指導教授：周雍強臺灣大學：工業工程學研究所林晉輝Lin, Chin-HueiChin-HueiLin2014-11-252018-06-292014-11-252018-06-292014http://ntur.lib.ntu.edu.tw//handle/246246/261032通路是金融業最主要的營收，且是使用資源最龐大的體系。然而，傳統通路的交易、帳務查詢功能已漸由便利的網路金融所替代，本研究探討零售業的店中店模式，可以作為證券商的降低營運成本、發展加值服務之通路應用策略。 店中店係指零售商將營業空間有價提供給供應商設立銷售點。通常在零售商與供應商的三類關係：零售商再銷售的RR(retailer-resell)模式、店中店的SS(Store-Within-a-Store)模式及混合RR、SS的RS模式；當銷售產品服務成本高、可替代性低時，應採用店中店SS模式較具價值優勢，其中可替代性高低更是決策關鍵。 本研究就店中店模式於展店、內部管理及銷售三構面，分析比較店主與店中店彼此之資源優勢互補性，再延伸探討證券公司於品牌強度相對高之銀行中設立店中店時，證券公司可產生之創新價值：降低通路營運成本、顧客往來更便利的網狀通路布局、槓桿銀行的資源優勢產生本身利益及結合銀行品牌創造證券品牌價值。另在銀行之價值提升，除有Cross-Selling、One Stop Shopping之綜效外，更有節省電子平台之服務人力成本，同時創造電子金融服務績效之利益。 管理學之父Peter Drucker(彼得杜拉克)說過：“現代企業競爭不是產品的競爭，而是商業模式的競爭。”所以，本研究結論認為，因應e化且跨界經營的網路時代之證券商實體通路發展策略為： 一、以獨立分公司為區域母公司，再於強勢品牌的銀行通路內設置店中店。 二、實體通路之功能轉為商品諮詢、體驗服務及客製化整合商品服務功能。 三、提昇人員的3C設備操作使用能力與多元金融商品的專業能力。 經由本研究對“店中店”模式的分析與在證券業之應用探討，希望對受到網路金融衝擊甚劇的證券業在未來通路的經營模式有所幫助和啟示。In the financial industry, Channel operation is the most important and most costly input of revenue. However, the functions of traditional Channel on the transaction, account inquiry were gradually replaced by the internet services. This research on the "store within a store", which can be the securities company''s business strategy. The channel could be reduced operating costs and improved service value. "Store within a store" means retailers provide the operating spaces for manufacturers as retail outlets and take some charge. There are three relationships existing between retailers and manufacturers usually: retailer-resell(RR) mode, Store-within-Store(SS) mode and (RS) mode which mixed the previous two modes. When the products have high service cost and low substitutability, applying the SS mode would be more value-competitive. The level of substitutability is the key of designing strategy. This research studies the SS mode through expanding new retail outlets, interval management and sale dimension while analyzes the difference among store owners and compares Store-within-Stores’ resource superiority complementarily. Moreover, it explores the innovation values produced by securities companies when they build the store-within-a-store in strong-brand banks. The values include decreasing Channel operating cost, building mesh and customer-friendly channel networking, leveraging the banks’ resource superiority and combining banks’ brand to upgrade the securities’ brand value. In addition to increase the banks’ value, beside Cross-Selling, One Stop Shopping, it could also decrease the service cost for e-commerce platform and create e-finance serviceability performance. Peter Drucker had said,” Modern enterprise competition is not products but business models.” Therefore, the research concludes that the securities physical Channel developing strategy responding digital trending and cross-field operating ages are: 1. Developing the branches as the area headquarters and setting the store-within-store in strong-brand banks channels. 2. Transferring the physical channel into products consulting, experience service and customized total solution functions. 3. Increasing the employees’ 3C equipments using abilities and the diverse financial products applying professional ability. Through the research of analysis in “Store-within-a-Store” mode and the application of securities field, I hope this research could contribute and inspire the securities industry which is worst affected by e-finance to their physical channel business modes.口試委員會審定書 # 誌謝 i 中文摘要 ii ABSTRACT iii CONTENTS iv LIST OF FIGURES vii LIST OF TABLES viii Chapter 1 緒論 1 1.1 研究背景與動機 1 1.2 研究目的 1 1.3 研究內容 2 Chapter 2 文獻探討 3 2.1 證券電子商務發展的回顧 3 2.2 證券商通路的演進 3 2.3 證券商類別 6 2.4 網路下單發展 10 2.5 網路下單之優缺點 12 2.6 店中店模式 15 Chapter 3 研究方法 17 3.1 資源基礎理論 17 3.2 PEST分析 19 3.3 SWOT分析 20 3.4 Porter五力分析 22 Chapter 4 研究分析與整理 24 4.1 證券產業外在大環境的PEST分析 24 4.1.1 政府管理與政策環境 24 4.1.2 產業經濟環境與趨勢 25 4.1.3 社會文化環境 27 4.1.4 科技與創新環境 28 4.2 證券產業內五力分析 28 4.2.1 購買者的議價能力：中高 29 4.2.2 供應商議價能力：低 30 4.2.3 產業內部之競爭：高 31 4.2.4 替代產品的威脅：中 32 4.2.5 新進入者的威脅：低 33 4.3 證券商通路設置與營運的法令規範與意義 33 4.3.1 證券交易法 34 4.3.2 證券商設置標準 35 4.3.3 金融控股公司法 35 4.3.4 金融控股公司子公司間共同行銷管理辦法 38 4.4 店中店的商業模式分類 39 4.5 現有店中店的商業模式分析 43 4.5.1 店主品牌強-店中店品牌弱 44 4.5.2 店主品牌弱-店中店品牌強 45 4.5.3 店主品牌強-店中店品牌強 46 4.6 店主與店中店的合作關係及資源互補 47 4.6.1 店主與店中店的合作關係 47 4.6.2 商場與店中店之關係 54 4.6.3 通路經營所需的資源屬性 55 4.6.4 店主與店中店的可互補資源優勢 58 Chapter 5 研究結果與討論 65 5.1 成本與風險控管能力是關鍵 65 5.2 整合行銷與創新才能維持優勢競爭 65 5.3 證券商通路的轉型 66 5.3.1 整合行銷的店中店業務策略 66 5.3.2 “店中店”模式的選擇 67 5.3.3 “店中店”新模式的價值 69 5.4 證券商店中店提升店主銀行之通路價值 73 5.4.1 店主銀行實體通路價值之提升 73 5.4.2 店主銀行e化通路價值之提升 74 Chapter 6 結論與建議 81 6.1 證券商實體通路模式的未來特色 82 6.2 店中店人員整合行銷專業技能提升 84 6.3 後續研究建議 85 參考文獻及資料 872383170 bytesapplication/pdf論文公開時間：2019/08/11論文使用權限：同意有償授權(權利金給回饋學校)店中店通路證券商thesishttp://ntur.lib.ntu.edu.tw/bitstream/246246/261032/1/ntu-103-P01546001-1.pdf