淡江大學覺生紀念圖書館 (TKU Library)
進階搜尋


下載電子全文限經由淡江IP使用) 
系統識別號 U0002-1102201110154400
中文論文名稱 公司治理對台灣壽險業經營績效之影響
英文論文名稱 The Effect of Corporate Governance on the Performance of Life Insurance Companies in Taiwan
校院名稱 淡江大學
系所名稱(中) 保險學系保險經營碩士班
系所名稱(英) Department of Insurance
學年度 99
學期 1
出版年 100
研究生中文姓名 郭翊槿
研究生英文姓名 Yi-Chin Kuo
學號 697560166
學位類別 碩士
語文別 中文
口試日期 2011-01-13
論文頁數 59頁
口試委員 指導教授-湯惠雯
委員-高棟梁
委員-林氤寶
中文關鍵字 資料包絡分析法  經營績效  公司治理  內部人持股 
英文關鍵字 Data Envelopment Analysis  Corporate Governance  Efficiency Performance  Insider Ownership 
學科別分類 學科別社會科學商學
中文摘要 2008年的金融海嘯,重創全球金融市場,台灣壽險業亦蒙受巨大的損失。究其原因,除人為的過度融資及信用過度膨脹外,另一原因,乃是公司治理監督機制尚有待加強。因此,本研究以2002 年至2009 年間我國公開發行的壽險公司為研究對象,運用資料包絡分析法(Data Envelopment Analysis, DEA),以「CCR投入導向」為基礎評估壽險業的經營效率,並以Tobit迴歸模型檢測公司治理機制與壽險公司績效之關聯性。然而,過去以資料包絡分析法衡量壽險公司經營效率的文獻,多以員工與資本作為投入變數,保費收入作為產出變數,本研究考量投資收益對於壽險業的重要性,除採用上述投入及產出變數外,另加入資金運用金額為投入項,投資收益為產出項,以對照考慮資金運用對實證結果之影響。此外,本研究另以總資產報酬率(Return on Assets, ROA)作為壽險公司績效之評估指標,希冀透過不同的績效衡量指標,使研究結果更具參考性。
本研究發現,家族控制與非家族控制的壽險公司具有顯著不同的效率值,在公司治理變數及控制變數上亦有明顯的差異。Tobit迴歸結果顯示,董監事持股比率與效率值間存在顯著的正向關係,表示董監事持股愈多,會促使壽險公司有較佳的績效表現,符合「利益收斂假說」。董事會規模與效率值呈顯著負相關,此結果表示,當董事會規模越大,可能因董事人數較多而有搭便車(Free Riders)之情形。值得注意的是,公司規模與效率值間的關係,在加入資金運用金額及投資收益後會有所改變,顯見衡量壽險公司效率值時,考量資金運用成效的重要性。
英文摘要 The financial tsunami in 2008 collapsed global financial markets and led to a great loss for life insurance companies in Taiwan. Other than the abuse of financial leverage, this crisis could also attribute to the failure of corporate governance system. Using the sample of public life insurance companies in Taiwan, this study examines the relation between corporate governance and firm performance by employing data envelopment analysis (DEA) to measure the performance of life insurance firms. We adopt labor and equity capital as inputs and use premium as an output. More important, we also include the investments and related returns as the input and output, respectively. Besides, we use return on assets (ROA) as an alternative performance measure for robustness test.
We find that DEA efficiencies and corporate governance variables between family-controlled and non family-controlled firms are significantly different. Furthermore, the results from Tobit regressions show that board ownership has a positive impact on the efficiencies, which presents that the performance increases with board ownership. We also find that the board size has a negative relation with the efficiencies, indicating that there is a free-riders problem in the board. It is worthy to note that the relation between firm size and performance will reverse as investments and related incomes are considered in measuring efficiencies. Therefore, investments returns play an important role in evaluating efficiency performance for life insurance firms in Taiwan.
