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題名 泰國微型金融機構之商業模式與財務分析
Business Model and Financial Analyses of a Microfinance Institution in Thailand作者 李瑋芬
Deerojanawong, Yada貢獻者 蔡政憲
Tsai, Jason
李瑋芬
Yada Deerojanawong關鍵詞 微型金融
泰國
Sawad 集團
Microfinance
Thailand
Sawad Group日期 2022 上傳時間 1-Jul-2022 16:17:54 (UTC+8) 摘要 This case study is on the Sawad Group (Srisawad Corporation Public Company Limited), a successful Thai public financial institution listed on `Thailand`s stock exchange. The company started as a family business that provided microfinance products and expanded its products to cover loans, deposits, insurance, debt collection, and consulting services. This paper aims to analyze Sawad Group`s business model and compare it with its competitors` financials to understand better how the company became successful in Thailand. After analysis, it was found that the company has, unique selling points, diversifies through products and regions, and synergy among its businesses. Besides the success factors, the study looks into the company`s key challenges, including high competition, customer retention, lower loan credit per branch, retaining non-performing loans, and risk management. This paper also highlights recommendations to the Sawad Group: 1. Create a mobile application to improve customer`s needs and stay updated on the technological advances to reduce the cost 2. Develop new products that match customer`s needs 3. Implement flexible debt collection strategies 4. Maintain customer level satisfaction through staff retention programs 5. Improve closing loan account process 參考文獻 (MFC), M. C. (2021, December 21). #SFV2021: Digitalisation Key Trends in Microfinance. Retrieved from youtube: https://www.youtube.com/watch?v=ebHchADRAQ4 ada-microfinance. (2022). Definition of microfinance. Retrieved from ada-microfinance: https://www.ada-microfinance.org/en/about-ada/definition-microfinance-0 ada-microfinance. (2022). green-microfinance. Retrieved from ada-microfinance: https://www.ada-microfinance.org/en/our-projects/green-microfinance Bank of Thailand. (2020). Annual Report 2020. Retrieved from Bank of Thailand: https://www.bot.or.th/English/ResearchAndPublications/Report/DocLib_AnnualEconReport/AnnualReport2020_En.pdf Bank of Thailand, i. c. (2018). Financial_Access_Survey. Retrieved from Bank of Thailand: https://www.bot.or.th/English/FinancialInstitutions/Highlights/FSMP2/2018Financial_Access_Survey.pdf BOT. (2020, Dec 31). 2020FinancialAccessSurveyOfThaiHouseholds. Retrieved from BOT: https://www.bot.or.th/English/FinancialInstitutions/Highlights/DocLib_FinancialAccessSurveyOfThaiHouseholds_2020/2020FinancialAccessSurveyOfThaiHouseholds.pdf Definitions for credit foncier. (2022, April 20). Definitions for credit foncier. Retrieved from definitions: https://www.definitions.net/definition/credit+foncier#:~:text=Credit%20foncier%20a%20company%20licensed%20for%20the%20purpose,crdit%20credit%20%26%20foncier%20relating%20to%20land%2C%20landed.%5D Development, O. f. (2020). OECD Economic Surveys. Retrieved from Organisation for Economic Cooperation and Development : https://www.oecd.org/countries/thailand/oecd-economic-surveys-thailand-2020-ad2e50fa-en.htm FERNANDO, J. (2021, October 21). current ratio. Retrieved from investopedia: https://www.investopedia.com/terms/c/currentratio.asp FERNANDO, J. (2021, November 30). return on equity. Retrieved from investopedia: https://www.investopedia.com/terms/r/returnonequity.asp FERNANDO, J. (2022, Feburary 19). debtequityratio. Retrieved from investopedia: https://www.investopedia.com/terms/d/debtequityratio.asp FERNQUEST, J. (2016, November 29). Thailand third most unequal country in world. Retrieved from Bangkok Post: https://www.bangkokpost.com/learning/advanced/1147468/thailand-third-most-unequal-country-in-world Georges, B. (2021). Green microfinance. Retrieved from ada-microfinance: https://www.ada-microfinance.org/en/our-projects/green-microfinance HARGRAVE, M. (2022, March 5). return on asset. Retrieved from investopedia: https://www.investopedia.com/terms/r/returnonassets.asp imperva. (2022). Cyber Security Threats. Retrieved from imperva: