近年來，全球金融市場快速變遷，企業融資需求日益多元，傳統商業銀行以存放款為核心之經營模式已逐漸面臨成長限制。投資銀行業務具有協助企業籌資、併購重組、資本市場規劃、海外上市及財務顧問等功能，已成為商業銀行提升非利息收入、強化客戶關係及推動轉型升級的重要方向。然而，國內商業銀行發展投資銀行業務仍面臨業務模式同質化、專業人才不足、國際資本市場經驗有限、客戶信任建立不易及交易風險控管複雜等問題。因此，如何從客戶交易成本角度重新檢視投資銀行業務之價值創造模式，成為本研究之主要課題。
本研究以D投資銀行為個案研究對象，探討國內商業銀行投資銀行業務之發展現況、經營挑戰與轉型升級策略。研究架構導入4C理論，分別從外顯單位效益成本、資訊搜尋成本、道德危機成本與專屬陷入成本四個面向，分析D投資銀行如何透過專業服務設計、資本市場資訊整合、交易信任機制建立及長期客戶關係深化，降低企業客戶在使用投資銀行服務過程中所面臨之交易成本。
研究結果發現，在外顯單位效益成本方面，D投資銀行若能提供具體可衡量之籌資效益、上市效益與資本結構改善方案，將有助於提升客戶對服務價值之認知。在資訊搜尋成本方面，D投資銀行可藉由整合國內外資本市場、律師、會計師、券商及投資人資源，協助企業降低尋找上市路徑、募資管道及交易對手之時間與決策成本。在道德危機成本方面，D投資銀行必須透過專業聲譽、法遵制度、透明溝通及第三方專業機構參與，降低客戶對服務品質、交易執行與履約風險之疑慮。在專屬陷入成本方面，D投資銀行可透過長期顧問關係、跨階段資本市場服務及客製化解決方案，提升客戶轉換成本並建立穩定合作關係。
本研究認為，國內商業銀行投資銀行業務未來之競爭關鍵，不僅在於金融商品或單一交易執行能力，更在於能否有效降低客戶交易成本、建立信任關係、整合跨境資源並形成長期服務平台。基於研究結果，本研究建議國內商業銀行應強化專業投資銀行人才培育、建立跨境資本市場合作網絡、提升交易透明度與風險控管能力，並發展以客戶需求為核心之整合式投資銀行服務模式，以推動投資銀行業務之持續發展與轉型升級。

In recent years, the rapid evolution of global financial markets and the increasing diversification of corporate financing needs have significantly challenged the traditional profit model of commercial banks, which primarily relies on deposit and lending activities. Investment banking services, including corporate financing, mergers and acquisitions, capital market advisory, overseas listings, and financial consulting, have become an important source of non-interest income and a key driver of business transformation for commercial banks. However, domestic commercial banks still face various challenges in developing investment banking businesses, including service homogenization, shortages of professional talent, limited international capital market experience, difficulties in establishing client trust, and increasing transaction risks. Therefore, reexamining the value creation mechanism of investment banking services from the perspective of customer transaction costs has become an important research issue.
This study adopts D Investment Bank as the case study and employs literature review, case study analysis, and strategic analysis methods to investigate the development status, operational challenges, and transformation strategies of investment banking businesses in domestic commercial banks. The study applies the 4C Theory as its analytical framework, consisting of Perceived Cost/Advantage, Information Search Cost, Moral Hazard Cost, and Lock-in Cost. Through these four dimensions, this research examines how D Investment Bank reduces transaction costs for corporate clients through professional service design, capital market information integration, trust-building mechanisms, and long-term client relationship management.
The findings indicate that, regarding Perceived Cost/Advantage, investment banks can enhance clients’ value perception by providing measurable financing benefits, listing opportunities, and capital structure optimization solutions. Regarding Information Search Cost, investment banks can reduce clients’ time and decision-making costs by integrating resources from domestic and international capital markets, legal advisors, accounting firms, securities firms, and investors. Regarding Moral Hazard Cost, investment banks can alleviate clients’ concerns about service quality, transaction execution, and performance risks through professional reputation, compliance systems, transparent communication, and the involvement of independent third-party institutions. Regarding Lock-in Cost, investment banks can establish long-term client relationships and increase switching barriers through customized solutions, continuous advisory services, and integrated capital market services across different growth stages of enterprises.
This study concludes that the future competitiveness of investment banking businesses in domestic commercial banks depends not only on financial products or transaction execution capabilities, but also on their ability to reduce customer transaction costs, establish trust-based relationships, integrate cross-border resources, and build long-term service platforms. Based on the research findings, this study recommends that domestic commercial banks strengthen professional talent development, expand international capital market cooperation networks, enhance transaction transparency and risk management capabilities, and develop customer-oriented integrated investment banking service models to achieve sustainable development and successful business transformation.

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四、個案研究資料來源
1. D投資銀行內部研究資料。
2. D投資銀行專案訪談紀錄。
3. SoftBox公司簡介及海外上市規劃資料。
4. 安徽安瓦新能源科技有限公司簡介及海外上市規劃資料。