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題名 以資源基礎理論探討台灣支付閘道公司成長策略個案研究
A Case Study on the Growth Strategies of Taiwan Payment Gateway Companies based on Resource-Based Theory
作者 鄭葦彥
Cheng, Wei-Yen
貢獻者 陳恭
鄭葦彥
Cheng, Wei-Yen
關鍵詞 支付閘道
資源基礎理論
持續性競爭優勢
Payment Gateway
Resource-Based Theory
Sustainable Competitive Advantage
日期 2023
上傳時間 2-Aug-2023 13:35:50 (UTC+8)
摘要 隨著電子商務的蓬勃發展,第三方金流產業的版圖不斷擴張,通路平台與金流服務之間的界線也逐漸模糊。T 公司是一家成立於2015年的金流服務公司,在台灣成為首家提供銀行與電子商戶間金流串接的支付閘道公司,並隨著Apple Pay在台灣推出而取得成功。2022 年 4 月 P集團子公司W公司宣布與T 公司透過換股方式合併,進一步深化雙方在電子商務與金流服務的合作。
本研究採用個案研究方法,透過訪問T 公司執行長取得第一手資訊,希望透過研究W公司與T 公司的合併個案,探討金融科技創新下B2B第三方金流產業的發展策略和未來展望。此研究希望能夠為更多新創金融科技企業在構思營運策略時提供參考依據,並且釐清以下問題:
1.探討T 公司和W公司擁有哪些資源和優勢,促使T 公司決定合併。
2.探討合併後,T 公司未來發展與如何持續維持競爭優勢。
本研究以資源基礎理論為主要研究架構,從了解雙方企業內部所擁有的資源和能力出發,分析雙方原有的競爭優勢與合併動機,並進一步提出在合併後如何持續維持競爭優勢和避免潛在威脅的建議。研究結果如下:
1.T 公司在台灣市場核心優勢在於其與Apple Pay 的獨特歷史因素,其次是商業模式與通路客戶關係;W公司核心優勢在於其與銀行間的信任與高額融通能力,其次是長年風管經營能力。而W公司所具備之優勢,有助於T 公司發展消費分期業務,擴展支付版圖。
2.T 公司之競爭優勢來自於其與Apple Pay和顧客信任關係。故資安議題的衝擊與 Google、Samsung 支付等競爭者的反擊,都將是重擊T 公司持續性競爭優勢的關鍵議題。T 公司應強化資安維護與用戶體驗,持續鞏固其與客戶關係,持續增加獲利死亡谷的寬度,讓其成為護城河,提高競爭者進入之難度。
T Company, established in 2015, became the first payment gateway company in Taiwan to facilitate payment integration between banks and e-merchants. It achieved success with the launch of Apple Pay in Taiwan. In April 2022, P Group subsidiary W Company announced a merger with T Company through a stock swap.
This research adopts a case study approach, obtaining firsthand information through interviews with the CEO of T Company. The aim is to explore the development strategies and future prospects of the B2B third-party payment industry under financial technology innovation, using the merger case of W Company and T Company as a basis. This study hopes to provide reference for more fintech startups when formulating operational strategies and clarify the following issues:
1. Investigate the resources and advantages possessed by T Company and W Company that prompted T Company`s decision to merge with W Company.
2. Explore T Company`s future development and how it can sustain its competitive advantage after the merger.
This study primarily employs the resource-based theory as the main research framework. Starting from understanding the internal resources and capabilities of both companies, it analyzes their original competitive advantages and merger motives. Furthermore, recommendations are proposed on how to sustain competitive advantages and mitigate potential threats after the merger. The research findings are as follows:
1.T Company`s core advantages lie in its unique historical factors with Apple Pay, followed by its business model and channel customer relationships. W Company`s core advantages lie in its trust and high-value liquidity capability with banks, followed by its long-term risk management capabilities. These advantages of W Company contribute to T Company`s development of consumer installment services and expansion of its payment landscape.
