獲利性與流動性二者均是保險公司資金運用的重要原則，然而二者常難以兼顧，進而影響保險公司之經營決策。本研究之目的在於分析保險公司現金持有量之影響因素，藉以瞭解公司之經營或組織特質和現金持有量之間的關係。本研究考慮之影響因素主要為保險公司營運上的特性，如承保能量比率、賠款率與投資機會之收益率等經濟因素，以及理念策略、代理衝突等個別因素。 本文採用迴歸模型與變數截距模型之研究方法，針對1994-1999年之我國產檢與壽險公司資料，進行實證研究分析。研究結果之主要發現包括：(一)產險公司與壽險公司之現金持有量影響因素不同。(二)本土公司與外商分公司之現金持有量的影響因素有所不同，(三)投資機會之報酬率為保險公司現金持有量的重要影響因素，但費用率、賠款率與負債比率等並非重要影響因素，顯示目前我國保險公司對於現金管理較偏重獲利性甚於流動性；此外，（四）各公司本身之專有特質顯著影響其現金持有量。

　　　　　Both of profitability and liquidity are important to the cash management of insurance companies. However, it is usually a tradeoff for the insurer to choose between the two criteria. The purpose of this study is to analyze the determinants of cash holdings by insurance companies. The determinants analyzed in this paper include several financial ratios (e.g., capacity ratio, loss ratio and investment yield) and individual characteristics of insurance companies (e.g., management strategies and agency conflicts). The empirical study of this paper applies multiple regression model and variable-intercept model to the data of insurance industry in Taiwan during the 1994-1999 period, including life and non-life insurance companies. The key results of this study may be described as follows. (1) The determinants of cash holdings by life insurers and non-life insurers are different. (2) The determinants of cash holdings by domestic insurers and branches of international insurers are different. (3) The yield of investment opportunity is critical to cash holding by insurance companies, but expense ratio, loss ratio and debt ratio are not important factors. It implies profitability, instead of liquidity, takes priority in cash management. (4) The individual characteristics of insurers have a significant impact on the cash holdings by insurance companies.