The case of futures commission merchants in Taiwan.

• Main Authors: CHOU SZE CHIEH, 周思潔
• Other Authors: 江淑貞
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/08651694617624372057

碩士 === 輔仁大學 === 企業管理學系管理學碩士在職專班 === 101 === Although the number of trading accounts and trading volume continued to increase in the Taiwan’s futures market, the competent authority also continue to introduce new products, new measures as well as new industry types, the prosperity seems not to have apparent and positive influence on the overall profits of proprietary FCM, and the merchants in the futures market are also decreasing gradually. Each of FCMs in order to strike a short-term performance, have carried out to snatch market share and vicious competition; and in response to the popularity of online ordering that must continue to invest in the transaction related trading platform in order to maintain customer loyalty; further opened up to the turn investment undertaking, the FCMs faceing the limits of capital requirements and loan, and promoting capital to get new business mode to grasp this new opportunity to increase profit are all the problems that FCM have to resolve as soon as possible. To solve these problems, some of FCMs began some means, and included into FHC organizations, others have been launching mergers and acquisition trying to expand their scale, recently there are also some FCM who successfully performed going public offerings with good performance. It’s worthy to conduct research and analyze whether going public offerings is an effective way to promote FCM's achievements and profits. So the theme of this research is to explore whether goning public offerings is an effective strategy to break out the bottleneck, attract new customers, improve performance and to pursue future growing.Through the research, we hope to understand whether going public will improve the opertating performance, financial structure and business capicity of FCMs. This research used 32 samples between 1992 and 2011 of various tests and regression analysis, the empirical results shows that the FCMs after going public can actually improve performance and financial structure,as well as increase the business capacity.This research only provides reference for FCM to evaluate their own situation for future development.