| Summary: | 碩士 === 東吳大學 === 國際貿易學系 === 95 === Abstract
Based on the Structure-Conduct-Performance theory, this paper discusses the interaction among the structure of the securities market, the conduct of the securities companies and operation performance as well as the impacts of government policies on securities market. There are several researches suggested that Financial Holding Company Act, taking effect in November 2001, and the entrance into WTO in 2002 made the market shares of the brokerage and total assets have remarkably increased. Especially after e-trading was permitted by the authorities in 1997, the e-trading has accounted 99.5% of brokerage business. The growth of the e-trading proved that government policies do affect the structure of the securities industry, making the larger firms become larger in accordance with the industry change. The structural changes brought by the e-trading and preparation for merger or incorporation into a financial holding company can be shown by the increasing IT expenditure and branch offices. The market share of brokerage has boosted after the increase of the branch offices. Merger and incorporation into a financial holding company will need more advertisement expenditure, but mature and less-concentrated securities companies cannot lift their market share by advertisement. Brokerage is always the main revenue source for securities companies, mostly accounting for 40% of the total income. The size of the brokerage does not tremendously affect the revenue. The revenue does not increase because of more branch offices. The contribution of brokerage on ROA and ROE is getting less and less, decreasing year by year. Therefore, the structure of the industry is proportionally related with the conduct the companies, but not with the operation performance.
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