博士 / 東海大學 / 社會學系 / 92 / Capital flow has speeded up and entered into a new stage ever since 1980s. Because of surperiority over the capital, technology and global networks, the European and American first mover of investment banks take control of the intermediate roles on open-process of security market. However, after the year 2000, the domestic security companies in Taiwan are active to take part in underwriting overseas for the local listed firms. By the organization and network approach, this dissertation aims to study the late-comer’s underwriting business. The main issues are firstly, to explore the first-movers’ development pattern and their attributes for network constructing; secondly, to analyze the late-comers’ organizational capability and their process to connect the institutional investor networks in globe; and finally, to study the late-comer’s opportunities and limitations on development, and the relationships between the professtional organization and social structure.
This dissertation discovers that the differences between first-movers and late-comers on developing the overseas underwriting business. First, by accumulating the underwriting experiences, technology, and maintaining the networks on the issuing side, the first movers have already compiled the organizational capability which is hard to replicate. As far as the first mover’s localization concerned, the long-term personal connections and professional services are essential to acquire the business. Second, the late-comer gains her first underwriting case also due to her long-term relationships with the local listed firms. In addition, the first mover’s knowledge and experiences are introduced to the local companies. On constructing the overseas corporate networks, Core Pacific、Yuanta and Chinatrust Securities adopt the ‘regional merge mode’ to swiftly establish their corporate networks, while the Sinopac Securities takes the ‘professional contruction mode’, which refers to construct the institutional investor networks by offering the professional research reports. Thus, the professional evaluation procedure becomes a formal trust institution between the security company and the institutional investors. In the future, the domestic security company is able to play the intermediate role which connects the local and global capital. Besides, by her own organizational capabilities and network capital, the security company may help the Taiwanese-based firms choose a market with institutional advantages to go public.
By analyzing the overseas underwriting and the industry-specific operation logics, three dimensions are demonstrated to define the organizational capabilities. The‘network capability’ indicates the control over the external institutional investor networks, which decides the company whether or not to get involed the underwriting business. The ‘scale capability’means the capital scale of the security company, which will determine the capital size of the underwriting cases, and the ability for the security company on the acceptance of risk. The ‘professional capability’ refers to the ‘ability to solve the client’s problems’. It includes the control over the risk and profit on financial fields, and to give the maximum profit and the lowest risk for both sides. This research illustrates how the financial firms work on the changing process and networks of manufacturing industries, and to explore the possiblilities which professionalization brings up with on the industrial and social restructuring in Taiwan. Furthermore, this new angle is also expected to express the concern about the development of industry and social reality occuring in Taiwan.
| Identifer | oai:union.ndltd.org:TW/092THU00099009 |
| Date | January 2004 |
| Creators | Kuo-Ching, Chang, 張國慶 |
| Contributors | Chieh-Hsuan, Chen, 陳介玄 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 250 |
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