民國八十一年財政部將新設保險公司之最低資本額訂為二十億元,並要求現有保險公司在十年內(九十一年底)增資至二十億元。本文以國內在八十一年之前成立之十四家產險公司做為樣本公司,檢驗上述最低資本額規定對保險業自留比率與資本結構的影響。實證結果顯示,當公司因法令要求而非自願增資時,其自留比率與槓桿比率隨資本的上升而下降,這意謂著法令使產險公司的自留比率與資本結構非自願性地下降;但當公司通過法令要求後而自願增資時,其自留比率與槓桿比率隨著資本的上升而上升,顯示公司透過自願性的增資,來調整其自留比率與資本結構。實證結果顯示,強制要求各產險公司達到高標準之最低資本額規定,讓部份產險公司的自留比率與槓桿比率下降,亦即這些公司只是消極性地增資,以滿足法令要求,從而使個別公司偏離其應有之自留比率與資本結構。
This paper investigates the impact of the minimum capital requirement on the premium-to-surplus ratio and leverage ratio for the property-liability insurance companies. We find that the premium-to-surplus ratio and leverage ratio decrease when insurers involuntarily increase capital, suggesting these firms increase capital simply to meet the capital requirement. However, the premium-to-surplus ratio and leverage ratio increase when insurers voluntarily increase capital, suggesting these firms can adjust their retention level and leverage ratio to the increase of risk tolerance due to higher capital. The empirical test suggests that higher minimum capital requirement could only lower the retention level and leverage, and thus, induce some firms to deviate from the optimal capital structure.