2.The impact of cybersecurity issues and counterattacks from competitors will be critical factors affecting T Company`s sustained competitive advantage. T Company should strengthen its cybersecurity maintenance, continuously consolidate its customer relationships, and make it a moat that raises the difficulty for competitors to enter.
參考文獻 一、中文參考文獻
GiGi Huang (2018年6月29日) 。Adyen:一家讓 eBay 放棄與 PayPal 合作的歐洲支付公司。Meet創業小聚。https://meet.bnext.com.tw/blog/view/4068
JC Hsiao (2021年9月29日) 。網家為何要入股21世紀數位?無卡分期成電商支付新戰場。數位時代Business NEXT。https://www.bnext.com.tw/article/65281/pchome-installment
KEVIN (2023年3月1日) 。BNPL先買後付是什麼?有風險嗎?台灣主要業者比較。Money101。https://www.money101.com.tw/blog/bnpl%E5%85%88%E8%B2%B7%E5%BE%8C%E4%BB%98
Mr.Roo (2022年10月31日) 。Atome 是什麼?3 分鐘知道 Atome 申辦條件與申辦流程&優缺點。袋鼠金融Roo.Cash。https://roo.cash/blog/bnpl-atome-introduction/
PChome (2023) 。認識 PChome 廿一世紀數位。PChome ONLINI。 https://corp.pchome.tw/business-units/%E5%BB%BF%E4%B8%80%E4%B8%96%E7%B4%80%E6%95%B8%E4%BD%8D/
Vincent Huang (2021年8月2日) 。PCI DSS 認證的流程以及合規費用說明。https://www.securevectors.com/zh-hant/pci-dss-certification-process-compliance-cost/
Yin, R.K. (2001) 。個案研究(尚融安譯)。台北:弘智文化。(原著出版年:199
公開資訊網 (2022) 。代子公司廿一世紀數位科技股份有限公司公告董事會決議以股份交換方式受讓喬睿科技股份有限公司股份案。公開資訊觀測站。https://mops.twse.com.tw/mops/web/t05st01
Yahoo(2023年2月6日) 。AFTEE先享後付揭曉《2022台灣BNPL使用行為大調查》。Yahoo!新聞。https://tw.news.yahoo.com/aftee%E5%85%88%E4%BA%AB%E5%BE%8C%E4%BB%98%E6%8F%AD%E6%9B%89%E3%80%8A2022%E5%8F%B0%E7%81%A3bnpl%E4%BD%BF%E7%94%A8%E8%A1%8C%E7%82%BA%E5%A4%A7%E8%AA%BF%E6%9F%A5%E3%80%8B-090952391.html
品玩 (2021年3月17日) 。做支付還是比上太空有「錢景」:Stripe 打敗 SpaceX,成美國最大獨角獸。TechNews科技新報。https://technews.tw/2021/03/17/stripe-becomes-america-most-valuable-startup-start-up-company/,擷取日期:2023年04月23日。
高敬原 (2018年2月1日) 。切斷與PayPal 15年情誼,eBay支付轉由Adyen接手。數位時代Business NEXT。https://www.bnext.com.tw/article/48039/ebay-adyen-paypal-payments-agreement
許文貞 (2016年02月22日) 。[Meet創業之星] 學生團隊開發「聲紋壓碼」技術,喬睿科技搶攻行動支付市場。數位時代Business NEXT。 https://www.bnext.com.tw/article/38741/BN-2016-02-22-185041-143
陳李綢(2000)。大學生心理適應量表—指導手冊。臺北:心理。
舒琅(2018)。挫折事件與連續性侵:一位系列殺人犯的個案研究。亞洲家庭暴力與性侵害期刊 ,14(2),105-124.
