台灣財產保險業公司特定因素對獲利能力之實證研究

An Empirical Investigation of Firm Specific Factors on Profitability for Taiwan's Property-Liability Insurance

李珍穎(Chen-Ying Lee) ； 許銘元(Ming-Yuan Hsu)

《商業現代化學刊》 7卷3期 (2014/03) Pp. 159-176

https://doi.org/10.6132/JCM.2014.7.3.10

摘要

保險業在已開發及開發中國家的金融產業中扮演著很重要的角色。然因，外在環境變化據烈，使財產保險人普遍存在核保利潤不佳之現象。因此，產險公司在在身之經營上是否具獲利能力，成為高度競爭的環境下能否致勝的關鍵因素。故須重新思考公司特定因素對獲利能力的影響以擬訂適當的經營策略，提昇公司獲利能力。本研究以1999年至2009年台灣產險市場保險公司之縱橫資料，運用計量模型分別以營運比率及總利潤率來檢驗公司特定因素對公司獲利能力的影響程度。實證結果發現，公司特定因素中公司成長、核保風險、投入成本對產險公司獲利呈現顯著的負向影響，金融控股集團經營之產險子公司反而較不具獲利能力，而業務結構對獲利能力則有一定的影響力，另外，公司規模，產品多角化則對公司之獲利能力則無顯著影響，本研究結果對台灣產險業未來經營具有實務之應用。

關鍵字

財產保險 ； 縱橫資料 ； 公司特定因素 ； 獲利能力

並列摘要

The insurance sector plays important role in the financial services industry in almost developed and developing countries. However, owing to the rapidly changing environment, property-liability insurer suffers the underwriting loss; hence insurer's key issue should focus on profitability, so insurers must rethink the firm-specific factors affecting the profitability of the business to develop appropriate strategies to enhance the company's profitability. This study investigates the firm specific factors on profitability for the property-liability insurance industry in Taiwan. Using the panel data of property-liability insurance companies in Taiwan from 1999 to 2009, we utilize operating ratio and profit ratio for the two kinds of performance indicators to test insurers' profitability. The findings show that the company's growth, underwriting risk, input costs showed a significant negative impact on the insurance company's profits, the insurance subsidiaries of financial holding group compared with other insurance companies, showing lower profitability, and business structure will have a certain influence on profitability, in addition, company size, product diversification is no significant impact on the company's profitability. Our results have practical implications for the future of Taiwan's property-liability insurance industry.

並列關鍵字

Property-Liability insurance ； Panel data ； Firm specific factors ； Profitability