隨著國內經濟環境轉變，我國銀行業者業務經營方向由傳統資金中介者逐漸轉入非利息收入的手續費收入市場。其中，具收入穩定、低風險與高報酬特性的基金保管業務(custodian)，成為目前各大商業銀行積極爭取之營運項目。銀行業屬服務業，基於服務的無形性特質，「關係行銷」(relationship marketing)被認為是克服服務無形性的一種有效策略(Berry，1983)，而「服務業行銷的本質是和顧客發展長期而有價值的關係」。與顧客建立長期的買賣關係才是企業獲取長期利潤的主要原因(Johanson and Mattsson，1987)。本研究透過關係行銷相關文獻整理，以Morgan and Hunt (1994)提出之關係行銷之承諾-信任理論的關鍵中間變數(Key Mediating Variables；KMV)模型為基礎觀點，發展本研究之觀念架構；了解關係行銷關鍵前置因素中促進企業雙方合作的影響因素，並藉由國內銀行發展保管共同基金業務之個案，對該個案銀行與其主要往來之國內投信業者進行深度訪談，探討產業中的企業如何由銀行提供的保管服務中遴選合作夥伴，及其雙方關係維持因素進行分析。最後針對實務上採行的關係行銷策略提供具體建議。
主要研究結果如下：一、本研究觀念架構中之六項前置變數「關係利益」、「關係終止成本」、「共享價值觀」、「溝通」、「投機行為」與「專業能力」變數，對銀行與投信之間的承諾－信任關係確實有顯著影響。二、關係行銷的成果，除使個案銀行業務規模迅速擴展、發揮節省人力作業成本及發揮經濟規模效益外，更藉由雙方長期合作關係使投信業者達成基金順利募集與產品銷售的業務目標。並有以下研究發現；1.銀行「共同基金的銷售能力」與「承諾包銷」及保管作業的「專業能力」成為買賣雙方關係交換的重要條件。2. 就關鍵前置變數「共享價值觀」分析個案銀行遴選保管業務合作夥伴與投信業者之經營理念皆具「提供客戶優質服務與穩健投資商品」之特點。3.投信業者普遍以提供「專業資產管理技術」及「高品牌知名度」服務，作為維繫客戶的競爭條件。4.近年來受銀行積極拓展個人理財服務之影響；投信業共同基金之自有銷售通路(direct sales) 銷售額下滑，有逐漸依賴銀行通路的趨勢。5.經由關係終止成本－「轉換成本」變數的研究，發現業者更換保管機構不會付出轉換成本。惟實務上，保管銀行提供的顧客化(customerization)與差異化的服務和價值成為投信業者更換保管機構的「機會成本」。

As the changes of economic situation, banking industry has become the non-interest fee receiver rather than the traditional capital mediator. Especially, the fund custodian with the characteristics of stable revenue, low risk, and high profit has become the most popular business which the main domestic commercial banks are eager to operate. The banking industry is a part of the financial service industry. In order to overcome the intangibility of service, relationship marketing is believed to be the effective strategy (Berry, 1993). The innate of marketing in service industry is developing the long-term and valuable relationship with customers. Developing the long-term buying -and-selling relationship is the key reason why some companies get the long-term excess profit (Johanson and Mattsson, 1987).
This thesis organizes several seminal papers about the relationship marketing. We derived our main concepts based on the Morgan and Hunt’s (1994) theory－The Commitment-Trust Theory of Relationship Marketing or named Key-Mediating Variables Model (KMV). In order to understand the key leading factors which improve the cooperative relationship between banks and investment trust companies, our empirical study focuses on the evolution of mutual fund custodian of commercial banks in Taiwan. By interviewing the studied banks and their partner investment trust corporations, we investigated how the investment trust corporation chooses the bank which provides custodian services. We also analyzed the key factors of maintaining this partnership. Finally, several concrete suggestions for applying relationship marketing in practice are provided.
The main results of this research are as following:
(1.)There are six leading factors in our conceptual framework: “relationship benefit”, “relationship termination cost”, “shared values”, “communication”, “opportunistic behavior” and “professional skills”. All of them have significant influences on the commitment-trust relationship between banks and investment trust corporations.
(2.)In our case study, the relationship marketing not only helps the bank rapidly expand the business, reduce the labor cost, and utilize the benefit from scale economies, but also helps the investment trust corporation achieve the sales goal of fund raising and product selling through the long-term cooperation.
Besides, there are several findings in our research,
(1.)Fro a bank, the mutual fund’s selling ability, underwriting, and the “professional skills” in custodian are the important factors in the buying-and-selling relationship.
(2.)When using the key leading factor, “shared vales,” to evaluate how the studied bank is chosen as partners for custodian business and the investment trusts corporations’ mission statements, we found that they both shared the value of “providing customers the high-quality service and the risk-resistant investment goods”.
(3.)“Professional asset management skills” and “big-name brand” are commonly provided by most investment trust corporations as the competitive strength to maintain the relation with their customers.
(4.)Recently, owing to the booming of banks’ personal financial management services, the sales in the direct-sale channels of the investment trust corporations had decreased. Hence, the investment trust corporations should rely on the selling channels of banks gradually.
(5.)In the aspect of “relationship termination cost”, “switching cost” is zero for those investment trust corporations who change custodian banks. However, in practice, the customerization and differentiation of service and values among different banks is the “opportunity cost” for the investment trust corporation.

