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題名:台灣金融控股公司業務綜效與其內外部社會資本關係之研究
作者:林志斌
作者(外文):Chih-Pin Lin
校院名稱:臺灣大學
系所名稱:國際企業學研究所
指導教授:莊正民
學位類別:博士
出版日期:2005
主題關鍵詞:社會資本金融控股公司交叉銷售social capitalfinancial holding companyuniversal bankingcross-selling
原始連結:連回原系統網址new window
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金融控股公司的議題雖然在學術界討論已久,但這些討論多站在公共利益的立場,較少站在管理者立場的討論。尤其是金控公司成立之後如何建立競爭優勢的問題,學術性討論甚少。理論上金控公司可觀念化為一個經由併購而形成的關聯多角化廠商。雖然多角化與併購的議題已經在管理學界討論多時,但是併購及多角化之後,管理者如何促進綜效的發揮,也缺乏嚴謹的討論。其中交叉銷售一直被認為是金控綜效的重要來源,但是卻相當缺乏實證研究。
為了解答這些理論與實務上的問題,我們回顧相關文獻,將金融控股公司觀念化為服務業的多事業部廠商,為了充分利用某些單一金融機構無法充分利用的資源,因而組成金控公司共用這些資源,以取得綜效及範疇經濟。顧客關係/知識可以說是金控公司最重要的策略資源之一,本研究稱這些外部的顧客關係為「外部社會資本」。由於這些外部顧客關係資本不易被競爭者複製或模仿,因此外部社會資本對金控的競爭優勢有重大的影響,共用這些顧客關係資源(交叉銷售)則可創造出綜效。此外,金控需要有協調能力才能協調資源在子公司間的移轉與交換,進而創造出綜效。而金控公司的「內部社會資本」有助於提高協調能力,克服這些子公司間資源移轉與交換的困難,進而促進綜效的產生,為金控公司帶來競爭力。
我們以台灣金融控股公司的子公司與顧客間的關係為樣本,檢定了金控的外部社會資本、內部社會資本、與交叉銷售如何影響金控公司的業務競爭力及業務綜效。我們的樣本包括金控下證券商與顧客的承銷關係14,131個、銀行與顧客貸款關係13,044個、以及投信與顧客銷售共同基金關係6,522個。我們發現,外部社會資本包括金控公司與顧客間的直接鑲嵌(信任、深度資訊管道、聯合解決問題),網路地位,以及交叉銷售等因素,都顯著影響了金控的市場競爭力。我們發現,金控公司與顧客間信任、資訊交換、以及聯合解決問題的程度愈高,亦即鑲嵌程度愈高,金控公司的業務競爭力愈強。但鑲嵌效果有一個極限,過度鑲嵌反而不利於金控對顧客的吸引力。金控公司的網路地位愈高,業務競爭力也愈強。但是在交叉銷售方面,我們發現金控的兩子公司間交叉銷售要能成功,必須同時滿足兩個條件:兩子公司目標顧客必須有所重疊,而且原來的子公司必須與顧客往來密切、瞭解顧客。因此,只有銀行的顧客顯著可以移轉給同金控的承銷商,因為銀行與顧客往來最密切、最瞭解顧客,而且銀行與承銷商的目標顧客同樣都是資金需求者。反過來承銷商的顧客並不能移轉給銀行,投信與證券商之間以及投信與銀行之間也都不能互相移轉直接顧客,因為這些交叉銷售至少都有一個條件未能滿足。我們又將銀行關係分成與顧客往來較密切主銀行關係以及往來較不密切的非主銀行關係,我們發現只有主銀行關係能夠將顧客移轉給承銷子公司,非主銀行則無法移轉顧客。金控的內部社會資本方面,我們發現,子公司間連結的有無、子公司在金控內的網路地位、金控子公司間的信任、子公司間的期望與義務、以及子公司間資訊平台的整合都有助於提高金控各子公司間的資源交換,進而創造綜效,提高金控子公司的業務競爭力。
我們的研究對於實務管理者,以及社會資本理論、資源基礎理論、與能力基礎理論都有所貢獻。
The agenda of financial holding companies (FHCs) or universal banking has been discussed for nearly a hundred years. The discussions were mainly based on public interests. Discussions on the behalf of managers of the FHCs were few. How an FHC build competitive advantages was seldom studied.
In this research, an FHC was conceptualized as a multibusiness firm formed to fully exploit some resources for synergies and economies of scope. Customer relationships/ knowledge is one of the core resources of an FHC and is referred to as “external social capital” in the research. This resource is inimitable for competitors and thus important to the competitive advantages of an FHC. For the synergies to be created, the coordination capability is needed to coordinate the exchange and sharing of resources among subsidiaries. The “internal social capital” facilitates an FHC to overcome barriers to exchange and share resources among subsidiaries. Thus, internal social capital is an essential capability for competitive advantages of an FHC.
In order to test the hypotheses of social capital in building competitive advantages for FHCs, we use data from the relationships between FHCs and their customers with large samples, finding that both external social capital and internal social capital have significant effects on competitive advantages of FHCs. Specifically, trust, status, and cross-selling included in external (Burt’s type) social capital significantly affect the competitive advantages of an FHC. The number of prior direct ties between FHC subsidiaries and their customers has strong positive effects on the competitive advantages of the subsidiaries, but the relationships are not monotonic. For cross-selling to be realized, the following conditions must be satisfied simultaneously: (1) the two subsidiaries must have the same target markets; (2) the FHC must have strong social capital with the customer to be transferred. Namely, only customers of commercial banking subsidiaries could be transferred to underwriting ones. Customers of underwriting subsidiaries could not be transferred to commercial banking ones. Customers could neither be transferred between assets management subsidiaries and commercial banking ones nor between assets management subsidiaries and underwriting ones. The internal (Coleman’s type) social capital has significant effects on the competitive advantages of an FHC, too. The tie, status, trust, and obligation and expectation among subsidiaries affect the competitive advantages of subsidiaries significantly. The integration of information system within an FHC also has positive effects.
This research contributes both to theories of the social capital, resource and capability-based view and to managers of the FHCs.
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