自1988年修正證券交易法之後，我國的綜合證券商始淮予設立，開啟了台灣資本市場的直接金融業務蓬渤發展的轉折點。2001年的金融控股公司法通過及2002年1月1日台灣正式成為WTO第144位會員，更是將台灣金融市場帶入國際化競爭環境。然金融產業在法令政策因應產業競爭而修正轉變之時，台灣資本市場金融控股公司在直接金融經營管理策略已面臨競爭成功與否的關鍵時刻。故本研究的動機，便是希望對國內金控公司之證券子公司產業的探討，找出個案公司未來在直接金融業務的經營策略，並進一步探討其管理上的策略意涵，以作為後續研究發展的參考依據。 本研究之架構，基本上採用Aaker的理論架構來進行內外在分析，整個策略規劃的過程則依據Glueck所提出之策略規劃架構進行。並運用個案分析法，藉由訪談的方式，輔以個案公司所提供的資料綜合分析，以找出個案公司乃至於整體產業目前所面臨的問題與未來的發展趨勢。 從個案公司的探討上可發現，金控公司直接金融業務的經營關鍵成功因素：完善的金融產業整合策略、提供多樣化的金融產品、優良的金融服務品質、培養具專業素養人員、投資研發新金融商品與結合金控IT資訊科技等因素。從內外在環境分析及個案公司本身條件視之，建議個案公司採取成長策略中的產品延伸策略與地理擴張策略，並且進行差異化策略，以在國外大型金融業的強勢競爭下，集中火力及資源於特定區隔的顧客上，如此，方能維持一定比率的市場佔有率及獲利空間。 / Since the Securities and Exchange Law have revised in 1988, and it become legal to set up complex securities firms in Taiwan. This change stimulated the development of the direct finance business in Taiwan Capital Market. The acceding to WTO and the establishment of Financial Holding Company Law, further more, brought Taiwan Capital Market to an internationally competitive environment. The government’s regulations and policies continuously shifted to fit the change of the environment, so does the entire industry. The financial holding companies in Taiwan Capital Market confronted the critical time of “win or lose” due to fierce competition on direct finance business. Therefore, the idea of this research was to analyze the business of their subsidiaries in order to find the strategies for the case study company and to compete in direct finance market. Further study and discussion would be made to provide reference for sustainable development in the future. Fundamentally, our research adopts Aaker’s theory to perform external and internal analysis; the whole strategical planning are processed according to Glueck’s methods. Subsequently, in the case study, we conduct primary research method and analyze the data offered by the company to figure out the problems and the future growing trends in the industry. Based on the analysis of case study, the key factors for a company to succeed on direct finance business include the integration of different strategies, providing diversified products, outstanding customer service, training professional employees, developing new products, advanced IT system, and etc. From internal and external analysis as well as reviewing the competencies of the case study company, our recommendations include product line development, geographic expansion, and performance differentiation. By applying these strategies, it would be able to defense its market share and generate profits under the highly competitive circumstance global players.