目錄
表目錄…………………………………………………………….……iv
圖目錄……………………………………………………...……………vi

第一章 緒論…………………...………………………………1
第一節 研究背景與動機…………………………………...1
第二節 研究目的………………………………………...…3
第三節 研究流程………………………………………...…4
第四節 論文章節架構…………………………………...…6

第二章 文獻回顧………………………………………….…..7
第一節 關係行銷…………………………………………...7
第二節 企業對企業B2B行銷………………..…….………21

第三章 銀行保管業務簡介………………………...……..23
第一節 銀行保管業務概述………………...……………..23
第二節 我國證券投資信託業發展概況………………..…29
第三節 台灣地區銀行保管國內投信基金業務概況…..…34

第四章 研究設計……………………..……………..……39
第一節 研究架構與研究範圍………………...…….….39
第二節 研究方法………………....……………………..41
第三節 訪談問卷設計…………....……………………..41
第五章 甲銀行保管業務介紹……………………………….45
第一節 甲銀行簡介……………………….…….……….46
第二節 保管業務發展概況………………………………51
第三節 發展保管業務之關鍵成功因素………………….53

第六章 訪談個案彙整…………………..……………….56
第一節 個案一：A證券投資信託股份有限公司……...56
第二節 個案二：B證券投資信託股份有限公司…...…62
第三節 個案三：C證券投資信託股份有限公司…..….67
第四節 個案四：D證券投資信託股份有限公司…..….71
第五節 個案五：E證券投資信託股份有限公司..…….75
第六節 訪談個案比較分析…………………...…….….79

第七章 結論………………………………………………….82
第一節 研究結果……………………….……….…………82
第二節 研究發現………………….….……………………82
第三節 研究限制…………………………..……………….84
第四節 後續研究建議……………………..……………….85

參考文獻…………………………………………………...…86
一、中文部份……………………….……….…………86
二、英文部份………………….….……………………88

附錄一：訪談問卷內容………………………….…………………...…93
附錄二：訪談對象基本資料…………………….…………………...…96


















表目錄

表2-1；關係行銷的定義…………………………….………………..…...….…10
表2-2；關係行銷與交易行銷之比較…………………………….………...….…12
表2-3；關係行銷與交易行銷之差異…………………………….………...….…12
表2-4；關係結合之三個策略層次………………..…………….………...….…13
表2-5；關係行銷的五種層次……………………….…………….………...….…13
表2-6；國內外學者對於關係行銷的相關研究……………..………….…….…18
表3-1；銀行保管業務別統計…………………………………….………...….…26
表3-2；銀行保管業務平均收益率簡析表……………….……….………...….…27
表3-3；國內商業銀行銷售共同基金交易折扣一攬表……….….………...….…27
表3-4；國內共同基金發行概況………………………..……….………...….…31
表3-5；國內各投信公司管理資產規模概況…………………….………...….…32
表3-6；台灣地區銀行保管國內投信基金資產規模概況………………...….…35
表3-7；保管國內投信基金資產規模達新台幣千億元之金融機構概況簡介…36
表3-8；台灣地區銀行保管國內投信基金資產規模成長概況…………...….…37
表3-9；各保管銀行之銷售能力表現…………………………….………...….…38
表5-1；甲銀行信用評等………………………………………….………...….…49
表5-2；甲銀行近三年經營績效概況…………………………….………...….…50
表5-3；甲銀行近三年獲利能力分析…………………………….………...….…51
表6-1；A投信共同基金發行概況暨管理資產規模…………….………...….…57
表6-2；A投信旗下基金銷售通路分布概況……………………………...….…58
表6-3；A投信遴選保管銀行條件……………………..……….………...….…60
表6-4；B投信共同基金發行概況暨管理資產規模…………………………….…63
表6-5；B投信旗下基金銷售通路分布概況……….………………….…..….…64
表6-6 ；B投信遴選保管銀行條件…………………………….………...….…65
表6-7 ；C投信共同基金發行概況暨管理資產規模……….…………...….…68
表6-8 ；C投信旗下基金銷售通路分布概況………………….………...….…68
表6-9 ；C投信遴選保管銀行條件…………………………….………...….…69
表6-10；D投信共同基金發行概況暨管理資產規模………..…………...….…72
表6-11；D投信旗下基金銷售通路分布概況………..…….….………...….…72
表6-12；D投信遴選保管銀行條件………………..…………….………...….…73
表6-13；E投信共同基金發行概況暨管理資產規模…………..…….....….…76
表6-14；E投信旗下基金銷售通路分布概況…………………………...….…76
表6-15；E投信遴選保管銀行條件………………………...….………...….…77
表6-16；訪談個案公司基本資料彙整表………………..……..………...….…79
表6-17；投信業者遴選保管銀行關鍵因素分析………..……..…..………...….…81