https://www.imperva.com/learn/application-security/cyber-security-threats/ Institute, T. D. (2022, January 21). Thai economy to see uptick in 2022. Retrieved from Thailand Development Research Institute: https://tdri.or.th/en/2022/01/thai-economy-to-see-uptick-in-2022/#:~:Text=In%202022%2c%20economic%20growth%20is,Its%202019%20level%20in%202023. investor.sawad. (2020). companys-history. Retrieved from investor.sawad: https://investor.sawad.co.th/en/corporate-info/companys-history/ investor.sawad. (2020). group-structure. Retrieved from investor.sawad: https://investor.sawad.co.th/en/corporate-info/group-structure/ investor.sawad. (2020). organization-chart. Retrieved from investor.sawad: https://investor.sawad.co.th/en/corporate-info/organization-chart/ investor.sawad. (2020). vision-mission. Retrieved from investor.sawad: https://investor.sawad.co.th/en/corporate-info/vision-mission/ Joyful Development Inc. (2022). What is microfinance? Retrieved from Joyful Development Inc: http://joyfuldev.org/about-microfinance/what-is-microfinance/ KAGAN, J. (2022, January 4). Microfinance. Retrieved from investopedia: https://www.investopedia.com/terms/m/microfinance.asp Labor, M. o. (2022, January 15). Thailand Board of Investment-THAILAND IN BRIEF-Demographic. Retrieved from Thailand Board of Investment: https://www.boi.go.th/index.php?page=demographic&language=en Labour, O. o. (2020). Labour Situation in quarter 3/2020. Office of Permanent Secretary for Ministry of Labour. Mtcrofinance Centre. (2021). MFC Barometer of Trends in Microfinance – 2021 Edition. Retrieved from mfc: https://mfc.org.pl/mfc-barometer-of-trends-in-microfinance-2021-edition/ MURPHY, C. B. (2022, March 6). net profit margin. Retrieved from investopedia: https://www.investopedia.com/terms/n/net_margin.asp opentextbc. (2022). Business Model Canvas. Retrieved from BCcampus Open Publishing: https://opentextbc.ca/organizationalbehavioropenstax/chapter/business-model-canvas/ Pigneur, A. O. (2009). Business Model Generation. Patrick Van Der Pijl. Pigneur, A. O. (2009). Business Model Generation Book. In A. O. Pigneur, Business Model Generation Book (p. 13). Patrick Van Der Pijl. Pini, H. S. (2020, October 26). Development Solutions: Opportunity for the vulnerable. Retrieved from European Investment Bank: https://www.eib.org/en/essays/african-farmers-microfinance Rinwong, S. (2020, March 2). Penetration strategy "Pantip" giant breakout world online platform. Retrieved from bangkokbiznews: https://www.bangkokbiznews.com/business/868674 Royal Thai Embassy. (2022, 01 15). thaiembdc.org. Retrieved from thaiembdc.org: https://thaiembdc.org/about-thailand/thailand-in-brief/ SEGAL, T. (2021, April 26). nonperforming loan. Retrieved from investopedia: https://www.investopedia.com/terms/n/nonperformingloan.asp SET Thailand. (2022, March 10). Oppday Year End 2021-SAWAD. Retrieved from Youtube: https://www.youtube.com/watch?v=L80j9EbcxH8 Sk. Mahmudul Alam, M. (2015, October 31). Employee Turnover in MFIs: Reasons. Retrieved from Munich Personal RePEc Archive: https://mpra.ub.uni-muenchen.de/68646/1/MPRA_paper_68646.pdf Srisawad Fast Money Channel. (2020, November 19). Srisawad Fast Money Channel-Tawatchai Roongchotikul. Retrieved from Youtube: https://www.youtube.com/watch?v=SwCw2bwnXAo&feature=emb_title SydneyChikalipah. (2018, June). Credit risk in microfinance industry: Evidence from sub-Saharan Africa. Retrieved from sciencedirect: https://www.sciencedirect.com/science/article/pii/S1879933718300617 Thailand, B. o. (2021, November 12). BOT Press Release No. 83/2021. Retrieved from Bankn of Thailand: https://www.bot.or.th/English/PressandSpeeches/Press/2021/Pages/n8364.aspx#:~:text=Suwannee%20Jatsadasak%2C%20Senior%20Director%2C%20Bank,in%20assisting%20borrowers%20and%20accommodating Thailand, B. o. (2022). Thai Financial System Structure. Retrieved from Bank of Thailand: https://www.bot.or.th/English/FinancialInstitutions/FIStructure/Documents/Thai%20Financial%20System%20Structure.pdf The Stock Exchange of Thailand. (2022, Apr 16). Companies/Securities in Focus. Retrieved from SET: https://www.set.or.th/set/companyhighlight.do?symbol=SAWAD&language=en&country=US