本文檢驗企業成立純粹獨資專屬保險公司後，長期績效是否改善。我們以1960 年到2007 年間，在百慕達註冊成立純粹獨資專屬保險公司的美國公開上市公司為樣本，同時引進沒有成立任何型態專屬保險公司的配對公司作比較。結果發現，企業成立純粹獨資專屬保險公司後，企業的長期績效表現比成立前佳；並且有成立純粹獨資專屬保險公司企業的長期績效，優於沒有成立任何型態專屬保險的配對公司。

This study examines whether the establishment of a pure single-parent captive insurancecompany can effectively better the parent company’s long term performance. We employdata of U.S. exchange-listed firms that have pure single-parent captive insurance companiesregistered in Bermuda between 1960 and 2007. Using matched pairs of firms with andwithout captive insurance companies, our findings show that the long term performance ofthe parent firm is significantly improved due to the establishment of a pure single-parentcaptive insurance subsidiary, suggesting such actions provide additional benefits to parentcompanies.