“Space of Flow” in the Activity of Security Market of Taiwan

• Main Authors: Yun-Wen Liu, 劉蘊文
• Other Authors: Shew-Jiuan B. Su, PH.D.
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/2ycscd

碩士 === 國立高雄師範大學 === 地理學系 === 93 === Security market, as part of the capital circuits in capitalism, has been integrated into the social and economic development of society through the use of technology. As use of technology integrating local security market into the global economy, Taiwan’s security market activities display highly localized characteristics, which can be attributed to the unique geographies of Taiwan. Among the local characteristics, saucer-like structure of security market is commonly manifested by high percentage of individual investors. By reviewing official documents and interviewing participants in the security market activity, this paper applies grounded theory to analyze dynamics of security market activities, including global political economy, Taiwan-China relational changes, events related to Taiwan’s political, etc. Other than the macro level, we also argues that the Taiwan Stock Exchange (TSE), security brokers and tellers play an important role in shaping the social network of financial transactions, and thus can be deemed as nodes and hubs of the social construction of security transaction. The TSE can be seen as the hub of the security broker activity in Taiwan. As relevant regulations of Taiwan’s security market changed constantly, financial deregulation become possible, and foreign funds found Taiwan’s market a heaven for their profit-seeking, the security market of Taiwan becomes a regional center in global finance. Taipei, as center of Taiwan’s security market, becomes more closely linked with global financial market than with the rest of Taiwan. At the micro level, individual investors assemble in the boardroom of broker’s office to the degree that money, information and social activities seem to aggregate in a liminal space. Thus, the boardroom becomes a place that manifests the social hierarchical structure of each individual investor. In this liminal space, or place, “trust” plays an important role in shaping of broker-investors or teller-investors relations. Information flow and asymmetric information become major factors, whether the individual investor could win the money game.