圖目錄
圖1-1；研究流程….…………………………..…………………….………...….……5
圖2-1；行銷重點的演進……………..……..……...………………….………...….…8
圖2-2；關係行銷中的關係交換………………………………….….………...….…15
圖2-3；關係行銷的KMV 模型…………………………………….…….…...….…15
圖2-4；關係行銷的KMV 模型……………………………………….……...….…16
圖2-5；關係行銷的KMV 模型…………………………………….………...….…17
圖3-1；銀行保管業務簡介………………………………………….………...….…24
圖3-2；銀行經營保管業務資產總值成長概況…………………………………….26
圖4-1；本研究之觀念性架構……………………………………….………...….…40
圖5-1；甲銀行保管國內投信基金資產規模成長概況…………….………...….…45
圖5-2；甲銀行組織架構…………………………………………….………...….…47
圖5-3；甲銀行指定用途信託業務成長概況………………………….……...….…52
圖5-4；甲銀行保管國內投信基金產品結構……………………….………...….…52
圖6-1；A投信組織結構圖……………………..………………….………...….…56
圖6-2；A投信風險管理機制……………………………..……….………...….…59
圖6-3；A投信法規遵循系統………………..…………………….………...….…59
圖6-4；B投信組織結構圖…………………………..…………….………...….…62
圖6-5；C投信組織結構圖…………………..…………………….………...….…67
圖6-6；D投信組織結構圖…………….………………………….………...….…71
圖6-7；E投信組織結構圖………………………………………….………...….…75

中文部分：

中華民國信託業商業同業公會，信託業務統計季報，中華民國台灣地區民國九十三年第四季。

王百慶 (2001)，「關係承諾的決定因素：產品類與服務類關係行銷之比較研究」，國立高雄第一科技大學行銷與流通管理系碩士論文，102-105。

王郁惠 (1997)，「服務業類別、關係行銷與顧客忠誠度關係之研究」，國立中正大學企業管理研究所碩士論文。

宋文琪 (2003)，「股票開放型共同基金投資人投資行為研究--以怡富投信基金投資人為例」，國立政治大學經營管理學碩士論文，54-55。

林孟郁 (2002)，「探討B2B電子商務之導入對企業關係行銷之影響」，輔仁大學管理學研究所碩士論文，29-34。

林星聖 (2001)，「壽險產業關係行銷之研究—承諾信任理論之應用」，國立交通管理學院(管理科學學程)碩士論文，107-111。

林靜雯 (1999)，「關係行銷信任機制之建構—以台灣人壽保險業為例」，東海大學管理研究所碩士論文，69-71。

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陳沅易 (1999)，「服務品質與關係行銷對顧客信任與滿意度的影響：以投信機構為例」，國立政治大學國際貿易研究所碩士論文。

陳心瑜 (2002)，「顧客知識管理內容與關係行銷之研究」，國立中正大學企業管理研究所碩士論文，28-29。

黃貝玲譯 (2001)，「企業對企業一對一行銷 (原Don Peppers and Martha Rogers著)」，遠擎管理顧問公司。

曾光華 (1995)，「顧客資料庫與關係行銷」，第二屆中小企業管理研討會論文集下冊，台北：經濟部中小企業處，129-137。

曾義明 (2002)，「銀行業的關係行銷對顧客回流之影響」，第三屆產業資訊管理學術暨新興科技實務研討會論文集下集，輔仁大學資訊管理學系，707。

張福榮 (2000)，「金融行銷」，五南圖書公司，台北，118-158。

謝岫芸 (2000)，「會員制俱樂部關係行銷之研究：KMV模式之應用」，私立中國文化大學觀光事業研究所碩士論文。

謝孟欣 (2004)，「Morgan and Hunt’s KMV Model 應用於銀行業關係行銷之研究—以嘉義、台南地區中、高階主管為研究對象」，嘉義大學管理研究所碩士論文，33-40。

 
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