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| Title: | 金融控股壽險子公司對母公司獲利之影響
The impact of financial holding life insurance subsidiaries on the profit of the parent company |
| Authors: | 王首發
Wang, Shou-Fa |
| Contributors: | 周冠男
王首發
Wang,Shou-Fa |
| Keywords: | 獲利
壽險子公司
金控母公司
稅後淨利
綜合損益
profit
life insurance subsidiaries
financial holdings companies
after-tax net profit
the comprehensive income |
| Date: | 2023 |
| Issue Date: | 2023-08-02 13:16:01 (UTC+8) |
| Abstract: | 人壽保險公司在近21年來成為臺灣金融業最為快速發展的行業，資產成長了將近10倍，可以說是國內影響力最大的金融業巨人，2000年12月開放金控成立後，原為金控旗下的人壽保險子公司或是後來加入金控的人壽保險公司莫不快速成長，惟資產的快速成長，是否為其母公司帶來對等的獲利成長，從本研究的實證研究發現並無解釋能力，本研究蒐集自2012年至2022年第三季有人壽保險子公司的金控公司及壽險子公司的財務資訊進行統計及迴歸分析，發現，壽險子公司的淨投資損益對其本身的稅後淨利及對金控母公司的稅後淨利都有顯著的影響力，顯示壽險子公司的資金運用獲利能力深深地影響著自身及母公司獲利及發展，除此之外，本研究亦透過迴歸分析發現壽險子公司的綜合損益，同樣對金控母公司的綜合淨利以及股東權益的變動數有著高度相關性，而壽險子公司的綜合損益主要來自金融資產受市場影響的評價未實現損益，因此可以說，壽險子公司的資金運用獲利能力，對其金控母公司有著深度的影響，惟因財報上資訊難以解析死差益(損)及費差益(損)的金額，故而無從分析來自保單核心產生價值的影響，此部分有賴未來財報資訊的進一步揭露。
Life insurance has been the fastest-growing business in the financial sector in Taiwan over the last 21 years. With the total asset increasing 10 times, it is admittedly the most influential catalyst in financial market. Since December 2000, the government granted permission for the establishment of financial holdings, life insurance companies, which used to be subsidiaries or new participants under financial holdings, all enjoy rapid growth. Nevertheless, this research indicates that the rapid expansion in life insurance does not necessarily guarantee equal profit growth for its parent company. The author collects financial data from 2012 to the third quarter of 2022 of financial holdings companies which have subsidiaries of life insurance companies as well as those of the life insurance subsidiaries, then conducts statistical and regression analyses. The result shows that the investment net profit and after-tax net profit of life insurance subsidiaries exert significant influence on the profitability and development, not only for themselves but also for their parent companies. In addition, through regression analyses, the study also finds that the comprehensive income of life insurance companies is highly corelated to comprehensive profit and the changes in the shareholders’ equity for the parent companies. As the comprehensive income of life-insurance subsidiaries is mainly generated by the financial assets which are subjected to the influence of unrealized assets and losses in the market, it can be concluded that the subsidiaries’ profit capability in its fund application have statistical significance. Yet, it should be noted that financial statements do not unveil the actual amounts of the death difference (loss) and expense difference (loss), thus, there is no way to probe into the impact which is procreated by the core value of life insurance policies; the question can be answered only with further disclosure in financial statements in the future. |
| Reference: | 一、英文
1.Christos K. Staikouras and Geoffrey E. Wood (The Determinants of European Bank Profitability ,2004) International Journal of Economics and Business Research 3(6)( January 2004),P57-68。
2.Demirgüc-Kunt and Huizinga (Determinants of Commercial Bank Interest Margins and Profitability: Some International Evidence ,1999) 。The World Bank Economic Review, 13(2), P379-408。
3.William B. Fairley (Investment Income and Profit Margins in Property-Liability Insurance: Theory and Empirical Results ,1979) The Bell Journal of Economics, 10, P192- 210。
4.Kyriaki Kosmidou (The Determinants of Banks’ Profits in Greece during the Period of EU Financial Integration ,2008)Managerial Finance 34(3)(February 2008),P146-159。
5.L.Lee Colquitt and David W.Sommer(An Exploratory Analysis of Insurer Groups ,2003) Risk Management and Insurance Review 6: P83–96。
6.Gene C. Lai and Piman Limpaphayom (Organizational Structure and Performance: Evidence From the Nonlife Insurance Industry in Japan ,2003) The Journal of Risk and Insurance Vol. 70, No. 4 (Dec., 2003), P735-757。
7.Andre P. Liebenberg and David W. Sommer (Effects of Corporate Diversification: Evidence From the Property-Liability Insurance Industry ,2008) The Journal of Risk and Insurance Vol. 75, No. 4 (Dec., 2008), P893-919。
8.Muhammad Farhan Akhtar , Khizer Ali, and Shama Sadaqat (Factors Influencing the Profitability of Islamic Banks of Pakistan ,2011) International Research Journal of Finance and Economics Vol 66 (May 2011),P125-132。
9.Robert DeYoung and Tara Rice (Noninterest Income and Financial Performance at U.S. Commercial Banks ,2004) Financial Review 39(1)( February 2004),P101 - 127 。
10.Andrew C. Worthington and Emily V. Hurley, (Cost Efficiency In Australian General Insurers: A Non-Parametric Approach,2002)The British Accounting Review Vol. 34, Issue 2(June 2002)P 89-108。
二、中文
1.陳穩仁，孫梅瑞(國內金融控股公司合併綜效之研究,2004)銘傳大學國際企業學系碩士論文。
2.張士傑，黃雅文及胡育寧(台灣產物保險公司併購、市場結構與經營績效,2009) 風險管理學報, 11(2), P151-170。
3.高國賡及蕭景楷(台灣金控與非金控銀行經營效率之分析,2016) 國立中興大學應用經濟學研究所碩士論文。
4.張寶文及劉定焜(購併與非購併銀行效率、績效衡量與決定因素之探討－台灣金融產業的實證研究,2011)朝陽科技大學財務金融系碩士論文。
5.彭千惠及張永郎(台灣保險業風險承擔行為之分析-金融控股公司v.s.非金融控股公司,2017) 朝陽科技大學保險金融管理系碩士論文。。
6.朱炫璉及吳志銘(台灣金融控股組織對銀行效率之影響,2009) 台灣管理學刊，9(1)，P97-114。
7.江婕寧，郭建中及謝登隆(美國金融控股公司與非金融控股公司經營績效之比較─DEA之應用,2012) 台灣大學國家發展研究所碩士論文。 |
| Description: | 碩士
國立政治大學
經營管理碩士學程(EMBA)
105932172 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0105932172 |
| Data Type: | thesis |
| Appears in Collections: | [經營管理碩士學程EMBA] 學位論文
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