本論文名稱:借鏡英國探討台灣基金市場行銷服務模式之改進方向。主旨係探討國內基金市場行銷現況，旨揭銀行主導銷售的服務模式及費率揭露乃至資金流向疑慮等幾大問題。輔證外國學者學術探討，以及參酌英國共同基金市場發展經驗，提出如統合專業證照、建立類IFA功能、顧問費合法化、開創多元理財商品之開放式交易服務平台及金融監理應扮演角色有關研究心得。 國內商業銀行(前30大)僱用相關理財業務人員已達到4萬餘人，主導共同基金銷售趨勢。但依據國外學者研究，以商業銀行主導基金商品銷售，卻可能衍生問題，形成資金流向扭曲。銀行薪酬制度設計也與理財商品銷售資金流向形成互為因果的連帶關係。銀行能否擺脫佣金高低作為投資建議動力，金融消費者能否得到適合自身的投資組合，仍然存疑。 英國基金市場發展已久，尤其以具有允許收取單一顧問費的獨立財務顧問運用多元化資產組合的包裹基金平台，最具特色。獨立財務顧問運用包裹基金平台給予民眾建議，無論保險、股票、基金、退休金方案等都可透過平台加以交易、組合以及管理等。這樣的投資組合建立、整合交易、保管及管理等模式，提高了消費者和金融業者的管理和投資效率。 參考英國發展基金市場經驗，台灣得以借鏡之處，為加以整合有關金融投資商品證照的分散現狀，並拋開金融機構分業管理的歷史包袱，允許獨立財務顧問存在，給予顧問費收費合法化空間等等。另外，打破現狀，允許商業銀行開放出交易平台供顧問代客戶執行交易，則有助於個別顧問與銀行的良性合作及競爭關係，發展投資理財市場朝向提供金融消費者最適化投資組合的有利環境。 / This paper naming”On the Enhancement of the Mutual Fund Distribution Marketing in Taiwan: Lessons from the UK” subjects local fund marketing status, aims to expose issues of current bank-sales and service model, meanwhile the transparency of sevice rate disclosure. With secondary evidence of foreign scholars’ academic research, concerns of dispute of capital flows as well as other issues i.e.whether consumers get proper sevices and products arised. The status quo in UK fund market is in particular that allows financial advisers to charge a single advisory fee by applying diversified portfolio fund platform and making portforlio suggestion for their clients which includes recommendations and trading of stocks, funds, insurance, pension schemes etc., so as the related services of custody and management. This market will only succeed if it can build a highly efficient operating platform that reduces the operating costs of intermediary firms and product providers alike – creating enhanced value across the value chain that can be shared between customers, intermediaries and product manufacturers (including platforms). Taking into account the development of UK mutual fund market, lessons we have captured such as integration professional licenses, the establishment of classes IFA function, legalization of advisory fees, and create an open trading financial multi-service platform system, etc. Also, financial supervision should play an important role in the research experience.

