本論文以教學個案方式探索台灣中型金控體系下的S證券，探討該公司在經紀業務數位轉型與通路重塑過程中，所面臨的策略選擇、組織協作與制度設計挑戰。個案回顧S證券自1988年創立以來，歷經通路擴張、併購整合與數位金融推進三大階段的發展歷程，並在2019年啟動數位轉型計畫，透過線上開戶、平台經營與內容行銷，逐步建立數位直營與實體通路並行的營運模式。
轉型過程中，S證券形成了兼具外顯數位創新與深層整合的競爭優勢，展現資源基礎、核心能耐及動態能力的理論實踐。然而，價格策略與沉睡戶活化等議題，亦引發部門間的利益衝突、責任歸屬與文化差異，對組織整合構成挑戰。
面對董事會提出的三年成長藍圖要求，W副總需在「完全整併」、「雙軌獨立」與「混合型制度」三種策略方案中抉擇。個案透過PEST與Porter五力分析，評估各方案於不同環境與內部條件下的適配性，並提出混合型制度作為兼顧成長效率與組織穩定的方案，同時建議導入加權績效認列、主責／支援分工與文化融合機制，來化解跨部門衝突、強化全通路協作能力。
本論文除提供金融業轉型之在地素材，亦適用於策略管理、組織行為與企業變革等課程，幫助學員運用理論剖析實務案例，培養策略思維與跨部門整合的管理能力。

This study explores S Securities, a subsidiary within a medium-sized Taiwanese financial holding group, through the approach of a teaching case study, examining the strategic choices, cross-department collaboration, and institutional design challenges the firm encountered during its digital transformation and channel restructuring in brokerage operations. The case reviews S Securities’ development since its founding in 1988, covering three major stages: channel expansion, mergers and acquisitions, and the advancement of digital finance. In 2019, the company launched a digital transformation initiative, introducing online account opening, platform-based operations, and content marketing to gradually establish a dual-track business model combining digital direct sales with physical branch channels.
Throughout the transformation, S Securities developed a competitive advantage that integrates visible digital innovation with deep organizational integration, demonstrating the practical application of the Resource-Based View, core competence, and dynamic capabilities theories. However, initiatives such as pricing strategies and dormant account reactivation triggered interdepartmental conflicts over interests, accountability, and cultural differences, posing challenges to organizational integration.
Faced with the board’s request for a three-year growth blueprint, Vice President W had to choose among three strategic options: “full integration,” “dual-track independence,” or a “hybrid system.” Using PEST and Porter’s Five Forces analyses, the case evaluates the suitability of each option under different external environments and internal conditions, ultimately recommending a hybrid system as the approach that balances growth efficiency and organizational stability. The proposal includes introducing weighted performance attribution, primary/support role division, and cultural integration mechanisms to resolve cross-department conflicts and strengthen omnichannel collaboration.
This study not only provides locally grounded material on financial industry transformation but is also suitable for courses in strategic management, organizational behavior, and corporate change, enabling students to apply theoretical frameworks to real-world cases, develop strategic thinking, and enhance cross-functional integration capabilities.

一、中文文獻與譯本（依作者姓氏排序）
1.Anthony, S. D., Gilbert, C. G., & Johnson, M. W.（2019）。《雙軌轉型：既有業務再升級＋發掘市場新缺口，翻轉創新的兩難》（林麗雪譯）。寶鼎出版。（原著出版於2017年）
2.Hamel, G., & Prahalad, C. K.（1996）。《競爭大未來：掌控產業、創造未來的突破策略》（2020年中文譯本）。足智文化。
3.Harari, Y. N.（2014）。《人類大歷史：從野獸到扮演上帝》（林俊宏譯）。天下文化。（原著出版於2011年）
4.Kotler, P., Kartajaya, H., & Setiawan, I.（2017）。《行銷4.0：新虛實融合時代贏得顧客的全思維》（劉盈君譯）。天下雜誌。
5.Kotler, P., Kartajaya, H., Den Huan, H., & Mussry, J.（2023）。《科特勒談新行銷：大師給企業的新世代行銷建議》（林步昇譯）。天下文化。
6.李吉仁（2024）。《轉型再成長：策略架構與執行力》。天下雜誌。
7.湯明哲（2019）。《策略精論進階篇》。旗標出版。
8.黃俊堯（2022）。《數位轉型全攻略：虛實整合的WHAT、WHY與HOW》。商周出版。
9.斯儀仙、張世賢（2024）。《政策執行的組織力》。科際整合月刊, 9(8), 15–20.

