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博碩士論文 etd-0911106-221302 詳細資訊
Title page for etd-0911106-221302
論文名稱
Title
我國證券承銷商價值鏈活動與高經營績效之研究
A Study on the Relation between Activities of Value Chain and High-Performance of Securities Underwriter in Taiwan
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
92
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
2006-06-30
繳交日期
Date of Submission
2006-09-11
關鍵字
Keywords
證券承銷商、持續性競爭優勢、經營績效、價值活動、經營模式
performance, securities underwriter, business model, value activities, sustainable competitive advantage
統計
Statistics
本論文已被瀏覽 5679 次,被下載 2537
The thesis/dissertation has been browsed 5679 times, has been downloaded 2537 times.
中文摘要
鑑於我國證券承銷商未能有效形成持續性的競爭優勢,本研究欲將資源基礎論(resource-based view, RBV)與價值鏈(value chain)觀念做一結合,以本國證券承銷商之承銷業務人員作為研究主體,發放問卷進行調查,藉以找出建構證券承銷商高經營績效之重要企業資源及價值活動,並探討我國證券承銷商之價值鏈活動與經營模式,以及經營模式與高經營績效之關係。
基於上述研究動機,本研究進行以下主題之探討:1.證券承銷商欲獲致較競爭者高的經營績效,需要掌握哪些重要資產與技能。2.探討建構證券承銷商高經營績效之重要價值活動,並嘗試建構我國證券承銷商之完整價值鏈。3.探討我國證券承銷商是否會因為相對於競爭者著力於不同的價值活動而形成不同的經營模式。4.探討我國證券承銷商之高經營績效是否會因經營模式的不同而有顯著差異。
本研究之實證結果顯示:
「承銷實績」、「開發客戶能力」、「金控的奧援」、「配售通路」、「承銷主管的魅力與領導能力」是國內證券承銷業務人員認為構成承銷商高經營績效之最重要的五項企業資源。其中「承銷實績」、「金控的奧援」等資源都具有耐久性、不可移動性、不可複製性及高度鑲嵌等;另外,「開發客戶能力」、「配售通路」則具有耐久性與部分的不可移動性及資源鑲嵌;這些都是資源基礎論認為可形成企業持續性競爭優勢的資源特質。
衡量價值活動構面各因素之變項,其中重要程度平均值在3.79以上者共有二十四項。分析敘述性統計資料發現,70%以上的證券承銷業務人員認為此二十四項價值活動之影響性重要或極重要,顯示國內證券承銷業務人員對於價值鏈中的支援活動與主要活動構成我國證券承銷商高經營績效基礎之重要性,具有高度的認同。另以此結果為基礎,建構出我國證券承銷商之完整價值鏈。
在經營模式構面之集群分析方面,本研究採用層次集群方法(hierarchical methods)中之最小變異數法(minimum variance method),又稱為華德法(Ward’s method),並以各項價值活動相對於同業的強弱勢表現作為分群之基礎,將20家證券承銷商區分成三個集群。
分析主辦案件數、承銷總金額、獲利能力、員工生產力、客戶滿意度等五項經營績效變項,顯著性均小於0.05,顯示不同經營模式集群其經營績效確實有顯著差異存在。另進行事後多重比較發現,除了集群1與集群2在獲利能力、員工生產力、客戶滿意度等三項經營績效無顯著差異之外,其餘不同經營模式集群相互間之經營績效均有顯著差異存在。
Abstract
Seeing that domestic securities underwriters are not able to develop effectively sustainable competitive advantages, the research is aimed to combine the resource-based view (RBV) and the value chain concept. Questionnaires are released to carry out investigation mainly into the securities associates of local underwriters for the purpose of finding out the vital enterprise source and value activities that construct the high performances of underwriters. And it also discusses the relation between value chain activities and business models of domestic underwriters, and the relation between their business models and high performances.
The research discusses the following subjects based on the above research motive: 1. What kinds of essential assets and skills should underwriters grasp to obtain higher performances than those of their competitors? 2. Discussion of the vital value activities that construct the high performances of underwriters, and attempts to build the complete value chain of local underwriters. 3. Discussion on whether local underwriters will develop different business models due to emphasis on different value activities from those of their competitors. 4. Reasoning about whether the high performances of local underwriters will vary significantly because of different business models.
The result of the research’s practical testimony shows:
“Underwriting performance”, “customer developing ability”, “support from financial holding companies”, “channel and distribution” and “underwriting superiors’ charm and leading abilities” are considered by local securities associates to be five of the most important enterprise resources that constitute the high performances of underwriters. Among them, resources such as “underwriting performances” and “support from financial holding companies” are of durability, immobility, high embededness and not able to be duplicated. Plus, “customer developing ability” and “channel and distribution” are of durability, and partial immobility as well as resource embededness. All of the above resource characteristics are deemed by resource-based view to be able to form the sustainable competitive advantages of enterprises.
After the variables of each factor in the aspect of value activities are measured, 24 items’ means of importance degree are more than 3.79 among them. Analyzing descriptive statistics data, we find out that more than 70% of securities associates consider the effect of these 24 value activities to be important or extremely important, which implies that local securities associates highly agree to the importance that the support activities and primary activities in the value chain comprise the high-performance base of domestic underwriters. Furthermore, a complete value chain of local securities underwriters will be set up based on the result.


In the field of cluster analysis for the aspect of business models, the research adopts the minimum variance method (also called Ward’s method) among hierarchical methods, and divides 20 securities underwriters into three groups based on one’s strong or weak behaviors of each value activities compared with those of other rivals of the same business.
After analyzing performance variables such as the number of underwriting cases (act as the lead underwriter), the total amount of underwriting, profit abilities, employees’ productivity, and customer satisfaction, we find that their significance level are less than 0.05, which indicates that there are obvious differences among the performances of different groups of business models. And with Post Hoc multiple comparison, it is found that there are distinct variances among the performances of different groups of business models except for the three performances - profit abilities, employees’ productivity and customer satisfaction - of group 1 and group 2.
目次 Table of Contents
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 2
第三節 研究範圍 2
第四節 研究流程 3
第二章 文獻探討 5
第一節 競爭優勢相關文獻 5
第二節 資源基礎理論相關文獻 10
第三節 價值鏈活動相關文獻 22
第四節 證券承銷業者相關研究回顧 25
第三章 我國證券承銷業概況 32
第一節 我國證券承銷業發展歷程與現況 32
第二節 我國股票承銷制度 38
第四章 研究方法 47
第一節 研究架構 47
第二節 研究假設 47
第三節 實證變數的定義與衡量 49
第四節 問卷設計 54
第五節 抽樣方法 54
第六節 問卷回收與樣本結構 55
第七節 資料分析方法 56
第五章 資料分析與實證結果 58
第一節 構面因素之敘述性統計分析 58
第二節 構面因素之信度分析 63
第三節 經營模式構面集群分析 66
第四節 不同經營模式集群在經營績效構面差異性分析 68
第六章 結論與建議 72
第一節 研究結論 72
第二節 研究限制 74
第三節 研究建議 75
第四節 研究貢獻 76
第五節 後續研究建議 77
參考文獻 78
附錄一 證券承銷法令規章架構圖 80
附錄二 問卷 81
參考文獻 References
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