公司治理與資產配置策略對臺灣壽險業經營績效之影響

The Impact of Corporate Governance and Asset Allocation Strategy on the Performance of Taiwan’s Life Insurance Industry

邱俐齊(Li-Chi Chiu)

指導教授 ： 何佳玲

淡江大學/商管學院/保險學系保險經營碩士班/碩士(2016年)

https://doi.org/10.6846/TKU.2016.00191

摘要

本研究探討2002年至2014年間台灣壽險業公司治理與資產配置策略對經營績效之影響，共274筆樣本資料。結果顯示，董事會規模對稅前資產報酬率、稅前投資報酬率、稅前息前折舊前淨利率皆呈顯著負相關。在資產配置變數方面，銀行存款比例與國外投資比例對稅前資產報酬率、稅前投資報酬率、稅前息前折舊前淨利率呈顯著正相關；槓桿比率對稅前資產報酬率、稅前投資報酬率、稅前息前折舊前淨利率皆呈顯著負相關。總資產風險對經營績效皆呈顯著負相關。
平均數差異性檢定，檢測壽險公司在金融危機發生前後變化，研究發現董事會規模、獨立董事人數比例、國外投資比例在金融危機後都呈現顯著的正成長。
本文考量金融危機、金控公司、家族企業及資本適足率，在不同的結構組織下公司治理與資產配置策略對經營績效之影響。研究發現壽險公司為家族企業時董事會規模與稅前股東權益報酬率呈顯著負相關。考量資本適足率下，獨立董事人數比例對稅前資產報酬率、稅前息前折舊前淨利率顯著負相關；銀行存款比例、股票公債比例、投資用不動產比例及國外投資比例對稅前資產報酬率、稅前投資報酬率、稅前息前折舊前淨利率呈顯著正相關；資本適足率與稅前資產報酬率、稅前投資報酬率及稅前息前折舊前淨利率呈顯著正相關。

關鍵字

公司治理 ； 資產配置策略 ； 經營績效 ； 壽險業

並列摘要

This study discusses the impact of corporate governance and asset allocation strategy on the performance of Taiwan’s life insurance industry. There are 274 observations. Empirical regression analysis results show that board size is significantly and negatively related to Pre-tax return on assets (ROA), pre-return on investment (ROI), earnings before interest, taxes, depreciation and amortization (EBITDA). The percentage of bank deposits on the accumulated assets and the percentage of foreign investments on the accumulated assets are significantly and positively related to ROA, ROI and EBITDA. Leverage ratio are significantly and negatively related to ROA, ROI and EBITDA. Total asset risk are significantly and negatively related to performance.
According to mean test, this study further explores the impact of financial crises. The findings show that board size, the percentage of independent directors on the board and the percentage of foreign investment are significantly and positively growth.
This study also considered the corporate governance and asset allocation strategy of different organizational structures, such as financial crises, financial holding companies, family groups, and risk-based capital (RBC). The board size is significantly and negatively related to pre-tax return on equity (ROE) when considering family groups. This study also discusses the relation between RBC and performance. RBC are significantly and positively related to ROA, ROI and EBITDA. The percentage of independent directors on the board are significantly and negatively related to ROA and EBITDA when controlling RBC. The percentage of bank deposits on the accumulated assets, the percentage of stock on the government and treasury bonds divided by accumulated assets, the percentage of investment on real estates on the accumulated assets and the percentage of foreign investments are significantly and positively related to ROA, ROI and EBITDA when controlling RBC.

並列關鍵字

Corporate Governance ； Asset Allocation Strategy ； Performance ； Life Insurance Industry

參考文獻

行政院金融監督管理委員會年報，2002-2014。

李政謙，2013，公司治理對壽險業自由現金流量影響之研究，江大學保險學系保險經營碩士班碩士論文。

林意芸，2014，台灣壽險業風險管理機制對風險承擔之影響，淡江大學保險學系保險經營碩士班碩士論文。

張士傑、朱浩民、許素珠、黃雅文，2010，資產配置之迷思或現實？台灣壽險業之實證研究，風險管理學報，12卷1期：頁5-32。

張簡永章，2012，中國產險公司產品多角化與經營績效，保險專刊第28卷第1期：頁27-59。