| 摘要: | 我國證券經紀事業在1988年主管機關開放證券商設立後，至今已有三十餘年的發展，其中經歷了1988到1990年的百家爭鳴，而後股市泡沫化，證券商慘澹經營，到2020年在新冠疫情的影響下，台股一路上漲，證券商獲利大幅躍進。受限於證券商所能提供的產品種類與服務的差異性並不大，各證券商間彼此為了爭取市占率，拓張營業版圖，紛紛以併購、營業讓與等方式進行整合，以提高自身的經營規模。
我國證券經紀事業的發展已趨向成熟階段，主管機關對證券商採取的監管模式相對於銀行業較高，所以證券商在面對國際金融局勢動盪時，因國際化程度較低反而能安然的渡過危機。目前證券商深受證券市場的成交量、證券商間以手續費競爭同質性業務，以及部分高資產投資人因國內可投資的金融商品有限，轉向國外的證券商尋求服務以獲得較多的選擇，國內的證券商因此逐漸的喪失提供投資人全方位服務的商機。
本研究運用產業經濟學中的市場「結構—行為—績效」（ Strucure-Conduct-Performance, S-C-P ）架構，分析證券商經紀事業產業的市場結構、廠商行為與產業績效，以及經紀事業產業的發展現況，並對經紀事業的演變趨勢及未來進行分析，並提出因應方針及建議。
研究結果發現我國證券經紀事業的結構為獨佔性競爭市場型態，未來數位平台將成為券商主要的通路，券商的異質性將提高。行為方面，證券商合併其他券商後，市占率的提高將可以達到規模經濟，與其他券商相比更能能取得成本上的優勢及因併購而產生大者恆大的趨勢；且券商在進行多角化策略時，將擴大其經濟效益，達到範疇經濟與規模經濟的效益，提高整體利潤率。績效方面，整體而言我國證券商的經營績效仍有待提昇， 隨著數位發展日趨普及，投資人的行為轉變，證券商也必須轉型，透過金融與科技的結合，提供全方位得服務，才能順應時勢，取得先機。;After the year of 1998, the competent authority made the establishment of securities firms, the securities brokerage business in our country has fully developed for more than 30 years. Moreover, a great number of new securities brokerages established from 1988 to 1990. After that, due to the burst of the bubble of the stock market, the securities firms operated miserably. Under the influence of Covid-19, in 2020, Taiwanese stocks rose a lot and the profits of securities firms increased.
Limited by the little difference in the products and services that securities firms can provide, to gain market share, various securities firms expand their business. They also had integration through mergers and acquisitions, business transfer, etc. to increase the scale of their operations and reduce operating costs through economies of scale.
The development of the securities brokerage business in our country has matured. The competent authority adopted a higher supervision model for securities firms than the banking industry. Therefore, when securities firms face the turbulent international financial situation. Due to the low degree of internationalization, the crisis can be overcome safely. At present, securities companies are deeply affected by the trading volume of the domestic securities market, brokerages compete for homogeneous business with handling fees. Some high-asset customers have limited domestic investment products and then turn to large foreign securities firms for more options. As a result, local securities firms have gradually lost business opportunities to provide full-service services.
This study uses the (Structure-Conduct-Performance, S-C-P) to build the theory in industrial economics. This study analyzes the market structure, firm behavior, market performance of the brokerage industry of securities firms and the development status of the brokerage industry. Also, through analyzing the evolution trend and future of the brokerage business offers the response policies and suggestions.
The results of the study found that the structure of securities brokerage industry of our nation is the type of exclusive competition market. In the future, digital platforms will become the main channel for securities companies and the heterogeneity of brokerages will increase. In terms of behavior, after a securities firm merge with others, increased market share can achieve economies of scale. Compared with other securities companies, it can obtain the cost advantages and also the trend of huge scale of huge securities firms resulting from mergers and acquisitions. And when the brokerage is carrying out the diversification strategy. It can expand the economic benefits of the business, achieve the effect of category economy and scale economy, also improve overall profit margins. In terms of performance, on the whole, the operating performance of the securities firms of our nation still needs to be improved. With the increasing popularity of digital and the behavior change of investors, securities firms must have a transformation through the combination of finance and technology, then providing a full range of services to adapt to the times and stay ahead of the curve. |