論文目次 目錄
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 1
第三節 研究架構 2
第二章 文獻探討 4
第一節 保險業績效評估 4
第二節 公司治理與公司績效之關聯 11
第三章 研究方法與研究設計 16
第一節 資料包絡分析法 16
第二節 投入與產出變數之選取 22
第三節 迴歸變數與資料來源 26
第四節 研究模型 30
第四章 實證結果與分析 33
第一節 敘述性統計 33
第二節 相關分析與T檢定 38
第三節 Tobit迴歸分析 45
第五章 結論與建議 51
第一節 結論 51
第二節 建議 53
參考文獻 55

表目錄
表2-1:保險業DEA相關文獻整理 8
表2-2:公司治理與績效關聯性之文獻 14
表3-1:研究變數與績效關係之預測 28
表4-1:投入項、產出項及要素價格之敘述性統計量 35
表4-2:相關變數之敘述性統計量 37
表4-3:投入項與產出項之Pearson相關分析 38
表4-4:研究變數之Pearson相關分析 40
表4-5:家族控制及非家族控制之差異性檢定 44
表4-6:公司治理因素對壽險公司績效之影響 48
圖目錄
圖1-1:研究架構 3
圖3-1:Farrell效率圖 17
圖3-2:固定規模與變動規模之效率前緣 19
圖3-3:BCC模型下之加法模型 22

參考文獻 中文部分
1.王美惠、黃台心(民94)。考慮技術與配置無效率下的銀行業規模與多元經濟分析。東吳經濟商業學報,50,1-44。
2.李馨蘋、莊宗憲(民96)。公司治理機制與公司績效之實證研究。東吳經濟商業學報,57,1-27。
3.李馨蘋、黃啟倫(民98)。股權結構、關係人交易與公司績效。中華管理評論,12(2),1-29。
4.林瑞青、柯承恩、蔡彥卿(民95)。集團企業公司績效決定因素之探討:業務聯結與公司治理觀點。會計理論與實務研討會論文集,1-60。
5.林郁翎、黃建華(民98)。考慮公司治理之企業財務危機預警模型。東吳經濟商業學報,64,23-56。
6.洪榮華、陳香如、王玉珍(民94)。公司內部治理機制與公司績效之關係-股權結構與董事會特性的觀點。輔仁管理評論,12(3),23-40。
7.姜淑美、林惠萍(民98年6月)。股權結構與董事會特性對金控公司經營績效之影響。金融創新與科際整合學術研討會,元培科技大學財務金融系。
8.郝充仁、周林毅(民92)。台灣地區人壽保險業經營績效因素之研究。保險專刊,19(1),75-105。
9.許文彥(民96)。保險公司的財務評等。載於蔡政憲(主編),保險財務評估與監理(151-172頁)。臺北市:保險事業發展中心。
10.葉銀華(民88)。家族控制集團、核心企業與報酬互動之研究-台灣與香港證券市場之比較。管理評論,18(2),59-86。
11.黃台心(民94)。計量經濟學。臺北市:雙葉書廊。
12.黃旭男、高棟梁(民94)。台灣地區產險公司經營績效之評估:二階段資料包絡分析法之應用。保險專刊,21(1),57-79。
13.曾真真(民96)。應用資料包絡法及Malmquist生產力指數衡量壽險業之經營效率:利害關係人觀點。中華管理評論,10(1),1-20。
14.黃台心、高棟梁、姜麗智、梁嘉惠(民99)。我國壽險業考慮準固定投入後的效率與生產力變動分析。東吳經濟商業學報,68,1-38。
15.楊永列、黃鏡如(民98)。台灣地區本國銀行生產面與成本面Malmquist 生產力指數之估計。經濟論文叢刊,37(4),353-378。
16.廖秀梅、李建然、吳祥華(民95)。董事會結構特性與公司績效關係之研究-台灣家族企業因素的影響。東吳經濟商業學報,54,117-160。
17.蔡政憲、吳佳哲(民89)。保險法中之投資限制對保險業投資績效影響之實證研究。風險管理學報,2(2),1-36。
18.蔡柳卿、楊怡芳(民96)。台灣銀行服務品質、營運效率與獲利性之關聯性研究。當代會計,8(1),51-84。
19.薄喬評(民94)。績效評估之資料包絡分析法。臺北市:五南。
20.鍾喜梅、劉韻僖、葉匡時(民92)。我國上市公司家族控制力與董事會運作關係之探討。中山管理評論,11(2),341-365。
21.羅庚辛、蔡文賢、許明峰、簡瑞廷(民94)。國內上市公司內部人交易與經營績效及影響交易因素關係之研究。會計評論,41,33-51。

英文部分
1.Banker, R. D. , Charnes, A. & Cooper, W. W. (1984).Some Models for Estimating Technical and Scale Inefficiencies in Data EmvelpomentAnalysis. Managerment Science, 3(9), 1078-1092.