Weber, R. (2014, April 1). How flexible repayment schedules affect credit. Germany: Department für Agrarökonomie und Rurale Entwicklung. wikipedia. (2022, May 31). Lorenz_curve. Retrieved from wikipedia: https://en.wikipedia.org/wiki/Lorenz_curve World Bank. (2018, October 1). UFA2020 Overview: Universal Financial Access by 2020. Retrieved from World Bank: https://www.worldbank.org/en/topic/financialinclusion/brief/achieving-universal-financial-access-by-2020 World Bank, D. R. (2019). Gini index (World Bank estimate) - Thailand. Retrieved from World Bank: https://data.worldbank.org/indicator/SI.POV.GINI?locations=TH Yuvejwattana, S. (2021, October 20). Tech-Fueled Microlenders Replace Loan Sharks as Thai Borrowing Swells. Retrieved from bloomberg: https://www.bloomberg.com/news/articles/2021-10-19/tech-fueled-lenders-replace-loan-sharks-as-thai-borrowing-swells Yuvejwattana, S. (2021, Otctober 19). Tech-Fueled Microlenders Replace Loan Sharks as Thai Borrowing Swells. Retrieved from bnnbloomberg: https://www.bnnbloomberg.ca/tech-fueled-microlenders-replace-loan-sharks-as-thai-borrowing-swells-1.1668711 描述 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
109933040資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109933040 資料類型 thesis dc.contributor.advisor 蔡政憲 zh_TW dc.contributor.advisor Tsai, Jason en_US dc.contributor.author (Authors) 李瑋芬 zh_TW dc.contributor.author (Authors) Yada Deerojanawong en_US dc.creator (作者) 李瑋芬 zh_TW dc.creator (作者) Deerojanawong, Yada en_US dc.date (日期) 2022 en_US dc.date.accessioned 1-Jul-2022 16:17:54 (UTC+8) - dc.date.available 1-Jul-2022 16:17:54 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2022 16:17:54 (UTC+8) - dc.identifier (Other Identifiers) G0109933040 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140641 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營管理英語碩士學位學程(IMBA) zh_TW dc.description (描述) 109933040 zh_TW dc.description.abstract (摘要) This case study is on the Sawad Group (Srisawad Corporation Public Company Limited), a successful Thai public financial institution listed on `Thailand`s stock exchange. The company started as a family business that provided microfinance products and expanded its products to cover loans, deposits, insurance, debt collection, and consulting services. This paper aims to analyze Sawad Group`s business model and compare it with its competitors` financials to understand better how the company became successful in Thailand. After analysis, it was found that the company has, unique selling points, diversifies through products and regions, and synergy among its businesses. Besides the success factors, the study looks into the company`s key challenges, including high competition, customer retention, lower loan credit per branch, retaining non-performing loans, and risk management. This paper also highlights recommendations to the Sawad Group: 1. Create a mobile application to improve customer`s needs and stay updated on the technological advances to reduce the cost 2. Develop new products that match customer`s needs 3. Implement flexible debt collection strategies 4. Maintain customer level satisfaction through staff retention programs 5. Improve closing loan account process en_US dc.description.tableofcontents I. Thailand in Brief 2 A. About Thailand 2 B. General Financial Industry in Thailand 5 C. Microfinance in Thailand 8 D. Future Trends 13 II. Analysis Approaches 15 A. Business Model Canvas 15 B. Financial Statement Analysis 18 III. Analysis of Sawad 23 A. Company Overview 23 B. Business Model Canvas 33 C. Financial Statement Analysis 44 D. Competitor Analysis 50 IV. Key Findings 56 A. Key Findings in Numbers 56 B. Keys to the Successes of Sawad 57 C. Key Challenges 59 V. Recommendations 62 A. Create a mobile application to improve customer`s needs and keep up with the technological advances to reduce the cost 62 B. Develop a new product that matches customer`s needs 62 C. Implement flexible debt collection strategies 63 D. Maintain staff level satisfaction through staff retention programs 64 E. Improve closing account process 65 References 67 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109933040 