https://scholars.lib.ntu.edu.tw/handle/123456789/40873
標題: | 行政院國家科學委員會專題研究計畫成果報告:金融服務業與專業實務社群:台北金融中心個案研究 | 作者: | 徐進鈺 | 關鍵字: | 金融地理;金融服務業;期貨交易;全球化;發展型國家;資訊通訊技術;臺灣;financial geography;financial services;futures trading;globalization;developmental state;information and communications technology (ICT);Taiwan | 公開日期: | 2005 | 出版社: | 臺北市:國立臺灣大學地理環境資源學系暨研究所 | 摘要: | 本研究主要處理台灣期貨業發展過程 中,國家、市場與社群間的關係。儘管臺 灣被認為是發展型國家、由政府引導而成 功經濟轉型的典範,臺灣政府對財金政策 向來保守,並且常在決策中以「穩定」成 長作為主要目標。因此這使其期貨市場的 開放有著矛盾的搖擺,相信期貨交易對金 融系統是具有高度投機和顛覆性的。然而, 地下期貨實際上一直存在且引起社會關 注,迫使國家將這種新產業合法化。但即 使如此,臺灣並未採用大推進的金融自由 化模式, 而採取漸進主義方法、逐步開放 這個交易市場。這導致了一個由本地個體 投資人為主、外國資本佔少數的市場。這 個市場的特徵是分散、且對手續價格極為 敏感;同時,更需要經紀商來連接散戶在 複雜交易中的知識斷裂。在這種環境下, 是社會網路的範圍,而非交易技術的技 巧,成為經營上的關鍵。換句話說,政府 對期貨交易的不積極政策引導了一個分散 的市場架構, 並更進一步形塑了一個低度 發展的專業社群。 This research aims to tackle the issue of development of the futures trading industry in Taiwan. In spite of being praised as a model of the developmental state, the Taiwanese government was very conservative in its financial policy, and usually put a high priority on stabile growth in its decision making. As a result, it took an ambivalent attitude toward the opening of the futures market, which was believed to be highly speculative and subversive to the financial system. However, an underground futures market came into de facto existence and caused social concerns, and the state was forced to legalize the new industry. Even so, instead of following a big push model, the state adopted a gradualist approach and opened the trading market step by step. This led to creation of a market dominated by individual investors and little foreign capital participation. The market was characterized as decentralized and price sensitive to service charges, and at the same time, required brokers to bridge the knowledge gap for individual investors, rather than institutional ones, in complex financial transactions. Under such circumstances, it was the extent of social networks, rather than the sophistication of trading skills, that was critical in the business. In other words, reluctant state policies led to a decentralized market structure, which further shaped an under-developing professional community in Taiwan’s futures trading industry. |
URI: | http://ntur.lib.ntu.edu.tw//handle/246246/29635 | 其他識別: | 932415H002068SSS | Rights: | 國立臺灣大學地理環境資源學系暨研究所 |
顯示於: | 地理環境資源學系 |
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932415H002068SSS.pdf | 211.53 kB | Adobe PDF | 檢視/開啟 |
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