劉季清 (2022年4月1日) 。網家重組金融科技事業架構 廿一世紀數位科技不排除IPO。中時新聞網。https://www.chinatimes.com/realtimenews/20220401003294-260410?chdtv
潘淑滿 (2022) 。質性研究:理論與應用(第二版)。新北市:心理出版社。
蔣曜宇 (2019年9月26日) 。全台唯一 Cross-site 免跳轉技術,T公司 如何讓電商掉單率減3成?數位時代Business NEXT。https://www.bnext.com.tw/article/54860/T公司-crosssite-fintech
魏文郡 (2022年2月15日)。網購市場順勢躍升新高,成長率優於整體零售業。經濟部統計處。https://www.moea.gov.tw/Mns/dos/bulletin/Bulletin.aspx?kind=9&html=1&menu_id=18808&bull_id=9673
蘇偉慶、詹永新 (2013) 。支付卡產業資料安全標準(PCI DSS)之探討及實地查核分享 。財金資訊季刊,74,68–71。

二、英文參考文獻
B. L. Berg (1998). Qualitative Research Methods for the Social Sciences. UK, London :Pearson
Babbie, E. (1995). The practice of social research.(7th). Belmont, CA: Wadsworth.
Bain, J. S. (1956). Barriers to New Competition. MA: Harvard University Press
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of management, 17(1), 99-120. https://doi.org/10.1177/014920639101700108
Calder, A., & Williams, G. (2019). PCI DSS: a pocket guide.UK, Cambridgeshire: IT Governance Publishing.
Fontana, A., & Frey, J. H. (1998). Interviewing, the art of science. The Art of Science, 361-376.
Grant, M. M. (2002). Getting a grip on project-based learning: Theory, cases and recommendations. Meridian: A middle school computer technologies journal 5 (1), 83.
Grant, R. M. (1991). The resource-based theory of competitive advantage: implications for strategy formulation. California management review, 33(3), 114-135.
Gulati, V. P., & Srivastava, S. (2007). The empowered internet payment gateway. In International Conference on E-Governance,98-107.
Liamputtong, P. (2009). Qualitative Research Methods (3rd ed.). South Melbourne, Vic.: Oxford University Press.
Olivia Deng (2022/8/12). Everything You Need to Know About Payment Gateways. Retrieved May 09, 2023, from https://blog.hubspot.com/sales/payment-gateway.
Oo, K. Z. (2019). Design and implementation of electronic payment gateway for secure online payment system. Int. J. Trend Sci. Res. Dev, 3, 1329-1334.
PCI Security Standards Council (2018). PCI DSS Quick Reference Guide.
Penrose, E. T. (1959). The Theory of the Growth of the Firm. NY: John Wiley.
Philip Kotler (1990). Marketing Management: Analysis, Planning, Implementation, and Control by Philip Kotler. NJ: Prentice-Hall
Porter, M. E. (1997). Competitive strategy: Techniques for Analyzing Industries and Competitors. New York: Free Press.
Prahalad, C. H., & Hamel, G. (1990). The Core Competence of the Corporation. Boston: MA.
Robinson, W. T., & Fornell, C. (1985). Sources of market pioneer advantages in consumer goods industries. Journal of Marketing Research, 22(3), 305-317.
Selznick, P. (1957). Leadership in Administration: A Sociological Interpretation. Evanston, NY: Harper & Row.
Stax (2023). What is a Payment Gateway and How Does It Work? Retrieved May 09, 2023, from https://staxpayments.com/blog/what-is-a-payment-gateway/.
Wernerfelt, B. (1984). A resource‐based view of the firm. Strategic management journal, 5(2), 171-180.
Yin, R. K. (1992). The case study method as a tool for doing evaluation. Current sociology, 40(1), 121-137.
