| 摘要: | 本研究主要探討台灣地區自2007年到2010年間之壽險業及產險業，以及自2005年到2010年間之證券業，在金融海嘯前後以及不同所有權結構下，其資本適足率、公司治理及經營績效等三個構面的變化以及三個產業間的差異。樣本資料主要從台灣經濟新報資料庫取得，並利用t 、ANOVA及無母數檢定進行實證分析，實證結果如下： 1.壽險業、產險業及證券業的董監持股集中，董監質押比率無過高情形（約為12.6%~14.5%），相較一般傳統產業之經營而言，應屬穩健。 2.產險業的營業利益在金融海嘯前後平均而言維持正數，顯示產險業雖會受到總體經濟衰退而影響獲利，惟真正對產險業獲利具有重大影響因素應為巨災等理賠支出或是再保安排不當等。 3.證券業的營業費用率遠高於壽險業及產險業，且以壽險業為最低，符合這三種產業的營業型態：即證券業的資金成本最低、主要成本為管銷費用，而保險業主要成本在於保險賠款與負債的責任金準備。 4.壽險業在營業利益率、每股盈餘、資產報酬率與股東權益報酬率等4個變數上，均較其他二個產業顯著地低且平均數均為負數，顯示壽險業受到金融海嘯的影響程度最為嚴重。 Using data from life insurance and non-life insurance industry over 2007-2010, and securities industry over 2005-2010 period in Taiwan, this study examines capital adequacy ratio, corporate governance and operational performance of insurance industry and securities industry with different ownership structure, and the difference of these between the three industries before and after financial tsunami. The data is from the database of Taiwan Economic Journal Co. Ltd. We apply t test, ANOVA and nonparametric test to do empirical analysis, and the results are as follows: 1.The directors’ and supervisors’ shareholdings in life insurance, non-life insurance and securities industries are concentrated. Compared with the traditional industries, the equity pledge ratio of directors and supervisors in these three industries are stable (12.6% to 14.5%). 2.On the average, the operating profit of non-life insurance industry is positive before and after financial tsunami, which shows that though the non-life insurance industry will be affected by the recession of macro economy, the main factors that have an impact on the profit are catastrophe claims and improper reinsurance. 3.The operating expense ratio of securities industry is greater than the life insurance and non-life insurance industries, and the lowest one is in the life insurance industry, which conforms to their business characteristic. The cost of capital for the securities industry is the least, and the main cost is managerial and marketing expense, while the main costs for the insurance industry are insurance indemnity and policy reserves. 4.The operating profit margin, earnings per share, return on assets, and return on equity in life insurance industry are significant lower than the other two industries and the average of them are negative, which shows that the life insurance industry is affected by the financial tsunami the most. |
