本研究探討專營期貨商績效與策略相關議題，分為產業構面與個案公司兩部分討論。透過以下方式，完成相關分析： 1.搭配策略管理的理論並採用相關之策略要素，透過系統思考的方式，整合成相關的分析架構，作為檢視的工具。 2.產業分析部分，採用S-C-P分析(Structure產業結構-Conduct廠商行為-Permance績效)為基礎，對期貨業作一產業說明。對專營期貨商業者作出策略群組(Strategic Group)的分類後，找出影響專營期貨商績效的關鍵成功因素（Key Factory of Success）。 3.個案公司分析法部分，進行財務報表分析及SWOT分析，探討個案公司可行的策略行為。 4.針對所探討出來的產業現象及廠商行為，提出『質性分析』的說明。 由上述方法可探討業者在創造企業價值的過程、結果及經營績效產生歧異的原因，瞭解近幾年台灣期貨市場的演進、經營環境的演變。進而搭配專營期貨商的經營實績，從財務面探討影響專營期貨商經營績效的關鍵成功因素及執行其策略行為的成效，並對未來本國專營期貨商的經營板塊與主要經營變數作一推估以作為後續之參考。因此本論文主要研究目的如下： 1.『成長的產業，緊縮的公司』現象的成因為何？ 2.期貨業的現況與未來展望如何? 3.專營期貨商關鍵成功因素為何? 4.個案公司策略應如何制訂、調整與執行? 本研究顯示專營期貨商不應以廣泛的期貨業為角度，思考或據以擬定其公司策略目標或策略行為，而應先確認其依據總成交量而區分的策略群組位置，再思考其策略目標及策略行動，才不會失焦或徒勞無功。針對研究目的提出下列結論： 1.法令的限制是造成市場生態與樣貌的形成的重要原因，也加速了大者恆大的產業生態，也形成了產業的進入障礙。 2.期貨業殺價的行為，應會逐漸趨緩。現有的業者策略群組A的業者可望繼續正常發展，亦有能力購併策略群組B的公司。策略群組B的公司若對長期股東權益報酬率不滿意，則有可能被策略群組A的公司合併。至於策略群組C的公司，無被合併的價值，已因過度競爭而被邊緣化了。 3.經紀業務成交量、母公司IB的成交量母公司的證券市佔倍數及業績倍數是關鍵成功因素。 4.成功的期貨自營業務是專營期貨商的關鍵成功因素。 5.對於中小型期貨業者，經營架構的選擇及管銷費用的控管為關鍵成功因素。 6.策略群組C的公司短期內要取得高的股東權益報酬率是不切實際的，但有限度的策略目標仍是可以被達成的，倘若能積極尋求公司的定位，找出於集團中的附加價值並得到認同，搭配適度的財務成長目標，則仍有其繼續經營的價值。 ;The aim of this dissertation is to discuss performance and strategies of an absorbed futures company through industrial analysis and case study. To accomplish the aim of this study by taking the following methods: 1.The analysis framework is integrated through systematic mode to combine the strategy management theory with key successful factors. 2.In scanning the environment, the S-C-P analysis will be used to demonstrate the condition of the futures industry. By dividing into strategy group to seek out key successful factors of a futures company. 3.In case study, financial statement analysis and SWOT will be taken to examine practicable strategy behaviour. 4.The result of the industrial appearance and the firm behaviour, which are examined from above analysis, to address and illustrate by 『qualitative analysis』. Methods above can be used for examining; the process, result and the differentiation of performance of value creation by an enterprise; the development and environment evolution of Taiwan future industry in recent years. By analysing key successful factors and strategy behaviour from financial data of operation performance to predict conditions of the futures industry. Therefore, purposes of this dissertation are followings: 1.『The retrenchment company in growth industry』the reasons accrue. 2.Current situations and further developments of futures industry. 3.Key successful factors of a futures company. 4.How does company H establish, adjust and practice strategy? Results of this study show that a futures company should consider its position of strategy group, which divide by total turnover volume, rather than consider generally futures industry to build up its strategy objective and strategy operation. According to the research targets to conclude as followings: 1.The restriction from ordinance is the important element to build up market form now day. In the other hand, restrictions from ordinance also increase the speed of the trend of “the big ones gets bigger” and set up highly entry barrier. 2.Pricing war will be ceased 。Group A will keep developing and expansion. Group B might possibly be acquired by group A, if its long term rate of return on common stock equity will not be good enough. Group C shall withdraw from the market. 3.Key successful factors include brokerage turnover volume、Headquarter IB turnover volume、Headquarter stock’s market share and revenue increase rate。 4.Success futures business operation is the key successful factor. 5.Suitable operational structure and operation expense control are key successful factors for small and medium company. 6.Its unreachable for group C to gain high rate of return on common stock equity. To seek out value of the right position in the industry with precise financial growth target, the company in Group C will still have the value to keep compete in the market.
