「證券商共同網路交易平台」之可行性分析; Feasibility Study of 'Shared Securities Firms Network Trading Platform'

NCUIR > School of Management at National Central University > Executive Master of Information Management > Electronic Thesis & Dissertation > Item 987654321/13211

Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/13211

Title:	「證券商共同網路交易平台」之可行性分析;Feasibility Study of 'Shared Securities Firms Network Trading Platform'
Authors:	段宗志;Jung-Chih Duan
Contributors:	資訊管理學系碩士在職專班
Keywords:	經營績效;組織資訊處理理論;網路下單;network order placement;operation performance;Organizational Information Processing Theory
Date:	2006-06-21
Issue Date:	2009-09-22 15:26:19 (UTC+8)
Publisher:	國立中央大學圖書館
Abstract:	我國自1997 年開放網路下單證券交易，同年亦全面實施款券劃撥交割的制度，使得股票交易具備了數位化的虛擬本質。由於國內證券市場屬淺碟經濟，市場深度與廣度仍嫌不足，整體產業已進入微利時代，而資訊科技的應用已成為企業競爭成功的關鍵因素。因此，如何利用資訊科技優勢，大量降低營運成本並提供差異化的服務，儼然已是當前證券商生存競爭的重要課題。鑒於國內大型證券商多已採用韓國(HTS)系統於內部系統整合使用，中小型券商企盼台灣證券交易所建置整合性的共用平台，供證券商租賃使用，讓參與之證券商能降低IT建置成本，以提升其市場競爭力。因此，本研究旨在探討國內中小型證券商的經營困境，分析網路下單業務所帶來的影響，描述台灣證券交易所建置「證券商共用網路交易平台」的規劃重點，並從組織資訊處理理論(Organizational Information Processing Theory, OIPT)的觀點，分析共用網路交易平台與中小型券商下單需求的適配度。本研究經分析後，得到結論如下：（1）國內中、小型證券商的經營困境，除了大型券商的競爭威脅與收入來源較少外，經營的無效率與固定成本的支出過高，更是降低競爭力的主因之一。（2）目前半數以上的證券商均有辦理網路下單業務，惟前10大網路券商市佔率即達75%，呈現大者恆大的發展趨勢。（3）我國網路下單實際人數約為50萬人，其中七成月成交金額不滿百萬，75 %介於20歲至50歲之間，網路下單金額呈現北高南低的南北落差。（4）網路證券經紀商隨網路交易比重的增加，在獲利能力、經營效率與業務成長性上，有逐漸較傳統證券經紀商為佳的趨勢，惟在資產流動性與財務結構健全性上表現較傳統證券經紀商差。（5）「證券商共用網路交易平台」所具備的資訊處理能力與中小型證券商網路下單的資訊處理需求，分別具有加強資訊處理能力與降低資訊處理需求的特性，當可提高能力與需求間之適配度，讓證券商享有網路下單的效益，卻無投資網路下單設備的財務負擔。 Taiwan Stock Exchange started offering network order placement in 1997. Passbook settlement was also implemented in the same year. These all intensified the electronic processing nature of the market. Due to the shallow-dish economy of Taiwan, the market depth and breadth are insufficient. As a result, the stock market has become a margin profits industry. Under this backdrop, application of information technology has become the key factor of enterprise success in this industry. How to take advantage of one’s technology edge to cut down operational cost to a great extent and offer one’s own distinctive service has become the major issue in industry competition. Faced by the adoption of the HTS system by the major securities firms to integrate the information processing functions, the medium-to- small securities firms requested the Taiwan Stock Exchange to offer an integrated platform for them to rent so as to cut down on their data processing cost. In this report, we examined in great detail of the operation challenges faced by the local medium-to-small securities firms. We analyzed the impact on them brought by the network order placement. We also described in great detail the major components of the “Shared Securities Firms Network Trading Platform” implemented by the Taiwan Stock Exchange. In the focal point, we analyzed from the perspective of the OIPT(Organizational Information Processing) theory the degree of suitability between the platform and the order placement requirements of the medium-to-small securities firms. After thorough analysis, we come to the following conclusions: （1）For the medium-to-small scale securities firms, their operation difficulties are caused by not only the competitive threat of major securities firms and narrow revenue sources, but also their inefficiency and high level of fixed costs. （2）Currently more than half of the securities firms have offered network order placement, the top ten network securities firms however constitutes 75 percent of the market. （3）The population of network order placement approximates half a million investors, 70 percent of them have monthly trading value less than one million NT dollars and 75 percent of them are between the age of 20 and 50, their order amount shows a difference of higher in the north and lower in the south. （4）The securities firms that offer network order placement service have better performance in profitability, operational efficiency and business growth potential than securities firms that don’t offer this service. On the aspect of asset liquidity and financial soundness however, former securities firms show less strength than the latter. （5）“Shared Securities Firms Network Trading Platform” provides good data processing capability and meets the data-processing requirement of medium-to-small securities firms. It provides these securities firms with the advantages of network order placement, while avoids incurring financial burden of network facilities investment
Appears in Collections:	[Executive Master of Information Management] Electronic Thesis & Dissertation

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