Examining the Competitiveness of Taiwan Capital Market: A perspective on IT centralization among four financial organizations

??文摘要 資本市場是國家經濟發展的櫥窗，我國資本市場緣起於政府推行「耕者有其田」政策，發行土地債券，並將台泥等四國營事業股票發給地主以為補償，股票與債券遂於市場開始流通，為能有效監督管理，1962年2月台灣證券交易所開業，而後集保結算所、證券櫃檯買賣中心及台灣期貨交易所陸續設立營運後，我國市場商品與市場架構趨於成熟與完備，但是面對全球交易所利用資訊科技，提升其作業品質、擴大市場質量，我國資本市場在交易無國界、資金無國界的國際競爭下，競爭力何在？ 本論文以我國資本市場之供給者--台灣證券交易所、集保結算所、證券櫃檯買賣中心及台灣期貨交易所四個周邊單位與市場的需求者--券商的資訊主管為訪談對象，以周邊單位資訊整合為例，探討台灣資本市場面臨的挑戰，藉由國家競爭優勢與SWOT理論，研究資訊整合得否提升我國市場競爭力。 綜合訪談結論，供、需方資訊主管認為資本市場需要有效率且穩定的資訊系統，資訊整合是有助於市場降低成本、提高效能，但是還必須深入研究全球資本市場發展趨勢。面對競爭壓力，周邊單位絕不應該為整合而整合，資訊整合應該是排出確定可執行的項目依序執行並檢討；為提升我國資本市場競爭力，並建議政府應協助將台灣資本市場的餅做大，訂定高瞻遠矚的願景與使命，確認其競爭策略並訂定實施步驟，定時檢驗其成效，才是資本市場面對世界挑戰的關鍵成功要素。THESIS ABSTRACT NAME: Wu,Ching-Chuan June, 2011 ADVISER： Professor Carol Hsu,Ph.D. TITLE： Examining the Competitiveness of Taiwan Capital Market: A perspective on IT centralization among four financial organizations The capital market provides an important foundation for the growth and prosperity of a country. Since 1962, Taiwan has gradually established the Taiwan Stock Exchanges, Taiwan Depository & Clearing Corporation, Gre-Tai Securities Market and Taiwan Futures Exchange. With these establishments, a variety of financial products and services can be offered to individual and institutional investors. Nevertheless, given the emerging technologies and globalization in the financial markets, Taiwan now faces a greater challenge to improve and enhance its competitiveness. This research investigates the possible centralization of IT operations among these four organizations, and discusses how centralization can have an impact on the competitiveness level of the Taiwanese capital market. Applying the concept of SWOT analysis and Porter''s Diamond of National Advantages, this research explore the underlying challenges and opportunities of IT centralization among the above four organizations. The researcher, using an exploratory case study approach conducted the field interview with IT directors in the four focus organizations and other securities firms. The findings indicate a critical reliance in capital market on efficient, secure IT infrastructure. Centralization of IT operations brings bottom-line benefits by reducing cost and increasing efficiency. Nevertheless, the IT centralization must take into account the global market development and the priority of various financial reforms. The suggestion is that the government should carefully evaluate the timing and the method of IT centralization among four organizations, and thus increase the competitiveness of Taiwan capital market