財產保險經營績效財務面因素之探討─金融控股公司績效較好嗎？

Financial Determinants on the Performance of Property-LiabilityInsurance Companies: Do Financial Holding Groups Performance Better?

李旭華(Hsu-Hua Lee) ； 李珍穎(Chen-Ying Lee)

《創新與管理》 9卷1期 (2012/02) Pp. 25-54

https://doi.org/10.30118/JIM.201202.0002

摘要

本研究探討影響產險公司經營績效之財務面因素並分析金融控股集團與非金融控股產險公司之經營績效，使用台灣產險業1999年至2009年之縱橫資料（paneldata）分別以資產報酬率及銷售報酬率二種績效指標對產險市場作實證分析，研究結果發現公司規模、財務槓桿、核保風險、投資報酬率、投入成本及金融控股變數分別在資產報酬率及銷售報酬率二個模式中均顯著影響公司經營績效，其中投入成本與公司績效呈現顯著的非線性關係。而金融控股集團產險子公司與非金融控股產險公司間比較，反而呈現較低之經營績效，顯示金融控股雖有助於資源整合，但若成本控制不當，將可能會抵銷利益而影響績效，因此金融控股公司需檢視其金融控股規模經濟之問題，以求最適的規模經濟使其金融控股的綜效發揮最大的助益來提昇經營績效。

關鍵字

財產保險業 ； 縱橫資料 ； 金融控股集團 ； 固定效果模式 ； 隨機效果模式 ； 經營績效

並列摘要

This study investigates the impact of financial factors on business performance in Taiwan's property-liability insurance industry and analyzes performance of the financial holding groups. Using property-liability companies in Taiwan from 1999 to 2009 of the panel data, we use return on assets (ROA) and return on sales (ROS) for the two kinds of performance indicators to test insurers' business performance. We find that the company size, financial leverage, underwriting risk, return on investment, input costs and financial holding variables, respectively, have significant impact on firm performance. In addition, input costs and firm performance showing significant nonlinear relationship. The insurance subsidiaries of financial holding groups performed worse when compared with stand-alone insurance companies. Although financial holding companies help with integration of resources, the benefits on performance may be offset if costs are not carefully controlled. Financial holding groups are therefore asked to consider the economies of scale of its financial holding, in order to find the optimal economies of scale and bring about the synergy that could maximize the benefits on business performance.

並列關鍵字

property-liability insurance ； panel data ； financial holding groups ； fixed effect model ； random effect ； business performance