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系統識別號 U0002-1608201113401100
中文論文名稱 產險公司現金比例之研究 以台灣和韓國為例
英文論文名稱 The Impact of the Difference in Cash Holding of P&L Insurance Company: An Empirical Research in Taiwan and South Korea
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 2
出版年 100
研究生中文姓名 沈哲寬
研究生英文姓名 Che-Kuan Shen
電子信箱 ck890151@hotmail.com
學號 698560033
學位類別 碩士
語文別 英文
口試日期 2011-06-09
論文頁數 35頁
口試委員 指導教授-田峻吉
委員-繆震宇
委員-楊曉文
中文關鍵字 產險公司  現金比例 
英文關鍵字 Cash holding  P&L Insurance Company 
學科別分類 學科別社會科學商學
中文摘要 如何管理現金持有部位對於企業管理來說是一個十分重要的課題,本篇論文欲探討在亞洲的台灣以及韓國產險公司對於現金持有部位行為的差異。之前使用美國產險公司1993到1995進行的研究確實發現了一些會影響現金持有行為的決定性因素。
本篇論文透過使用台灣以及韓國從2002到2009這八年來的數據,我們系統的透過不同的因素檢驗了在兩國的產險公司中現金持有行為上產生的差異。
實證結果指出有資產規模較大的產險公司持有較少的現金持有量,持有較多普通股部位的產險公司持有較少的現金持有部位。ROE和再保險比率在台灣部份會造成影響對韓國則否,在台灣,產險公司ROE較高以及再保險比率較高者會持有較少的現金持有部位。兩個實驗中的虛擬變數:是否是集團成員、是否是本國企業,都不會造成公司決定現金持有部位的影響。實證結果顯示在台灣擁有較高度槓桿的產險公司會持有較小的現金持有部位,但是在韓國則相反,韓國擁有較高度槓桿的產險公司則會持有更多的現金部位。
本篇論文主要的目的是檢證台灣以及韓國產險公司會對於現金持有行為造成影響的一些決定性因素,而本文的實證結果確實發現在台灣以及韓國這兩個國家的產險公司的確存在不同的因素會對於現金持有行為造成不同的影響。
英文摘要 This study investigates the differences in cash holdings across P&L insurers in two asian countries, Taiwan and South Korea. Previous papers use the P&L insurers in US from 1993 to 1995 to investigate determinants of cash holding. They found P&L insurers with some characteristics that hold less cash.
In this paper, we extend the literature to study the determinants of cash holding for P&L insurers in a developing insurance market. For our purposes, the dependent variable in the regression model is insurer’s cash holding. By using eight years of data in Taiwan and South Korea, we examine whether the differences in cash holdings across insurers can be systematically explained by different characteristics of P&L insurers.
Our empirical results support that larger P&L insurers hold less cash than smaller P&L insurers in Taiwan and Korea. The P&L insurers with higher proportion of common stock will hold less cash. The P&L insurers have better ROE and higher reinsurance ratio hold less cash in Taiwan, but not in South Korea. Two dummy variables, affiliated membership group and foreign company, have no impact on cash holding decisions. The empirical results support that highly levered insurers hold less cash in Taiwan, but highly levered insurers hold more cash in Korea. The result find that insurers have higher expense ratio hold less cash in Taiwan and insurers have higher expense ratio hold more cash in South Korea.
The main purpose of this essay is investigating the determinants of cash holding for P&L insurers in Taiwan and South Korea. We truly observe there exist significantly different factors influencing cash holding behavior of P&L insurers between these two countries.
論文目次 Contents
1. Introduction 2

2.Literature Review 7

3. Data Resource, Variable Definitions and Empirical Model 10

3.1 Data Resource 10

3.2 Variable Definitions 10

3.3 Empirical Model 18

4. Summary Statistics and Empirical Results 19

4.1 Summary Statistics 19

4.2 Empirical Results 23

5. Conclusion 30

Reference 34












Figures of Content
Figure 1 Insurance Density………………………………………………………… 3

Figure 2 Insurance Penetration ……………………………………………………4

Figure 3 Insurance Premium Income………………………………………………4

Figure 4 Relationship between Cash, Capital Structure, and Expense Ratio…… 29



Tables of Content
Table1 Summary Statistics for the ratio of cash holding …………………………11

Table 2 Variables and Definitions ………………………………………………16

Table 3 Summary Statistics of property-liability insurers in Taiwan………………21

Table 4 Summary Statistics of property-liability insurers in Korea………………22

Table 5 Regression Empirical Results (ROE)……………………………………27

Table 6 Regression Empirical Results (ROA)……………………………………28

Table 7 Firm Information …………………………………………………………32



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