隨著全球經濟及產業連動性日益升高趨勢下，國內證券業公司相繼擴展複委託業務，滿足投資者海外投資的需求，且一次開戶既可投資多國市場，不但提升投資便利性也風散了單一市場的風險。回顧台灣證券業受託辦理海外有價證券業務，近年來成交量快速成長。由於主管機關的開放政策，投資者不再僅限於透過信託基金購買海外有商品，更可以透過複委託方式，自行投資篩選海外市場的有價證券，增加海外投資的靈活性也大幅降低了投資成本(因為無需支付類似於共同基金的帳管費)。而這幾年來陸續在美股掛牌的ETF產品，包含全球各國市場與產業，提供了投資者更多元化的商品選擇，帶動國內證券業複委託業務的需求。
本文採用個案研究法，透過五力分析探討國內證券商複委託業務的競爭環境，運用SWOT分析找出個案公司在經營複委託業務上的優劣勢，透過深入的個案訪談方式，找出經營複委託業務的經營策略，，最後，針對目前複委託市場現有的環境資源來分析未來發展的重點，希望提供業界發展複委託之參考。
本研究結果發現，個案公司複委託關鍵的成功因素在於開發交易系統提供完善的跨國交易平台，並透過專業的財富管理團隊提升服務品質與開發法人機構客戶。但隨著證券業紛紛開發複委託業務，未來在複委託業務上仍將面臨同業的高度競爭，還有網路券商的挑戰以及許多法規的限制，如何克服這些挑戰都將是證券業未來重要的課題。

Driven by the global economy and the increasing interrelationships in the industry, the domestic securities companies have expanded re-consigned trading business to meet the needs of investors to invest overseas. A single account is now capable to invest in multiple markets, which not only improves investment facilitation, but also minimizes the risk when only investing in one single market. The securities industry in Taiwan has seen rapid growth on the volume of securities entrusted with handling overseas business in recent years. Due to the government authorities’ open-door policy, investors are no longer limited to the purchase of overseas securities through the Trust Fund. Investors can now select overseas securities at their own will by re-consigned trading business. It increases the flexibility of foreign investment significantly and reduces the cost of investment dramatically because they do not need to pay different account fees. In the past few years, there are many ETF products being listed in the US stock market, as well as markets and industries around the world, investors now can select a greater variety of products which greatly stimulate the domestic need for re-consigned trading business.
This paper used a case study method and Porter five forces analysis to discuss the competitive environment of the re-consigned trading business for the domestic securities firms. A SWOT analysis was also used to identify the case company’s strengths and weaknesses on its re-consigned trading business. In-depth case interviews were also used to identify the business strategy. Finally, the present study hopes to provide a reference to further develop re-consigned trading business based on the current re-consigned trading business market resources. This study found that the critical success factors for the case company’s re-consigned trading business are to develop trading systems that provide the perfect platform for cross-border transactions and to improve service quality and develop institutional customers through professional wealth management team. But as more securities companies began developing re-consigned trading business, the business will face greater competitiveness from the competitors in the future. The securities industry will also have to face the challenges of network brokers and many regulatory constraints. How to overcome these challenges will be an important issue for the securities industry in the future.

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三、 網站部分
1. 證券商同業公會http://www.csa.org.tw
2. 證券交易所http://www.twse.com.tw/ch/index.php
3. 群益證券網站http://www.capital.com.tw/
4. 證期會網站www.sfc.gov.tw
5. 證券基金會網站www.sfi.org.tw
6. 美國證期會網站www.sec.gov
7. 行政院金融管理監督委員會網站www.facey.gov.tw