台灣產險市場是否存在市場監督？

Does Market Discipline Exist in Taiwan Property and Liability Insurance Industry?

陳泰豪(Tai-Hao Chen)

指導教授 ： 林文昌

國立中正大學/管理學院/財務金融學系/碩士(2014年)

摘要

本文主要目的在於研究台灣產險市場是存在市場監督 (Market Discipline)，根據以往文獻指出，保費成長率為一衡量市場監督之優良變數，故我們使用商業險保費成長率作為應變數；此外，我們使用總資產報酬率、承保槓桿、財務槓桿、再保險率、流動比率、損失準備金比率、權益投資對資產比率等七個會計變數，作為衡量公司風險變動的變數。我們發現在任何迴歸式下，商業險保費收入對大部分的會計風險變數都相當敏感，整體而言，針對七項會計風險變數所進行的聯合檢定皆為顯著，因此本篇支持台灣產險市場存在市場監督。
此外，本篇也探討了市場利害關係人對於產險公司是否有實質影響力。我們將七個會計變數分別作為應變數，再進行迴歸分析。結果發現，約有一半左右的模型呈現顯著的情形，整體而言，市場上的利害關係人對產險公司有某種程度的影響力。

關鍵字

市場影響 ； 保費成長率 ； 市場監督

並列摘要

The main purpose of this study is to examine whether the market discipline exists in Taiwan property and liability insurance industry. According to the literature, premium written growth is a good sign to test market discipline, so we choose premium written growth as our dependent variable. On the other hand, we use return on asset, underwriting leverage , financial leverage, reinsurance ratio, liquidity ratio, loss reserve ratio, equity investment to total asset, commercial insurance ratio, line concentration, firm size as our seven accounting variables. We use these seven accounting variables to measure the risk of these companies. We find that premium written in commercial line is sensitive to most accounting variables in any regression model. As a whole, the results of the joint test for the seven accounting risk variables are significant. Therefore, this study supports that property and liability insurance market in Taiwan exists market discipline.
We also research whether stakeholders can really influence the property and liability insurance company. We take these seven accounting risk variables as dependent variables and run regression models. According our results, half of our models present significant results. As a whole, stakeholders in market can partly influence property and liability insurance companies.

並列關鍵字

market discipline

參考文獻

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