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題名:我國產險業資本使用效率之實證研究
書刊名:管理學報
作者:許文彥 引用關係周盈君
作者(外文):Hsu, Wen-yenChou, Ying-chen
出版日期:2005
卷期:22:6
頁次:頁743-759
主題關鍵詞:保險業資本效率Insurance industryCapital utilizationEfficiency
原始連結:連回原系統網址new window
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  • 被引用次數被引用次數:期刊(11) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:11
  • 共同引用共同引用:46
  • 點閱點閱:28
過去十年來,我國產險業的主權益急劇的上升,其速度遠超過同時期市場規模增加的速度。而保險公司業主權益大幅上升,很可能是因爲市場對保險公司償付能力的要求,但也有可能單純是保險公司在生產資源配置上的無效率,若增資是基於第一個原因,則隨資本的上升,保險公司的收益將隨之增加,反之,若只是因為生產資源配置的無效率,則增資將造成業主權益報酬率下降。 為探討這個問題,本文以我國十四家在民國81年前成立之產險公司為樣本,利用DEA無母數邊界分析法,求出最適資本投入量後,再依公司實際資本投入對目標資本投入之比率,用以衡量公司的資本投入是否呈現過多或不足的情形。實證結果發現公司投入過多的資本並未增加公司的收入效率,反面導致業主權益報酬率下降,換言之,資本之大幅增加並非完全是因為市場對保險公司清償能力的要求,而主要是因為生產要素配置不當所致。
The capital in the property-liability insurance industry in Taiwan has increased dramatically in the last decade. However, the size of the insurance market in terms of premium volume has not increased commensurately and the return on equity has been decreasing in the same period. Literatures suggest that committing more capital could be beneficial since lower insolvency risk due to more capital could improve contractual terms with policyholders. However, it is also possible that higher capital is simply the result of a/locative inefficiency of input resources. Therefore, the paper investigates the use of capital by insurers to provide evidence on whether the capital increase is the response to the demand for insurers' solvency or the allocative inefficiency of input resources. If the increased capital is to enhance insurer's financial strength, then more capital should lead to higher revenue efficiency and thus higher return on equity. Conversely, if the increased capital is simply the result of resources misallocation, then higher capital would have negative impact on revenue efficiency as well as return on equity. The data for the empirical test is the property-liability insurance companies in Taiwan from 1992 to 2001 when the capital of the industry increased dramatically. We use data envelopment analysis to derive the optimal capital an insurer should have, and use the optimal capital as a benchmark to measure the extent that the actual capital deviates from the optimal. The regressions are then conducted to investigate the relationship between the revenue efficiency and the extent of the deviation of the actual capital from the optimal capital, and the relationship between return on equity and the deviation of the actual capital from the optimal capital. The empirical evidences indicate that most insurers over-utilize capital, and the excessive capital has no significant impact on revenue efficiency. Thus, it suggests the overcapitalization represents allocative inefficiency in the industry. In addition, the over-utilization on capital a/so leads to lower return on equity, suggesting the allocative inefficiency penalizes the industry for holding too much capital. Overall, the paper provides empirical evidences showing that the higher capital in the last decade is not the industry's response on the demand for insolvency The result is consistent with the fact that policyholders do not seem to demand the solvency of property liability insurers given the existence of guaranty fund reduces the incentive of searching financially sound insurers, and further, no property-liability insurer has ever bankrupted so far. Instead, the empirical evidences suggest that higher capital is simply the result of allocative inefficiency of input resources. This leads to a series of issues surrounding the capital of the industry. Since the industry is generally overcapitalized, the cost of capital for the industry becomes an interesting topic. Also, how the industry utilizes the excessive capital is worth of further investigation since an efficient capital market would not tolerate the industry to keep excessive capital for too long while the return on capital deteriorates. Finally, the paper generally confirms that the industry is overcapitalized. Therefore, the problem facing the industry is no longer the deficiency of capital as indicated by Shiu and Wang (2002). Instead, the industry can now be characterized by the overcapitalization accompanied with sluggish growth of premium and deteriorating return on equity.