en_US dc.subject (關鍵詞) 微型金融 zh_TW dc.subject (關鍵詞) 泰國 zh_TW dc.subject (關鍵詞) Sawad 集團 zh_TW dc.subject (關鍵詞) Microfinance en_US dc.subject (關鍵詞) Thailand en_US dc.subject (關鍵詞) Sawad Group en_US dc.title (題名) 泰國微型金融機構之商業模式與財務分析 zh_TW dc.title (題名) Business Model and Financial Analyses of a Microfinance Institution in Thailand en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) (MFC), M. C. (2021, December 21). #SFV2021: Digitalisation Key Trends in Microfinance. Retrieved from youtube: https://www.youtube.com/watch?v=ebHchADRAQ4 ada-microfinance. (2022). Definition of microfinance. Retrieved from ada-microfinance: https://www.ada-microfinance.org/en/about-ada/definition-microfinance-0 ada-microfinance. (2022). green-microfinance. Retrieved from ada-microfinance: https://www.ada-microfinance.org/en/our-projects/green-microfinance Bank of Thailand. (2020). Annual Report 2020. Retrieved from Bank of Thailand: https://www.bot.or.th/English/ResearchAndPublications/Report/DocLib_AnnualEconReport/AnnualReport2020_En.pdf Bank of Thailand, i. c. (2018). Financial_Access_Survey. Retrieved from Bank of Thailand: https://www.bot.or.th/English/FinancialInstitutions/Highlights/FSMP2/2018Financial_Access_Survey.pdf BOT. (2020, Dec 31). 2020FinancialAccessSurveyOfThaiHouseholds. Retrieved from BOT: https://www.bot.or.th/English/FinancialInstitutions/Highlights/DocLib_FinancialAccessSurveyOfThaiHouseholds_2020/2020FinancialAccessSurveyOfThaiHouseholds.pdf Definitions for credit foncier. (2022, April 20). Definitions for credit foncier. Retrieved from definitions: https://www.definitions.net/definition/credit+foncier#:~:text=Credit%20foncier%20a%20company%20licensed%20for%20the%20purpose,crdit%20credit%20%26%20foncier%20relating%20to%20land%2C%20landed.%5D Development, O. f. (2020). OECD Economic Surveys. Retrieved from Organisation for Economic Cooperation and Development : https://www.oecd.org/countries/thailand/oecd-economic-surveys-thailand-2020-ad2e50fa-en.htm FERNANDO, J. (2021, October 21). current ratio. Retrieved from investopedia: https://www.investopedia.com/terms/c/currentratio.asp FERNANDO, J. (2021, November 30). return on equity. Retrieved from investopedia: https://www.investopedia.com/terms/r/returnonequity.asp FERNANDO, J. (2022, Feburary 19). debtequityratio. Retrieved from investopedia: https://www.investopedia.com/terms/d/debtequityratio.asp FERNQUEST, J. (2016, November 29). Thailand third most unequal country in world. Retrieved from Bangkok Post: https://www.bangkokpost.com/learning/advanced/1147468/thailand-third-most-unequal-country-in-world Georges, B. (2021). Green microfinance. Retrieved from ada-microfinance: https://www.ada-microfinance.org/en/our-projects/green-microfinance HARGRAVE, M. (2022, March 5). return on asset. Retrieved from investopedia: https://www.investopedia.com/terms/r/returnonassets.asp imperva. (2022). Cyber Security Threats. Retrieved from imperva: https://www.imperva.com/learn/application-security/cyber-security-threats/ Institute, T. D. (2022, January 21). Thai economy to see uptick in 2022. Retrieved from Thailand Development Research Institute: https://tdri.or.th/en/2022/01/thai-economy-to-see-uptick-in-2022/#:~:Text=In%202022%2c%20economic%20growth%20is,Its%202019%20level%20in%202023. investor.sawad. (2020). companys-history. Retrieved from investor.sawad: https://investor.sawad.co.th/en/corporate-info/companys-history/ investor.sawad. (2020). group-structure. Retrieved from investor.sawad: https://investor.sawad.co.th/en/corporate-info/group-structure/ investor.sawad. (2020). organization-chart. Retrieved from investor.sawad: https://investor.sawad.co.th/en/corporate-info/organization-chart/ investor.sawad. (2020). vision-mission. Retrieved from investor.sawad: https://investor.sawad.co.th/en/corporate-info/vision-mission/ Joyful Development Inc. (2022). What is microfinance? Retrieved from Joyful Development Inc: http://joyfuldev.org/about-microfinance/what-is-microfinance/ KAGAN, J. (2022, January 4). Microfinance. Retrieved from investopedia: https://www.investopedia.com/terms/m/microfinance.asp Labor, M. o. (2022, January 