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| Title: | 資本市場之策略行銷分析 -以國票證券承銷業務為例
Strategic Marketing Analysis of Capital Market - Taking IBF Capital Markets as an Example |
| Authors: | 李美慧
Lee, Mei-Hui |
| Contributors: | 巫立宇
李美慧
Lee, Mei-Hui |
| Keywords: | 資本市場
證券承銷商
4C理論
Capital Markets
Securities Underwriter
4C Theory |
| Date: | 2024 |
| Issue Date: | 2024-02-01 11:09:51 (UTC+8) |
| Abstract: | 在資本市場中，證券承銷業者擔任極為關鍵的經濟成長推手，作為企業進行首次公開發行（IPO）或增發股票（SPO）的中介機構，其責任在於引進企業的股票或債券至市場，同時協助企業籌措所需資金。資本市場對於國家經濟具有深遠影響，然而近十年來，申請IPO上市及上櫃公司的數量每年僅約50家左右，甚至未超過此數。在臺灣的證券承銷商中，實際從事IPO主辦送件的承銷商約莫20家。每年新申請上市或上櫃的公司中，有超過一半由大型證券承銷商所主辦，對於中小型券商而言，這增添了在資本市場爭奪市場份額和確保生存的雙重挑戰。
本研究以策略行銷的分析框架，包含外顯單位效益成本（C1）、資訊搜尋成本（C2）、道德危機成本（C3）及專屬陷入成本（C4），來分析個案公司如何運用4C策略行銷的理論架構，應對實際的接案策略運作。同時，個案公司也思考如何在長遠發展中，將4C策略行銷框架融入中小型承銷商的戰略，以確保可持續的競爭優勢。綜觀研究發現，前五大券商已佔據每年上市上櫃家數或籌資家數的一半份額。拚取案件數並非中小型券商的生存之道，相反地，應該建立獨特特色，深耕與客戶的關係，透過策略行銷持續降低道德危機成本（C3），同時建立並深化專屬資產(C4)，這才是資本市場承銷業者的當務之急。另外，隨著產業迅速變革，資本市場應更加創新多元。中小型券商若能提前協助新創產業，成為領航者，成功地定位品牌並提高知名度（C2），尋找自身特色價值，自然也能擴展外顯單位效益成本（C1）。
期望本研究的成果能夠為承銷業者在充滿競爭的資本市場環境中找到適切的商業模式提供啟發。同時，希望這些研究結果有助於承銷業者更具目標性地擴展業務，並找到在市場中獨特的定位與價值。
In the capital market, securities underwriters play a crucial role as economic growth catalysts. Serving as intermediaries for companies undergoing Initial Public Offerings (IPOs) or issuing additional shares (SPOs), their responsibility lies in introducing the company's stocks or bonds to the market while assisting in raising the necessary capital. The capital market has profound effects on a country's economy. However, in the past decade, the number of companies applying for IPOs or listing annually has been limited, averaging around 50, and often falling below this figure. In Taiwan's securities underwriting industry, approximately 20 firms are actively involved in handling IPO applications. Among the companies applying for listing or public offering each year, over half are sponsored by large securities underwriters, presenting a dual challenge for small and medium-sized brokerage firms in competing for market share and ensuring survival.
This study employs a strategic marketing analysis framework, incorporating explicit unit cost (C1), information search cost (C2), moral crisis cost (C3), and exclusive asset immersion cost (C4) to analyze how the case company utilizes the 4C strategy marketing theoretical framework in response to practical project management strategies. Simultaneously, the case company contemplates how to integrate the 4C strategy marketing framework into the long-term development of small and medium-sized underwriters' strategies, ensuring sustainable competitive advantages.Upon reviewing the study, it is evident that the top five major securities firms have occupied half of the annual number of companies listed or raising capital. Striving for the number of cases is not the survival strategy for small and medium-sized securities firms. On the contrary, they should establish distinctive features and cultivate relationships with clients. Through strategic marketing, consistently reducing ethical crisis costs (C3), and concurrently establishing and deepening proprietary assets, this is the urgent task for capital market underwriters. Additionally, with industries rapidly evolving, the capital market should be more innovative and diverse. If small and medium-sized securities firms can proactively assist emerging industries, become leaders, successfully position their brands, increase the visibility of information search costs (C2), and identify their unique value, they can naturally expand benefit costs (C1).
The expected outcome of this study is to inspire underwriters in finding suitable business models in the competitive environment of the capital market. Simultaneously, we hope that these research results will assist underwriters in more targeted business expansion and help them identify a unique positioning and value proposition in the market. |
| Reference: | 1.邱志聖(2020)，策略行銷分析:架構與實務第五版，台北市：智勝文化。
2.巫立宇、邱志聖(2021)，銷售與顧客關係管理 二版，台北市：新陸書局。
3.台灣證券交易所：
(1)市場推廣部2022及2023「證券市場介紹」
https://webline.sfi.org.tw/download/lib_ftp/INServiceEdu/111-B-1-01.pdf
(2)證券市場發展動態
https://www.twse.com.tw/zh/products/publication/market.html
4.金管會證券期貨局：https://www.sfb.gov.tw/ch/home.jsp?id=1010&parentpath=0%2C4%2C109
5. 鉅亨網：
https://invest.cnyes.com/index/TWS/TSE01
6.櫃買中心：https://www.tpex.org.tw/web/emergingstock/trading_rule/rule.php?l=zh-tw |
| Description: | 碩士
國立政治大學
經營管理碩士學程(EMBA)
111932038 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111932038 |
| Data Type: | thesis |
| Appears in Collections: | [經營管理碩士學程EMBA] 學位論文
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Files in This Item:
| File |
Description |
Size | Format | |
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| 203801.pdf | | 5890Kb | Adobe PDF | 0 | View/Open |
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