微型保險與資本之關係

The Relationship Between Microinsurance and Capital

郭芊秀(Chien-Hsiu Kuo)

指導教授 ： 林姿婷

國立臺灣大學/管理學院/財務金融學研究所/碩士(2021年)

https://doi.org/10.6342/NTU202101050

摘要

本研究旨在探討台灣微型保險 (microinsurance) 與資本比率及資本調整速度間之關係。微型保險是保險業運用企業核心能力善盡企業社會責任 (Corporate Social Responsibility, CSR) 的一種表現，在台灣亦是政策性保險，故本研究試圖解答過往學術上研究整體 CSR績效對於資本的影響效果在微型保險上是否適用？
本研究使用追蹤資料 (Panel Data) 迴歸模型，樣本期間為2009—2019年，並將產、壽險業分開探討，實證結果發現：一、產險業承作微型保險會負向顯著影響資本比率，因具有類保險效果，過往整體CSR表現對資本比率之負向研究結果在以企業核心能力善盡CSR的微型保險上同樣適用；壽險業承作微型保險則不會影響資本比率。二、產險業承作微型保險可使實際資本調整至目標資本結構的速度增加，以增加企業價值，過往整體CSR表現對資本調整速度關係之正向研究結果在以企業核心能力善盡CSR的微型保險上同樣適用；然而，壽險業承作微型保險則不會影響資本調整速度。三、不論是產險業或壽險業，資本高、低對微型保險與資本調整速度之關係均是對稱的。

關鍵字

CSR ； 企業核心能力 ； 政策性保險 ； 資本結構 ； 資本調整速度

並列摘要

This paper aims to investigate the relationship between microinsurance and capital ratio and the adjustment speed of capital structure in Taiwan. Insurance companies use corporate core competency to underwrite microinsurance to engage in corporate social responsibility (CSR). Microinsurance is also a policy insurance in Taiwan. Therefore, this research attempts to answer the question of whether the impact of the overall CSR performance on capital in the past academic studies is applicable to the impact of microinsurance on capital?
This study uses a panel data regression model, and the sample period is from 2009 to 2019. This paper discuss the property insurance industry and the life insurance industry separately. The empirical results indicate that: First of all, microinsurance in the property insurance industry negatively and significantly affects capital ratio due to insurance-like effects. The negative research result on the relationship between overall CSR performance and capital ratio in the past is also applicable to the relationship between microinsurance and capital ratio; however, microinsurance in the life insurance industry does not affect capital ratio. Second, microinsurance in property insurance industry can increase the adjustment speed of capital structure to increase the value of the enterprise. The positive research result on the relationship between overall CSR performance and the adjustment speed of capital structure in the past is also applicable to the relationship between microinsurance and the adjustment speed of capital structure; however, microinsurance in the life insurance industry does not affect capital structure adjustments. Third, regardless of the property insurance industry or the life insurance industry, the variable of high or low capital ratio does not affect the relationship between microinsurance and the adjustment speed of capital structure.

並列關鍵字

CSR ； corporate core competency ； policy insurance ； capital structure ； the adjustment speed of capital structure

參考文獻

參考文獻

張韜. (2017). 產品多角化與公司風險承擔之關聯：台灣產險業實證分析. (碩士), 朝陽科技大學, 台中市. Retrieved from https://hdl.handle.net/11296/cf7374

郭品滈. (2019). 本國微型保險對保險公司財務績效的影響. (碩士), 國立成功大學, 台南市. Retrieved from https://hdl.handle.net/11296/26bxmm

陳文松. (2016). 企業社會責任與資本結構調整行為之探討. (碩士), 國立臺北大學, 新北市. Retrieved from https://hdl.handle.net/11296/24ws94

陳思呈. (2011). 影響企業權益比率因素之研究. 國立清華大學, Available from Airiti AiritiLibrary database. (2011年)