zeithmal, V. A. and Berry, L.L. “Problem and strategies in Services Marketing”, Journal of marketing, Vol. 49, Spring 1985。
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