15). Thailand Board of Investment-THAILAND IN BRIEF-Demographic. Retrieved from Thailand Board of Investment: https://www.boi.go.th/index.php?page=demographic&language=en Labour, O. o. (2020). Labour Situation in quarter 3/2020. Office of Permanent Secretary for Ministry of Labour. Mtcrofinance Centre. (2021). MFC Barometer of Trends in Microfinance – 2021 Edition. Retrieved from mfc: https://mfc.org.pl/mfc-barometer-of-trends-in-microfinance-2021-edition/ MURPHY, C. B. (2022, March 6). net profit margin. Retrieved from investopedia: https://www.investopedia.com/terms/n/net_margin.asp opentextbc. (2022). Business Model Canvas. Retrieved from BCcampus Open Publishing: https://opentextbc.ca/organizationalbehavioropenstax/chapter/business-model-canvas/ Pigneur, A. O. (2009). Business Model Generation. Patrick Van Der Pijl. Pigneur, A. O. (2009). Business Model Generation Book. In A. O. Pigneur, Business Model Generation Book (p. 13). Patrick Van Der Pijl. Pini, H. S. (2020, October 26). Development Solutions: Opportunity for the vulnerable. Retrieved from European Investment Bank: https://www.eib.org/en/essays/african-farmers-microfinance Rinwong, S. (2020, March 2). Penetration strategy "Pantip" giant breakout world online platform. Retrieved from bangkokbiznews: https://www.bangkokbiznews.com/business/868674 Royal Thai Embassy. (2022, 01 15). thaiembdc.org. Retrieved from thaiembdc.org: https://thaiembdc.org/about-thailand/thailand-in-brief/ SEGAL, T. (2021, April 26). nonperforming loan. Retrieved from investopedia: https://www.investopedia.com/terms/n/nonperformingloan.asp SET Thailand. (2022, March 10). Oppday Year End 2021-SAWAD. Retrieved from Youtube: https://www.youtube.com/watch?v=L80j9EbcxH8 Sk. Mahmudul Alam, M. (2015, October 31). Employee Turnover in MFIs: Reasons. Retrieved from Munich Personal RePEc Archive: https://mpra.ub.uni-muenchen.de/68646/1/MPRA_paper_68646.pdf Srisawad Fast Money Channel. (2020, November 19). Srisawad Fast Money Channel-Tawatchai Roongchotikul. Retrieved from Youtube: https://www.youtube.com/watch?v=SwCw2bwnXAo&feature=emb_title SydneyChikalipah. (2018, June). Credit risk in microfinance industry: Evidence from sub-Saharan Africa. Retrieved from sciencedirect: https://www.sciencedirect.com/science/article/pii/S1879933718300617 Thailand, B. o. (2021, November 12). BOT Press Release No. 83/2021. Retrieved from Bankn of Thailand: https://www.bot.or.th/English/PressandSpeeches/Press/2021/Pages/n8364.aspx#:~:text=Suwannee%20Jatsadasak%2C%20Senior%20Director%2C%20Bank,in%20assisting%20borrowers%20and%20accommodating Thailand, B. o. (2022). Thai Financial System Structure. Retrieved from Bank of Thailand: https://www.bot.or.th/English/FinancialInstitutions/FIStructure/Documents/Thai%20Financial%20System%20Structure.pdf The Stock Exchange of Thailand. (2022, Apr 16). Companies/Securities in Focus. Retrieved from SET: https://www.set.or.th/set/companyhighlight.do?symbol=SAWAD&language=en&country=US Weber, R. (2014, April 1). How flexible repayment schedules affect credit. Germany: Department für Agrarökonomie und Rurale Entwicklung. wikipedia. (2022, May 31). Lorenz_curve. Retrieved from wikipedia: https://en.wikipedia.org/wiki/Lorenz_curve World Bank. (2018, October 1). UFA2020 Overview: Universal Financial Access by 2020. Retrieved from World Bank: https://www.worldbank.org/en/topic/financialinclusion/brief/achieving-universal-financial-access-by-2020 World Bank, D. R. (2019). Gini index (World Bank estimate) - Thailand. Retrieved from World Bank: https://data.worldbank.org/indicator/SI.POV.GINI?locations=TH Yuvejwattana, S. (2021, October 20). Tech-Fueled Microlenders Replace Loan Sharks as Thai Borrowing Swells. Retrieved from bloomberg: https://www.bloomberg.com/news/articles/2021-10-19/tech-fueled-lenders-replace-loan-sharks-as-thai-borrowing-swells Yuvejwattana, S. (2021, Otctober 19). Tech-Fueled Microlenders Replace Loan Sharks as Thai Borrowing Swells. Retrieved from bnnbloomberg: https://www.bnnbloomberg.ca/tech-fueled-microlenders-replace-loan-sharks-as-thai-borrowing-swells-1.1668711 zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202200480 en_US
