信用評等與企業獎項對公司經營績效之關聯性研究－以我國產險業為例

The Research on the Relevance of Credit Rating and Corporate Award to the Corporate Performance in the Non-Life Insurance Industry

黃仲億(Chung-I Huang)

指導教授 ： 賴曜賢

淡江大學/商管學院/風險管理與保險學系保險經營碩士班/碩士(2021年)

https://doi.org/10.6846/TKU.2021.00829

摘要

過去在研究企業經營績效之方法大部分為透過內部財務指標衡量經營績效，鮮少利用外部指標來衡量企業經營績效。故本研究使用外部人觀察變數如信用評等以及企業獎項對企業經營績效作探討並加入內部觀察變數來比較與外部觀察變數分別對企業經營績效之影響。研究資料選用資產報酬率為經營績效指標並使用內部觀察變數如資金運用淨收益率、投資報酬率、自留綜合率、費用率、負債比以及總人數等，加上外部觀察資料如企業獎項選用保險卓越獎以及保險品質獎，信用評等選用中華信用評等、標準普爾、穆迪信用評等、惠譽信用評等以及A.M.Best 信用評等。
實證結果發現，外部觀察變數中以人才培訓卓越獎、保戶服務卓越獎、最佳形象獎以及最佳售後服務卓越獎最為顯著相關，信用評等則以中華信用評等以及標準普爾最為顯著相關。同時，我們也發現內部觀察變數中以資金運用淨收益率、投資報酬率以及總人數也有相當顯著正相關。雖然外部觀察變數經實證後對經營績效有關連性，但更進一步發現外部觀察變數對經營績效之影響稍嫌略遜於內部觀察變數。

關鍵字

信用評等 ； 企業獎項 ； 經營績效 ； 財產保險

並列摘要

It is used to measure the corporate performance by using internal financial indicators in the past literature. Conversely, this study tries to use the external indicator variables such as credit rating and corporate award together with some internal indicators as the control variables to measure the corporate performance, so that we can to compare the different influences of the corporate performance with them. We selected the return on assets as the corporate performance indicator and simultaneously used the internal indicators such as net return on capital, utilization, return on investment, combined ratio, expense ratio, debt ratio and the total figure as the control variables in this study. The external indicators included the insurance excellent award and insurance quality award. The credit ratings were select from the Taiwan Rating, Standard & Poor's, Moody's, Fitch and A.M. Best Credit Rating.
From the empirical results we found that in the internal variables i.e. net return on capital utilization, return on investment and total figure had the most significantly positive correlation with corporate perform. The most significantly positive ones correlated with the corporate performance in the external variables were the training excellence award, the policyholder service excellence award, the best public image award, the best after-sales service excellence award, the Taiwan Rating and the Standard & Poor's. Although some of the external variables were related to the corporate performance, however, we found that the influence of external variables was slightly week than internal variables.

並列關鍵字

Non-Life-Insurance ； Credit-Rating ； Performance ； Corporate-Award

參考文獻

參考文獻

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