2.Banker, R. D. & Morey, R. C. (1986). The Use of Categorical Variables in Data Envelopment Analysis. Management Science, 32(12), 1613-1627.
3.Boyd, K. B. (1995). CEO Duality and Firm Performance: A Contingency Model. Strategic Management Journal, 16, 301-312 .
4.Brockett, P. L. , Cooper, W. W. , Golden, L. L. , Rousseau, J. J.& Wang, Y .(1998) .DEA Evaluations of the Efficiency of Organizational Forms and Distribution Systems in the US Property and Liability Insurance Industry. International Journal of Systems Science, 29(11), 1235-1247.
5.Charnes, A. , Cooper, W. W. & Rhodes, E. (1978). Measuring the Efficiency of Decision Making Units. European Journal of Operational Research, 2(6), 429-444.
6.Charnes, A. , Clark, C.T., Cooper, W. W.& Golany, B. (1985). A Developmental study of Data Envelopment Analysis in Measuring the Efficiency of in the U.S. Air Forces. Annals of Operations Research, 2, 95 – 112.
7.Cummins, J. D. & Zi, H. (1998). Comparison of Frontier Efficiency Methods: An Application to the U.S. Life Insurance Industry. Journal of Productivity Analysis, 10, 131-152.
8.Chen, T. Y. & Yeh, T. L. (2000) .A Measurement of Bank Efficiency, Ownership and Productivity Changes in Taiwan. The Service Industries Journal, 20(1), 95-109.
9.Cummins, J. D. & Weiss, M. A. (2000). Handbook of Insurance (pp. 767-852). London: Kluwer Academic Publishers.
10.Cummins, J. D. & Nini ,G. P. (2002). Optimal Capital Utilization by Financial Firms: Evidence from the Property-Liability Insurance Industry. Journal of Financial Services Research, 21(1), 15-53.
11.Chen, R. & Wong, K. A. (2004). The Determinants of Financial Health of Asian Insurance Companies. Journal of Risk and Insurance,71(3), 469-499.
12.Chen, A. , Kao, L. & Tang, H. W. (2007). How Corporate Governance Mitigates the Abuse of Accounting Discretion: The Perspective of Firm Performance . Journal of Management, 24(4), 419-434.
13.Cummins, J. D. , Weiss, M. A. , Xie, X. & Zi, H. (2010). Economies of Scope in Financial Services: A DEA Efficiency Analysis of the US Insurance Industry. Journal of Banking & Finance, 34(7), 1525-1539.
14.Dunne, P. & Hughes, A. (1994).Age, Size ,Growth and Survival :UK Companies in the 1980s.The Journal of Industrial Economics, 42, 115-140.
15.Dahya, J. , Lonie, A. A. & Power, D. M. (1996). The Case for Separating the Roles of Chairman and CEO: An Analysis of Stock Market and Accounting Data. Corporate Governance International Review, 4(2), 71-77.
16.Farrell, P. H. O. (1957).The Measurement of Productive Efficiency . Journal of the Royal Statistical Society, 120, 253-290.
17.Fecher, F. , Kessler, D. , Perelman, S. & Pestieau, P. (1993). Productive Performance of the French Insurance Industry. The Journal of Productivity Analysis, 4, 77-93.