期刊論文
1.葉彩蓮、陳澤義(20000300)。壽險業資源使用效率之衡量。臺灣銀行季刊,51(1),322-341。new window  延伸查詢new window
2.許文彥、王詩穎(20030300)。我國產險業最低資本額與資本結構之研究。風險管理學報,5(1),109-125。new window  延伸查詢new window
3.Cummins, J. David、Weiss, Mary A.(1993)。Measuring Cost Efficiency in the Property-Liability Insurance Industry。Journal of Banking and Finance,17(2/3),463-481。  new window
4.Cummins, J. David、Weiss, Mary A.、Zi, Hongmin(1999)。Organizational Form and Efficiency: Analysis of Stock and Mutual Property-liability Insurers。Management Science,45(9),1254-1269。  new window
5.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(2/3),483-496。  new window
6.Doherty, N. A.、Phillips, R. D.(2002)。Keeping up with the Joneses: Changing Rating Standards and the Buildup of Capital by U.S. Property-Liability Insurers。Journal of Financial Services Research,21,55-78。  new window
7.Cummins, J. David、Nini, Gregory P.(2002)。Optimal capital utilization by financial firms: Evidence from the property-liability insurance industry。Journal of Financial Services Research,21(1/2),15-53。  new window
8.Mayers, David、Smith, Clifford W. Jr.(1990)。On the corporate demand for insurance: Evidence from the reinsurance market。The Journal of Business,63(1),19-40。  new window
9.劉純之(19940900)。壽險公司經營效率評估--本國與外商公司的比較分析。保險專刊,37,114-126。new window  延伸查詢new window
10.Sommer, David W.(1996)。The Impact of Firm Risk on Property-liability Insurance Prices。Journal of Risk and Insurance,63(3),501-514。  new window
11.Berger, Allen N.、Humphrey, David B.(1997)。Efficiency of Financial Institutions: International Survey and Directions for Future Research。European Journal of Operational Research,98(2),175-212。  new window
12.Cummins, J. David、Danzon, Patricia M.(1997)。Price, Financial Quality, and Capital Flows in Insurance Markets。Journal of Financial Intermediation,6(1),3-38。  new window
13.Mayers, David、Smith, Clifford W., Jr.(1988)。Ownership Structure across Lines of Property-casualty Insurance。The Journal of Law & Economics,31,532-559。  new window
14.Weiss, Mary A.(1991)。Efficiency in Property-liability Insurance Industry。The Journal of Risk and Insurance,58,452-479。  new window
會議論文
1.楊顯爵、張建宏(2003)。臺灣產險業獲利能力與管理績效關係分析之研究-多元複迴歸分析法與資料包絡分析法之應用。臺北縣淡水鎮。B2.1-B2.33。  延伸查詢new window
研究報告
1.Cummins, J David、Turchetti, Giuseppe、Weiss, Mary A.(1997)。Productivity and Technical Efficiency in the Italian Insurance Industry。Philadelphia, PA。  new window
2.Powell, Lawrence S.、Sommer, David W.(2003)。Internal versus External Capital Markets in the Insurance Industry: The Role of Reinsurance。0。  new window
學位論文
1.陳政良(2001)。台灣地區壽險公司之效率分析--Malmquist生產力指數之應用(碩士論文)。逢甲大學。  延伸查詢new window
2.李君屏(1994)。壽險公司經營效率之衡量--資料包絡分析法之應用(碩士論文)。逢甲大學。  延伸查詢new window
3.蔡蕙鈺(2002)。應用資料包絡分析法與主成分分析法在國內產物保險業經營效率分析之研究(碩士論文)。長庚大學。  延伸查詢new window
4.張文武(1999)。保險業效率、承保週期及損失率之實證研究(博士論文)。國立中央大學。new window  延伸查詢new window
5.蔡蕙存(2004)。以多元財務指標評估產險公司經營績效之研究,0。  延伸查詢new window
圖書
1.Cummins, J David、Weiss, Mary A.(2001)。Analyzing Firms Performance in the Insurance Using Frontier Efficiency Methods。Handbook of Insurance Economics。Boston, MA。  new window
 
 
 
 
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