| Summary: | 碩士 === 國立臺灣大學 === 財務金融組 === 102 === Taiwan’s capital markets started from 1962 have faced numerous challenges from the changing political and economic realms. The securities trading companies play an important role in the capital markets, and they have made many operational innovations to accommodate the many changes in the markets. But the most important factor that made them change their operations structure was the Internet. To a securities trading company, not only the revolution of online trading, but also the related transformation of internal operations, as well as innovations in financial products, were paradigm-changing occurrences. Polaris Security (which has since merged with Yuanta Financial) pioneered such sweeping changes in Taiwan’s securities industry. This case study examines how Taiwan’s securities trading companies accommodated the innovations and transformations of the internet, by examining the developments that occurred at Polaris, in response to the rise of the most powerful and world-shaking technology of the last twenty or so years, the web.
There are four aspects of Polaris’s securities innovation management. The first, product innovation, was exemplified by the introduction of many new finance products to the market. The second aspect, communication innovation, involved changing the way Polaris communicated with its customers (the company developed an online trading system). The third, business innovation, was characterized by the launch of a marketing campaign, which provided a discount on commission charges. Lastly, process innovation occurred in the form of Polaris’s grooming of the most talented financial, engineering, and IT personnel, as well as communicating with customers in new ways, via the internet.
The method of change management used by Polaris Securities was a combination of the ‘hard approach’, theory E, and ‘the soft approach’, theory O. Polaris adjusted this joining of theories E and O as needed, based on industry-specific characteristics, and the actual, ‘facts-on-the-ground’ of the operational situation. Regarding goal and leadership aspects, Polaris’s change management aligns more with theory E. With regard to focus and process aspects, Polaris’s ‘stewardship of variance’ combined the concepts of theory E and theory O. Lastly, as far as reward system, it would seem to be part of the ‘soft approach’, theory O, in its goal of supporting and developing Polaris’s employees.
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