| 摘要: | 從境內外基金存量的趨勢消長中,本研究除了從外部環境分析法(PETS)來解析外在環境的推力演進及透過波特的五力分析來了解產業結構的拉力發展外，更進一步以中央大學會研所鄭漢鐔博士的8十商業模式為主要分析方法，以投信個案為例，來分析境內投信業者在面臨國際投資品牌大舉壓境而來的壓力下,該如何因應及調整核心能力面對挑戰，並如何就企業定位、關鍵資源之投入與整合、顧客價值主張之創價作業、在獲利模式之影響及因應等四個企業格局做調整 。在投信本身所處定位(價值關係網路)調整之議題上：金融海嘯發生至今，整個金融環境更是不穩定，就外部環境來看，轉型的推力已經發生，而產業結構的拉力正在成形，定位調整正是時侯。以現有的經營模式效益來評估，在面對國際投資品牌競合關係及投資人信任危機下，其一定需要改變其公司定位。身為國際品牌之一，但是其競爭優勢卻是來自境內基金的經營，證明其有強大的研發行銷實力、具有一定的品牌吸引力。若將其高效的行動力專注於投資服務的角色詮釋，而非在產品開發，肯定能守住投資人的心、穩住公司市佔率、進而擴大公司毛利率。在關鍵資源之投入與整合議題上：人員生產力與資產管理能力是該投信的關鍵資源。如何將過去追求重盈利成長效益的策略轉變成以投資服務為重心的團隊學習非常重要，打造出開放與互助的工作環境，培養出熱情與正面的員工。透過學習的態度，打造出以客為尊的投資服務團隊，值得客戶信任的團隊，以延續追求卓越的精神。在滿足顧客價值主張之創價作業議題上:相較於其他產業，金融投資服務業的客戶需求非常明確，就是要賺錢、要穩定的賺錢，需要的是信賴感。該投信過去在顧客的價值主張方面，以供給創造需求的方式來滿足客戶的投資需求，如今，市場處於產品供過於求的階段，超出投資人的需求，進入破壞式創新的時機。如何將客戶的深層需求簡化成值的客戶信賴的投資服務，是未來關鍵。在獲利模式之影響及其因應議題上：管理費是該投信的主要收入來源，而當前最大的營運風險來自外在金融環境流動性過大造成管理資產波動度高、內有資產結構中股票型資產比重過高。商業模式轉型後，勢必帶來現有資產組合的調整，較低資產波動度，也降低了現有的獲利水平，但在衡量投資人的資產品質結構後，以長期經營為目的的投資規劃下，以短空長多的經營策略來建立投資人心中的信任及值得託付的用心理念後，隨著品牌競爭力的提升，投信資產規模成長是水到渠成的成果。After discovering opposite directions of the changes in the stock volume of domestic and overseas funds, this research not only employs PETS to analyze the evolution of external environment but also execute Michael Porter's Five Forces Model to illustrate the development of the industry structure dynamics. Furthermore, this research uses Dr. Hann-Tarn Jeng’s Eight-Ten Business Model as the main analytical method. Case study in asset management industry is conducted, and we try to explore how domestic asset management companies compete with international brand names with certain reactions and adjustments in core capabilities. In general, there’re four aspects relating to those adjustments: Business orientation, investment and integration of key resources, clients’ value propositions and profit models.Business orientation: The financial market has been much more volatile after the financial crisis. Not only urgency for transformation has resulted from external market but also incentives to reorient have gradually developed in the industry. With existing business model, under the circumstances of international competition and investors’ perceived confidence risks, it’s necessary for asset management companies changing business orientation. As one of the international brand names with strong competitive edge in managing domestic products, not only the capability strength of R&D and marketing could be justified, but also with certain brand appeals. Rather than focusing on product development, it’s much more effective to enhance investment services in order to win the hearts of investors, stabilize the market share, and then expand the gross margin.Investment and integration of key resources: Staff productivity and asset management capabilities are the key resources. It’s really important for team members tolearn to transfer from earnings growth pursuing strategies to investment service enhancement ones, so that to create an open and supportive working environment and cultivate employees with passions and positive thinking. Through appropriate learning attitudes, it’s easier to construct a client-oriented and faithful service team to continue the spirit of excellence.Clients’ value propositions: Compared to other industries, clients’ needs in financial investment service industry are much clearer, that is, making money, especially in more stable way, so the sense of trust for those clients is necessary. In the past, the definition of clients’ value propositions is that asset management companies always create “supply” to meet “clients’ needs”. Now, the products in the market are oversupplied, creating the timing of destructive innovation. How to simplify clients’ deep needs into trusted investment services is the key direction in the future.Profit models: Management fee is one of the main revenue sources in the asset management company. The key operation risks now are that, the financial market with high liquidity endangers huge volatilities in management volume, and the percentage of stock funds under management is too high. Following the transformation of business model, investment portfolios face certain extent of adjustments afterwards. Those assets with lower volatilities also lower profitability. After reviewing investors’ asset quality constructions, under long-term management viewpoint, long term investment recommendations are the key strategies to win investors’ trusts. With the enhancement of brand name’s competitiveness, asset size growth would be the result in the end. |