18.Houston, D. B. & Simon, R. M. (1970).Economies of Scale in Financial Institutions: A Study in Life Insurance. Econometrica. 38(6), 856-864.
19.Huang, L. Y. , Hsiao, T. Y. & Lai, G. C. (2007).Does Corporate Governance and Ownership Structure Influence Performance ? Evidence from Taiwan Life Insurance Companies. Journal of Insurance Issues, 30(2), 123-151.
20.Hu, J. L. , Chu, W. K. , Hu, X. & Lee, C. Y. (2009). Operational Environment Adjusted Nationwide Bank Efficiency in China. Journal of Management Research, 9(3), 142-158.
21.Jensen, M. C. & Meckling,W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
22.Jovanovic, B. (1982).Selection and the Evolution of Industry. Econometrica, 50(3), 649-670.
23.Johnson, S., Boone, P., Breach,A. & Friedman, E. (2000). Corporate Governance in the Asian Financial Crisis. Journal of Financial Economics,58, 41-186.
24.Liebenberg, A. P. & Sommer, D. W. (2008).Effect of Corporate Diversification: Evidence from the Property Liability Insurance Industry. Journal of Risk andInsurance,75(4), 893-919.
25.Kiel, G. C. & Nicholson, G. J. (2003).Board Composition and Corporate Performance: How the Australian Experience Informs Contrasting Theories of Corporate Governance. Corporate Governance ,11,189-205.
26.Mayers, D. & Smith, C. W. Jr. (1987). Corporate Insurance and the Underinvestment Problem. Journal of Risk and Insurance, 54(1), 45-54.
27.Mcconnell, J. J. & Servaes, H. (1990). Additional Evidence on Equity Ownership and Corporate Value. Journal of Financial Economics, 27(2), 595-612.
28.Noulas, A. G. , Lazaridis, J. , Hatzigayios, T. & Lyroudi, K. (2001). Non-Parametric Production Frontier Approach to the Study of Efficiency of Non-Life Insurance Companies in Greece. Journal of Financial Management and Analysis,14,19-26.
29.Oviatt, B. M. (1988). Agency and Transaction Cost Perspectives on the Manager Shareholder relationship: Incentives for Congruent Interests. Academy of Management Review,13(2), 214-225.
30.Ruback, R. S. & Jensen, M. C. (1983) The Market for Corporate Control: the Scientific Evidence. Journal of Financial Economics,11,5-50.
31.Weir, C. , Laing, D. & Mcknight, P.J. (2002). Internal and External Governance Mechanisms: Their Impact on the Performance of Large UK Public Companies. Journal of Business Finance & Accounting, 29(5) ,579-611.
32.Wang, J. L. , Jeng, V. & Peng, J. L. (2007). The Impact of Corporate Governance Structure on the Efficiency Performance of Insurance Companies in Taiwan. The Geneva Papers, 32, 264-282.
33.Yuengert, A. M. (1993). The Measurement of Efficiency in Life Insurance: Estimates of A Mixed Normal-Gamma Error Model. Journal of Banking and Finance, 17 , 483-496.
34.Yermack, D. (1996). Higher Market Valuation of Companies with a Small Board of Directors. Journal of Financial Economics, 40(2),185-211.
35.Yeh, Y.H. , Ko, C. E. & Su, Y.H. (2003).Ultimate Control and Expropriation of Minority Shareholders: New Evidence from Taiwan. Academia Economic Papers, 31(3), 263-299.
36.Yang , Z. (2005). A Two-Stage DEA Model to Evaluate the Overall Performance of Canadian Life and Health Insurance Companies. Mathematical and Computer Modelling, 43, 910-919.
論文使用權限
  • 同意紙本無償授權給館內讀者為學術之目的重製使用,於2013-02-15公開。
  • 同意授權瀏覽/列印電子全文服務,於2013-02-15起公開。


  • 若您有任何疑問,請與我們聯絡!
    圖書館: 請來電 (02)2621-5656 轉 2281 或 來信