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題名:成立專屬保險公司對企業長期績效與風險特徵的影響
作者:趙志偉
作者(外文):Chih-Wei Chao
校院名稱:國立中正大學
系所名稱:企業管理研究所
指導教授:劉亞秋
林問一
學位類別:博士
出版日期:2010
主題關鍵詞:專屬保險股價報酬captive insurancestock return
原始連結:連回原系統網址new window
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本文主要觀察企業成立專屬保險公司後,長期績效與風險特徵是否改善。本文採用1960年到2007年間,在百慕達註冊成立專屬保險公司的美國公開上市公司為樣本,同時引進沒有成立專屬保險公司的配對公司作比較。結果發現,企業在成立專屬保險公司之後,長期績效的表現比成立之前為佳;另外,有成立專屬保險公司的企業,其長期績效的表現也優於沒有成立專屬保險的配對公司。本研究亦發現,企業在成立專屬保險公司之後,系統風險並無顯著改善,但非系統風險卻顯著上升,隱喻專屬保險在移轉非系統風險方面的效率不如商業保險。
This study mainly examines whether the establishment of a captive insurance company can effectively improve the parent’s long term performance and risk characteristics. We employ data of U.S. exchange-listed companies with a captive established in Bermuda between 1960 and 2007. Using matched pairs of firms with and without captive insurance companies, our findings show that the long term performance of the parent is significantly improved due to the establishment of a captive, suggesting such an action provides additional benefit to the parent. Furthermore, firms with a captive prove to have better performance than similar firms without.
With regard to risk characteristics, our findings demonstrate that the systematic risk cannot be significantly reduced by establishing a captive, whereas the unsystematic risk of the parent company becomes higher due to captive establishment, implying that the operation of a captive may not be a better choice than using the service of commercial insurance companies in eliminating unsystematic risk.
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