| Summary: | 碩士 === 國立東華大學 === 國際企業研究所 === 90 === The conclusions of the studies include following four parts. First, the results of five forces analysis on securities investment trust industry are as follows:(1) the level of entrance barriers is medium;(2) competition within the industry is fierce;(3) the threats of substitutes are not very large;(4) buyers’ bargaining powers are low;(5) suppliers have medium bargaining powers. With development of discretionary investment, the level of competition among existing manufacturer becomes more fierce, increased in number of potential entrants, a huge increase in buyers’ bargaining power, and a small decrease in suppliers’ bargaining power. There is not much difference between the threats of substitutes and the competition situation.
Secondly, this research has marked off four important value activities from two of the main operations of the securities investment trust corporations’ promotion process in mutual funds and discretionary investment. The value activities of mutual fund including: (1) understanding the market demands, (2) formation of fund products, (3) marketing fund products, and (4) customer services. The value activities of discretionary investment including: (1)exploit customers, (2) understand customer needs, (3) determine the portfolio, and (4) customer services. Moreover, the main bases of these four value activities are established on the corporation marketing activities, asset management activities, and customer services. Infrastructure, human resources management activities, research and development activities, internal control, internal audit and risk management have become the supporting activities of the securities investment trust industry.
Thirdly, the influences of opening discretionary investment to securities investment trust industry stated as follows: securities investment trust industry would require more elites join the industry, promote its development powers, enhance the internal control, internal audit and risk managements, establish an information system which is stable and conforms to present requirement, shortage of fund managers, pay great attention on providing a consummate customer services, etc. Overall, opening the discretionary investment would provide improvement in quality of securitie investment trust industry and it also provides more development spaces.
At last, the six key success factors of securities investment trust industry are:
1. The overall performance of subordinate funds
2. Good enterprise image and reputation
3. Provide perfect services and qualities
4. Close marketing channel
5. Complete product lines
6. Fund managers with uniform quality and high stability
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