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題名：台灣壽險業市場力量、最終控制權與效率關係之研究
作者：唐玉潔
作者(外文)：Yu-Chieh Tang
校院名稱：淡江大學
系所名稱：管理科學研究所博士班
指導教授：莊忠柱
學位類別：博士
出版日期：2015
主題關鍵詞：市場力量；效率；隨機邊界法；一般化極值法；Clayton Copula；公司治理；最終控制權；區間設限Tobit迴歸；Market Power；Efficiency；Stochastic Frontier Approach；Generalized Extreme Value；Clayton Copula；Corporate Governance；Ultimate Control Rights；Doubly Censored Tobit Regression
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台灣壽險業在金融體系中扮演著重要地位。然而，在全面開放的壽險市場，追求最大市場力量與最大效率，質量並重的管理，一直是人壽保險業經營管理的重要議題之一。
本論文利用隨機邊界法估計效率值，再以一般化極值理論，探討壽險業市場領導者的最大市場力量與最大效率關係。實證發現台灣壽險業市場領導者之最大市場力量與最大效率關係，存在非對稱的相依關係，即擁有最大市場力量的壽險公司，不一定愈有效率。此外，本論文亦利用Clayton Coupla方法，探討市場力量與效率的相依關係。實證發現二者呈現相依關係，即指市場力量愈大，不一定有助於效率的提昇；反之，亦然。
良好的公司治理制度有助於平衡市場力量擴張與效率極大化。因此，本論文加入公司治理的最終控制權作為市場力量對效率影響的干擾變數，利用區間設限Tobit迴歸方法，探討對台灣壽險業的市場力量、最終控制權與效率的關係。實證發現台灣壽險公司的市場力量對效率有直接負向影響，再加入公司治理的最終控制權為干擾因素後，控制權會加強市場力量對效率的影響，而盈餘分配權會減少市場力量對效率的影響。本論文的研究結果提供台灣壽險業擬訂投入產出資源的配置、市場策略與公司治理政策的參考，以達壽險業質量並重的經營目標。
The life insurance industry plays a significant role in the financial system of Taiwan. Both market power and efficiency contribute to the viability of the insurer, making them essential to the management of life insurance companies. As the competition in the Taiwanese insurance industry intensifies, the insurance companies should look for expansion of market power and maximization of efficiency. Based on the translog cost function, this study first measured efficiency for using the stochastic frontier approach. We then investigated the relationship between leading market power and leading efficiency using the generalized extreme value theory. The results showed a strong nonlinear, asymmetric dependence between the market power and efficiency of the leading Taiwanese insurer. Companies with greater market power do not necessarily have greater efficiency. This study then investigated the dependence between market power and efficiency using the Clayton Copula model. The empirical results showed a dependence relationship between the two factors for Taiwanese insurers.
In addition, the doubly censored Tobit regression is used to investigate the relationships among market power, ultimate control rights, and efficiency. The empirical results showed that market power has a negative influence on the efficiency. When the ultimate control rights of corporate governance are used as moderator variables, the control right are observed to enhance the influence of market power on efficiency, while cash flow right reduce the effect of market power on efficiency. Thus, the findings of this study can provide a reference to Taiwanese life insurance companies for determining resource allocation, marketing strategy, and corporate governance policies.
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