投資型商品是近幾年來壽險業的新興戰場，壽險經營者不但對投資型商品未來的發展深具信心，也對多元通路銷售投資型商品抱持樂觀其成以及積極促成的態度；但主管機關雖針對熱絡的投資型商品市場陸續推出（修正）相關規範，卻並未使得日漸升高的申訴率得以降溫，本研究擬就投資型商品通路與申訴率問題探討壽險經營者以及主管機關可調整改善的方向。 各通路銷售投資型商品有其不同的特性與優勢，目前業者仍以業務大軍以及銀行保險（理財專員）為銷售投資型商品的主要通路；而以金管會保險局的申訴統計資料分析後也歸納出三點重要的結論：（1）自引進投資型商品以來，壽險業非理賠類的申訴率就居高不下；（2）近三年來，越是以投資型商品為主力商品的業者其申訴率（非理賠類）也相對較高；（3）以多元化通路（銀行理財專員、保險經紀人）銷售投資型商品的業者其申訴率也較僅以業務人員通路銷售投資型商品的業者為高。 現行投資型商品申訴的問題多與資訊不對稱以及銷售誤導相關，因此，建議壽險業者應從商品規劃以及銷售管理上預防投資型商品申訴問題的發生；主管機關則應從投資型商品銷售通路特性與問題訂定相關的監理規範，才能有效匡正不當銷售的問題。也唯有健全此市場的經營、提升壽險業正面的品牌形象及改善社會大眾對投資型商品負面的觀感，投資型商品市場才有更長遠經營的希望。 / Investment-linked product is becoming a popular insurance product in the recent years. Many insurance companies holds great confidence in the development of this product, and encourages the growing sales of investment-linked product thru multiple channels. The governing authorities continuously publishing new regulations or making amendments to better manage the product and the process. However, the statistics showed regulatory requirements did not help to reduce the investment-linked product compliant ratio. By analyzing the sales channels and complaint ratio, this study wishes to put forward recommendations for the governing authorities and the insurers to improve the complaint ratios. Different sales channel is characterized by its specialty and strength. Currently, investment-linked products are being sold thru agency and bancassurance channels. According to the publicly released statistic of insurance compliant by Insurance Bureau of Financial Supervisor Committee (FSC), there are three main issues: 1.Non-claim compliant ratio remains high since the inception of investment-linked product. 2.In the recent three years, insurance companies whose sales are mostly investment-linked product have higher ratio of non-claim compliant. 3.Bancassurance and brokerage channels experience higher ratio of non-claim compliant comparing to agency channel when selling investment-linked product. Complaints of investment-linked product in the life insurance companies mostly resulted from improper selling and misrepresented or misleading information. Thus, suggestions for insurers and the governing authorities are followed: 1.For insurers, they have to revisit their product design methodology, and also need to manage and educate each channel to prevent the occurrence of insurance compliant. 2.For authorities, the regulatory focus should be channel specific since channels operate differently. Only when improper selling and misrepresenting issues are being addressed, and customer’s image for investment-link product being corrected, then we can see light and hope in the growing needs of investment-linked product.

本研究透過個案研究，運用資料包絡分析法(DEA)的評估方式，分析製藥業在不同生命週期及通路上資源分配之行銷策略與銷售績效之關聯性。研究結果發現： 一、不同生命週期「成長期」、「成熟期」及「衰退期」產品，其整體銷售技術效率、純銷售技術效率與銷售規模效率之差異，均達統計上之顯著水準。「成長期」產品效率值最差、「成熟期」產品效率值次之、「衰退期」產品效率值最佳。 二、不同生命週期產品在主要銷售通路醫學中心、醫院、診所與藥房的銷售比重不同。「成長期」與「成熟期」產品的主要銷售通路均在醫學中心，而「衰退期」產品的主要銷售通路在藥房。其銷售績效差異在醫學中心與藥房通路，衰退期產品與成熟期、或成長期產品比較，均達到統計上之顯著差異水準，但在醫院與診所通路的銷售績效，三類產品族群的差異就不明顯。 三、個案藥廠對其主要銷售的藥品，雖然都有非常明確的個別產品銷售策略與目標，但差額變數分析結果顯示，仍有部份產品在資源分配及運用上，可以加以改善以提高銷售績效。 / This research is conducted using Data Envelope Analysis (DEA) assessment method to analyze the particular pharmaceutical company on the association between marketing strategy and sales performance with different life-cycle products and sales channels. The results are as follows: 1.Sales performance appears significant differences among different life-cycle products with respect to the overall technical efficiency、pure technical efficiency and scale efficiency. The results revealed that products in「Growth Stage」had the worst efficiency performances, 「Maturity Stage」products placed the second, and「Decline Stage」products were the best. 2.Sales weight differs from different life-cycle products in the major sales channels of medical centers, hospitals, general practitioners and drug stores. The main sales channel of「Growth Stage」and「Maturity Stage」products are in medical centers；while「Decline Stage」products are in drug stores. Statistics showed that the sales performance differed substantially when the three different life-cycle products were distributed to sell in medical centers and drug stores; however, the results were not as evident in hospitals and general practitioners channels. 3.Although the case pharmaceutical company has very clear sales strategies and goals for its individual products, the analytical results showed some changes could be made to improve sales performance.