The Research of Business Strategies and Evaluations of Online Brokerage Companies

• Main Authors: Hsiao-Chieh Yu, 尤筱潔
• Other Authors: Ching-Hsi Yang, Ph.D.
• Format: Others
• Language: zh-TW
• Published: 2001
• Online Access: http://ndltd.ncl.edu.tw/handle/21691004929977747490

碩士 === 國立臺北大學 === 會計學系 === 89 === After the NSF (National Science Foundation) in the U.S. abandoned the limitation of actual utilization of Internet in business in 1991, the electronic commerce was born and avalanched the entire business world. Lots of investment banking companies also developed their online investing business. As to the online brokerage business in Taiwan, most of the businesses are still in emerging stage. In order to have the first mover advantages over other competitors, investment companies developed their own business strategies. This competitive market situation triggered the motivation of finding out the superior strategies and performance among online brokerage companies by using questionnaires. This study constructs 24 variables from different competitive strategy elements and, based on the Balanced Scorecard in connection of strategic goals and evaluation indicators analysis theory, designs 39 evaluation indicators in aspects of finance, customer, internal business process, and learning and growth. In addition, according to different characters among replied companies such as business model, capital investment scale, and online transaction ratio, it categories online brokerage companies into different groups and also explores the difference in performance among them. The conclusion of experimental study: 1.Business strategies：online brokerage companies emphasize on increasing customer loyalties, market shares, and customer satisfactions; intensifying the internal control of computer servers and operation systems, of online securities, and of online trading systems; creating brand names and reputations. 2.Performance evaluation indicators： most companies hold “internal procedure” in the first place while place “learning and growth” at the end. Among the four aspects, the importance of first three indicators are: (1) Financial aspect： sales growth rate, contango ratio, ratio of transaction fees on operating revenue. (2) Customer aspect： market share, buffer time to rectify service error, and customer growth rate. (3) Internal business process aspect：average occurrence computer down time, average frequency of computer down , and the investment ratio in online trading security. (4) Learning and growth aspect：employee loyalties, employee satisfactions, and the rewards to employees who get professional certificates. 3.Difference in performance among different categories: (1) Business model：it is indifference among such different business models as cost-center, profit-center, and the mix. (2) Capital investment scale：there is a significant difference in average monthly transaction amounts, accumulative customer accounts, and market shares between companies with capital investments above 8 billion and those with investments from 4 to 8 and below 4 billion. (3) Online transaction ratio：there is a significant difference in average monthly transaction amounts and market shares between companies with ratios above 20% and those with ratios between 10% to 20% and less than 10%.