描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
110363079
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110363079
資料類型 thesis
dc.contributor.advisor 陳恭zh_TW
dc.contributor.author (Authors) 鄭葦彥zh_TW
dc.contributor.author (Authors) Cheng, Wei-Yenen_US
dc.creator (作者) 鄭葦彥zh_TW
dc.creator (作者) Cheng, Wei-Yenen_US
dc.date (日期) 2023en_US
dc.date.accessioned 2-Aug-2023 13:35:50 (UTC+8)-
dc.date.available 2-Aug-2023 13:35:50 (UTC+8)-
dc.date.issued (上傳時間) 2-Aug-2023 13:35:50 (UTC+8)-
dc.identifier (Other Identifiers) G0110363079en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146446-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理研究所(MBA學位學程)zh_TW
dc.description (描述) 110363079zh_TW
dc.description.abstract (摘要) 隨著電子商務的蓬勃發展,第三方金流產業的版圖不斷擴張,通路平台與金流服務之間的界線也逐漸模糊。T 公司是一家成立於2015年的金流服務公司,在台灣成為首家提供銀行與電子商戶間金流串接的支付閘道公司,並隨著Apple Pay在台灣推出而取得成功。2022 年 4 月 P集團子公司W公司宣布與T 公司透過換股方式合併,進一步深化雙方在電子商務與金流服務的合作。
本研究採用個案研究方法,透過訪問T 公司執行長取得第一手資訊,希望透過研究W公司與T 公司的合併個案,探討金融科技創新下B2B第三方金流產業的發展策略和未來展望。此研究希望能夠為更多新創金融科技企業在構思營運策略時提供參考依據,並且釐清以下問題:
1.探討T 公司和W公司擁有哪些資源和優勢,促使T 公司決定合併。
2.探討合併後,T 公司未來發展與如何持續維持競爭優勢。
本研究以資源基礎理論為主要研究架構,從了解雙方企業內部所擁有的資源和能力出發,分析雙方原有的競爭優勢與合併動機,並進一步提出在合併後如何持續維持競爭優勢和避免潛在威脅的建議。研究結果如下:
1.T 公司在台灣市場核心優勢在於其與Apple Pay 的獨特歷史因素,其次是商業模式與通路客戶關係;W公司核心優勢在於其與銀行間的信任與高額融通能力,其次是長年風管經營能力。而W公司所具備之優勢,有助於T 公司發展消費分期業務,擴展支付版圖。
2.T 公司之競爭優勢來自於其與Apple Pay和顧客信任關係。故資安議題的衝擊與 Google、Samsung 支付等競爭者的反擊,都將是重擊T 公司持續性競爭優勢的關鍵議題。T 公司應強化資安維護與用戶體驗,持續鞏固其與客戶關係,持續增加獲利死亡谷的寬度,讓其成為護城河,提高競爭者進入之難度。
zh_TW
dc.description.abstract (摘要) T Company, established in 2015, became the first payment gateway company in Taiwan to facilitate payment integration between banks and e-merchants. It achieved success with the launch of Apple Pay in Taiwan. In April 2022, P Group subsidiary W Company announced a merger with T Company through a stock swap.
This research adopts a case study approach, obtaining firsthand information through interviews with the CEO of T Company. The aim is to explore the development strategies and future prospects of the B2B third-party payment industry under financial technology innovation, using the merger case of W Company and T Company as a basis. This study hopes to provide reference for more fintech startups when formulating operational strategies and clarify the following issues:
1. Investigate the resources and advantages possessed by T Company and W Company that prompted T Company`s decision to merge with W Company.
2. Explore T Company`s future development and how it can sustain its competitive advantage after the merger.
This study primarily employs the resource-based theory as the main research framework. Starting from understanding the internal resources and capabilities of both companies, it analyzes their original competitive advantages and merger motives. Furthermore, recommendations are proposed on how to sustain competitive advantages and mitigate potential threats after the merger. The research findings are as follows:
1.T Company`s core advantages lie in its unique historical factors with Apple Pay, followed by its business model and channel customer relationships. W Company`s core advantages lie in its trust and high-value liquidity capability with banks, followed by its long-term risk management capabilities. These advantages of W Company contribute to T Company`s development of consumer installment services and expansion of its payment landscape.