自2003年臺灣發行第一件資產證券化商品以來，整體證券化市場發展快速，在可預見的未來，臺灣資產證券化將迅速普及。不過，就一般而言，間接金融與直接金融間似有替代關係，亦即資產證券化可能產生金融逆中介現象。因此，本文的研究目的即在於探討資產證券化對臺灣銀行業放款之影響為何。 　　本文以2001年第4季至2004年第4季臺灣銀行業將其資產予以證券化的不平衡追蹤資料，搭配固定效果模型的估計，實證研究發現，從臺灣短暫的資產證券化經驗來看，資產證券化的增加確實會造成銀行放款量的相對減少（放款餘額占資產之比率下降），即臺灣實施資產證券化後，產生金融逆中介現象。長期而言，直接金融（含資產證券化）的增加將造成銀行放款成長率趨緩，以及銀行放款餘額占資產之比率下降，但此並不意味資產證券化的普及，將造成銀行總放款量減少，而降低銀行體系金融中介的功能。 　　另外，透過固定效果模型，發現其他因素對銀行放款之影響如下：（1）銀行逾期放款比率雖與放款呈負向關係，但並不顯著。意即銀行在逾期放款比率增減時，並不會特別調整放款餘額占資產之比率。（2）銀行淨值與放款之關係亦不顯著。表示銀行淨值增加時，放款可能只會與其他資產同步增加，而不會因此特別擴大其占資產之比率。（3）房價指數的係數為顯著正值。顯示擔保品價值愈高時，銀行愈願意辦理放款。（4）其他直接金融存量（扣除資產證券化）的係數為顯著負值。顯示直接金融與間接金融存在明顯替代關係。（5）國內生產毛額與銀行放款之關係不顯著。表示國內生產毛額增加時，銀行放款可能只會與銀行其他資產同步增加，而不會因此特別擴大其占資產之比率。 　　在控制其他解釋變數後，計算各樣本銀行的特質效果（即放款餘額占資產之比率），發現除了放款餘額占資產之比率較高者，逐漸降低該比率外，其餘銀行並無特定趨勢。因此，似可推論出銀行放款餘額占資產比率的高低，與銀行本身之經營策略有關，致使該比率在不同銀行間有不同水準。 / The entire securitization market has been evolving rapidly since the first asset securitization product was issued in Taiwan in 2003. In the foreseeable future, asset securitization in Taiwan will become prevalent. However, there seems to be a substitution relationship between direct finance and indirect finance; that is, financial disintermediation may emerge as a result of asset securitization. Therefore, this paper aims to discuss the effects of asset securitization on bank loans in Taiwan. Based on the unbalanced panel data of the asset securitization of banks in Taiwan from Q4 2001 to Q4 2004 along with the estimates from the fixed-effects model, it is found in this study that, judging from Taiwan’s brief experience in asset securitization, an increase in asset securitization does indeed bring about a relative decline in the amount of loans (a decreased ratio of loan balance in assets). In other words, financial disintermediation has arisen with asset securitization in Taiwan. From a long-term perspective, increment of direct finance (including asset securitization) will lead to retarded growth in bank loans as well as a lower ratio of loan balance in assets. This, however, may not necessarily imply that the popularization of asset securitization would result in a decrease in the amount of bank loans or weaken the financial intermediation function of the banking system. In addition, effects of other factors on bank loans found via the fixed-effect model are as follows: (1) Non-performing loan (NPL) ratio and bank loans have an inverse relationship, albeit insignificant. This means that banks do not usually adjust the ratio of loan balance in assets in accordance with their NPL ratios. (2) The relationship between the net worth of banks and the amount of loans is insignificant as well. This indicates that the amount of loans would only rise with other assets as the net worth of banks increases; the ratio of loan balance in assets will not be specifically elevated. (3) The coefficient of Housing Price Index is significantly positive, indicating that the higher value a collateral has, the more a bank is willing to release a loan. (4) The coefficient of other stock of the direct finance (excluding asset securitization) is significantly negative, which reveals an obvious substitution relationship between direct finance and indirect finance. (5) The relationship between gross domestic product (GDP) and bank loans is insignificant, which indicates that the amount of bank loans would only rise with other bank assets as GDP increases; the ratio of loan balance in assets will not be elevated accordingly. As other explanatory variables are under control, the results gained from computing the specific effects (the ratio of loan balance in assets) of each sample (bank) show that only those with a higher ratio of loan balance in assets are found gradually reducing the radio. Such a trend is not found in others. Consequently, it can be inferred that the ratio of loan balance in assets depends on the business strategy of the bank itself, which results in different levels of the ratios among different banks.

京都大学 / 0048 / 新制・課程博士 / 博士(経済学) / 甲第19464号 / 経博第533号 / 新制||経||277(附属図書館) / 32500 / 京都大学大学院経済学研究科経済学専攻 / (主査)教授 佐々木 啓明, 教授 宇仁 宏幸, 准教授 矢野 剛 / 学位規則第4条第1項該当 / Doctor of Economics / Kyoto University / DGAM