二、英文文獻與書籍（依作者姓氏排序）
1.Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
2.Burns, T., & Stalker, G. M. (1961). The management of innovation. Tavistock Publications.
3.Cameron, K. S., & Quinn, R. E. (2006). Diagnosing and changing organizational culture: Based on the competing values framework (Revised ed.). Jossey-Bass.
4.Donaldson, L. (2001). The contingency theory of organizations. Sage Publications.
5.Galbraith, J. R. (1973). Designing complex organizations. Addison-Wesley.
6.Grant, R. M. (1991). The resource-based theory of competitive advantage: Implications for strategy formulation. California Management Review, 33(3), 114–135. https://doi.org/10.2307/41166664
7.Jehn, K. A. (1995). A multimethod examination of the benefits and detriments of intragroup conflict. Administrative Science Quarterly, 40(2), 256–282. https://doi.org/10.2307/2393638
8.Kaplan, R. S., & Norton, D. P. (1996). The balanced scorecard: Translating strategy into action. Harvard Business School Press.
9.Lawrence, P. R., & Lorsch, J. W. (1967). Organization and environment: Managing differentiation and integration. Harvard University Press.
10.Lewin, K. (1951). Field theory in social science: Selected theoretical papers. Harper & Row.
11.Robbins, S. P., & Judge, T. A. (2013). Organizational behavior (15th ed.). Pearson.
12.Schein, E. H. (2010). Organizational culture and leadership (4th ed.). Jossey-Bass.
13.Teece, D. J. (2007). Explicating dynamic capabilities: The nature and microfoundations of (sustainable) enterprise performance. Strategic Management Journal, 28(13), 1319–1350. https://doi.org/10.1002/smj.640
14.Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533. https://doi.org/10.1002/(SICI)1097-0266(199708)18:7<509::AID-SMJ882>3.0.CO;2-Z
15.Thomas, K. W., & Kilmann, R. H. (1974). Thomas-Kilmann conflict mode instrument. Xicom.
16.Tushman, M. L., & Nadler, D. A. (1978). Information processing as an integrating concept in organizational design. Academy of Management Review, 3(3), 613–624. https://doi.org/10.5465/amr.1978.4305791

三、官方文件與公司出版品
1.中華民國金融監督管理委員會（FSC）.（2020）。證券市場制度沿革簡介。取自 https://www.sfb.gov.tw
2.台灣證券交易所（TWSE）.（2022）。台灣證券交易所公司簡介與制度發展歷程。取自 https://www.twse.com.tw/zh/page/about/overview.html
3.永豐金證券（S證券）.（2023）。公司年報與重大事件報導。取自 https://securities.sinopac.com/upload/sinopac/companyAnnualReport/18fa350336200000bab6.pdf
4.永豐金證券（S證券）.（2024）。歷年分公司數與業務發展紀要。取自 https://securities.sinopac.com/history/page15e0e9e2ff70000043d3eec8d24508ba.html
5.永豐金證券（S證券）.（2024）。公司簡介與數位轉型策略介紹。取自 https://www.sinopac.com.tw/sinopacSecurities/
6.林坤鎮（2011）。淺談我國證券市場百年發展史。證券暨期貨月刊, 29(9)。取自 https://www.fsc.gov.tw/fckdowndoc?file=/專題‧1009.pdf&flag=doc

四、新聞與網路資源
1.iThome 新聞（2025）。大膽走出不一樣的創新路，永豐金證三階段深耕數金。iThome 新聞。https://ithome.com.tw/people/168499
2.商業周刊.（2023年11月）。〈永豐金數位金融轉型：用AI與大數據改變投資行為〉。取自 https://www.businessweekly.com.tw/
3.天下雜誌.（2024年2月）。〈台灣證券業搶數位轉型，永豐金如何突圍？〉。取自 https://www.cw.com.tw/
4.維基百科.（2024）。永豐金證券。取自 https://zh.wikipedia.org/zh-hant/永豐金證券
5.中時新聞網.（2020–2023）。多篇報導，取自：
6.https://www.chinatimes.com/realtimenews/20160628005526-260410
7.https://www.chinatimes.com/realtimenews/20170828003417-260410
8.https://www.chinatimes.com/realtimenews/20200804004920-260410
9.https://www.chinatimes.com/realtimenews/20230327002922-260410
10.數位時代.（2020）。滿足年輕人對金融證券的所有想像，永豐金大戶投首創線上交割服務。取自 https://www.bnext.com.tw/article/58936/dawho-202008
11.Yahoo奇摩股市.（2023）。去年台股API交易量達6千億，永豐金證量化交易成長近兩成。取自 https://tw.stock.yahoo.com/news/084013799.html