2.The impact of cybersecurity issues and counterattacks from competitors will be critical factors affecting T Company`s sustained competitive advantage. T Company should strengthen its cybersecurity maintenance, continuously consolidate its customer relationships, and make it a moat that raises the difficulty for competitors to enter.
en_US
dc.description.tableofcontents 謝辭 i
中文摘要 ii
Abstract iii
目 次 iv
表 次 v
圖 次 vi
第一章 緒論 1
第一節 研究背景及動機 1
第二節 研究目的與範圍 2
第三節 研究章節架構 3
第二章 文獻探討 4
第一節 支付閘道 4
第二節 支付卡產業資料安全標準 6
第三節 資源基礎理論(Resource-Based Theory) 11
第三章 研究方法 16
第一節 個案研究法 16
第二節 深度訪談法 17
第三節 研究流程 17
第四章 個案研究與分析 19
第一節 台灣電子商務金流產業 19
第二節 T 公司介紹 20
第三節 W公司介紹 27
第四節 合併後發展與競爭優勢分析 31
第五章 結論與建議 36
第一節 結論 36
第二節 研究限制與後續研究建議 39
參考文獻 40
附錄 44
zh_TW
dc.format.extent 1142989 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110363079en_US
dc.subject (關鍵詞) 支付閘道zh_TW
dc.subject (關鍵詞) 資源基礎理論zh_TW
dc.subject (關鍵詞) 持續性競爭優勢zh_TW
dc.subject (關鍵詞) Payment Gatewayen_US
dc.subject (關鍵詞) Resource-Based Theoryen_US
dc.subject (關鍵詞) Sustainable Competitive Advantageen_US
dc.title (題名) 以資源基礎理論探討台灣支付閘道公司成長策略個案研究zh_TW
dc.title (題名) A Case Study on the Growth Strategies of Taiwan Payment Gateway Companies based on Resource-Based Theoryen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、中文參考文獻
GiGi Huang (2018年6月29日) 。Adyen:一家讓 eBay 放棄與 PayPal 合作的歐洲支付公司。Meet創業小聚。https://meet.bnext.com.tw/blog/view/4068
JC Hsiao (2021年9月29日) 。網家為何要入股21世紀數位?無卡分期成電商支付新戰場。數位時代Business NEXT。https://www.bnext.com.tw/article/65281/pchome-installment
KEVIN (2023年3月1日) 。BNPL先買後付是什麼?有風險嗎?台灣主要業者比較。Money101。https://www.money101.com.tw/blog/bnpl%E5%85%88%E8%B2%B7%E5%BE%8C%E4%BB%98
Mr.Roo (2022年10月31日) 。Atome 是什麼?3 分鐘知道 Atome 申辦條件與申辦流程&優缺點。袋鼠金融Roo.Cash。https://roo.cash/blog/bnpl-atome-introduction/
PChome (2023) 。認識 PChome 廿一世紀數位。PChome ONLINI。 https://corp.pchome.tw/business-units/%E5%BB%BF%E4%B8%80%E4%B8%96%E7%B4%80%E6%95%B8%E4%BD%8D/
Vincent Huang (2021年8月2日) 。PCI DSS 認證的流程以及合規費用說明。https://www.securevectors.com/zh-hant/pci-dss-certification-process-compliance-cost/
Yin, R.K. (2001) 。個案研究(尚融安譯)。台北:弘智文化。(原著出版年:199
公開資訊網 (2022) 。代子公司廿一世紀數位科技股份有限公司公告董事會決議以股份交換方式受讓喬睿科技股份有限公司股份案。公開資訊觀測站。https://mops.twse.com.tw/mops/web/t05st01
Yahoo(2023年2月6日) 。AFTEE先享後付揭曉《2022台灣BNPL使用行為大調查》。Yahoo!新聞。https://tw.news.yahoo.com/aftee%E5%85%88%E4%BA%AB%E5%BE%8C%E4%BB%98%E6%8F%AD%E6%9B%89%E3%80%8A2022%E5%8F%B0%E7%81%A3bnpl%E4%BD%BF%E7%94%A8%E8%A1%8C%E7%82%BA%E5%A4%A7%E8%AA%BF%E6%9F%A5%E3%80%8B-090952391.html
品玩 (2021年3月17日) 。做支付還是比上太空有「錢景」:Stripe 打敗 SpaceX,成美國最大獨角獸。TechNews科技新報。https://technews.tw/2021/03/17/stripe-becomes-america-most-valuable-startup-start-up-company/,擷取日期:2023年04月23日。
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