面對國際證券市場零手續費趨勢興起，臺灣證券業傳統仰賴手續費收入之「流量型」商業模式正面臨結構性挑戰。加以投資人結構與行為轉變，促使業者亟思轉型策略，以維持營運穩定性與競爭優勢。有鑑於此，本研究以商業模式帆布圖（Business Model Canvas）為分析架構，探討臺灣證券業者如何透過內部能力調整與服務邏輯重構，由流量收益轉型為以客戶資金管理帳戶（CMA）與證券借貸業務（SBL）為核心之「存量型」收益模式。
本研究採用質性研究方法，進行多位國內大型證券業中高階主管之半結構式深度訪談，透過訪談資料之整理與歸納，發現企業於價值主張、顧客區隔、通路、關鍵活動與收入來源等九個構面中，皆展現明確的轉型軌跡。企業透過感知市場變化、擷取商機並轉化內部營運架構，強化資金與庫存管理能力，逐步建立長期穩定之存量收益來源。
研究結果顯示，成功的商業模式轉型不僅仰賴制度與技術調整，更須具備敏捷回應與持續進化之組織能力。透過 CMA 與 SBL 為基礎的存量導向服務設計，可為證券業創造差異化競爭優勢，亦提供未來金融服務業發展存量經濟邏輯之參考依據。

This study examines the transformation of Taiwan’s securities industry in response to global zero-commission trading, digitalization, and changing investor behavior. As traditional commission-based revenue models become increasingly unsustainable, securities firms face growing pressure to develop stable and recurring income sources while maintaining customer engagement and operational efficiency. Using Y Securities, the largest integrated securities company in Taiwan, as a case study, this research analyzes the shift from a flow-based revenue model dependent on transaction volumes to a stock-based revenue model emphasizing Customer Money Accounts (CMA) and Securities Borrowing and Lending (SBL). Through qualitative analysis based on managerial interviews and the Business Model Canvas framework.

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