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    Title: 人壽保險市場股權融資與限額風險移轉
    Equity financing and finite risk transfer in Taiwan life insurance market
    Authors: 曾柏馨
    Contributors: 張士傑
    曾柏馨
    Keywords: 限額再保險
    風險基礎資本額
    Date: 2010
    Issue Date: 2013-09-04 15:02:07 (UTC+8)
    Abstract: 台灣壽險公司2002年之後面臨股東權益累積不足造成高槓桿比之問題,因此2008年金融危機時資產跌價股東權益大幅減損使風險基礎資本額(RBC)低於法定要求而有限期增資壓力;而業務快速成長之公司易受權益資本侵蝕(Surplus strain)造成RBC不足,壽險公司必須在增資及業務發展上取得平衡;此外歐盟於2013年實施SolvencyⅡ對資本也將有更嚴格要求,因此壽險公司如何增資成為重要議題。壽險公司增加自有資本的方式除普通股現金增資和盈餘轉增資之外,2008年金管會增列具資本性質之債券可計入自有資本,提供業者多元融資管道。本研究提供壽險公司除上述增資方式以外之選擇,即透過限額再保險以強化財務結構。壽險公司將風險移轉再保險人後,就分出業務之責任準備金金額於再保險資產項提列分出責任準備,在負債不變情形下增加自有資本也提升RBC。此外,初期盈餘佣金收入也可同時提升自有資本。因此,限額再保險的安排與規劃,對於提升壽險公司RBC有相當程度的影響。限額再保險交易的優點手續簡便,只需要分保人與再保險人議約,並經監理官核准即成立,對於改善公司財務及強化資本結構立即見效。然而其缺點是淪為粉飾財報工具誤導投資人及保戶。為避免限額再保險交易衍生弊端,監理機關訂立保險業辦理再保險分出分入及其他危險分散機制管理辦法涉及「交易規範」、 「公司治理」及「資訊揭露」。本研究證實限額再保險確實能提升分保人隱含報酬率,並降低其增資壓力,但應加強其資訊揭露,讓外部人瞭解公司財務之真實狀況。
    Reference: 一、 中文部分
    [1] 卓俊雄,人壽保險證券化商品法制架構與未來展望,法制論叢,第41期,2008年,頁27-66。
    [2] 卓俊雄,人壽財務再保險監理趨勢與修正建議,壽險管理,第20 期,2007年,頁27-28。
    [3] 李成、卓俊雄、唐明曦,限額再保險法制之研究,風險管理學報,第十一卷,第一期,2009年,頁35-61。
    [4] 卓俊雄、唐明曦,論再保險契約中顯著風險移轉之內涵,台北大學法學論叢第六十九期。
    [5] 曾榮秀、曾淑惠著,財務再保險之研究,臺北:中央再保險公司,1995年。
    [6] 陳繼堯,金融自由化下新興風險移轉方法之運用現況與發展,臺北:財團法人保險事業發展中心,2000 年。
    [7] 陳繼堯,再保險-理論與實務,臺北:智勝出版社,2001 年。
    [8] 張士傑、蔡政憲,《從學術理論到監理實務》,保險事業發展中心,2009年。
    [9] 張士傑,《保險契約之評價與風險管理》,前程文化,2010年。
    [10] 林世航,限額再保險應用在壽險公司之研究與模擬,國立政治大學風險管理與保險研究所碩士論文,1999年。
    [11] 蔡昇豐,財務再保險應用於人壽保險之研究,國立政治大學風險管理與保險研究所碩士論文,1999年。
    [12] 簡怡寧,財務再保險契約性質與監理方向之探討,國立政治大學風險管理與保險研究所碩士論文,2000年。
    [13] 翁熒雪,限額再保險監理規範之研究,國立政治大學風險管理與保險研究所碩士論文,2010年。
    二、 英文部分
    [1] Axel, P.L., M.H. Daniel, 2010, “Lessons learned from the financial crisis for risk management: contrasting developments in insurance and banking”, Geneva papers, 35, 63-78.
    [2] Cole, C.R., K.A. McCullough, 2006, “A reexamination of the corporate demand for reinsurance”, Journal of Risk and Insurance, 73, 169-192.
    [3] Culp, C. ,2002, “The ART of risk management: alternative risk transfer, capital structure, and the convergence of insurance and capital markets”, New York: John Wiley and Sons.
    [4] Cummins, J.D., 2005, “Convergence in wholesale financial service: reinsurance and investment banking”, Geneva papers, 30, 187-222.
    [5] Cummins, J. D., P. Trainar, 2009, “Securitization, insurance, and reinsurance”, Journal of Risk and Insurance, 76, 463-492.
    [6] Cummins, J. D., M.A. Weiss, 2009, “Convergence of insurance and financial markets: hybrid and securitized risk-transfer solutions”, Journal of Risk and Insurance, 76, 493-545.
    [7] Cowley, A., J. D. Cummins, 2005, “Securitization of life insurance assets and liabilities”, Journal of Risk and Insurance, 72, 193-226.
    [8] Doherty, N.A., S.M. TINIC, 1981, “Reinsurance under conditions of capital market equilibrium: a note”, Journal of Finance, 36, 949-953.
    [9] Eling, M., H. Schmeiser, 2010, “Insurance and the credit crisis: impact and ten consequences for risk management and supervision”, Geneva papers, 35, 9-34.
    [10] Francois, O.J., 1990, “Whole-life insurance lapse rates and the emergency fund hypothesis”, Insurance, Mathematics & Economics, 9, 249-255.
    [11] Froot, K.A., 2007, “Risk management, capital budgeting, and capital structure policy for insurers and reinsurers”, Journal of Risk and Insurance, 74, 273-299.
    [12] Garven, J. R., and J. Lamm-Tennant, 2003, “The Demand for Reinsurance: Theory and Empirical Tests”, Insurance and Risk Management, 71(2),217-237.
    [13] Harrington, S.E., 2009, “The financial crisis systemic risk, and the future of insurance regulation”, Journal of Risk and Insurance, 76, 785-819.
    [14] Jensen, M., W. Mecking, 1976, “Theory of the firm:managerial behavior, agency cost and ownership structure”, Journal of Financial Economics, 3, 306-360.
    [15] Lehmann, A.P., D.M. Hofmann, 2010, “Lessons learned from the financial crisis for risk management: contrasting developments in insurance and banking”, Geneva papers, 35, 63-78.
    [16] Linter, J., 1965, “The Valuation of Risk Assets and Selection of Risky Investments in Stock Portfolios and Capital Budgets”, Review of Economics and Statistics, 47, 13-37.
    [17] Mayers, D., C.W., Smith, 1981, “Contractual provisions, organizational structure and conflict control in insurance markets”, Journal of Business, 54, 407-434.
    [18] Mayers, D., C.W., Smith, 1990, “On the corporate demand for insurance: evidence from the reinsurance market”, Journal of Business, 63, 19-40.
    [19] Miller, M. H., F. Modigliani, 1961, “Dividend Policy, Growth and the Valuation of Shares”, Journal of Business, 34, 411-33.
    [20] Modigliani, F., H.M. Miller, 1958, “The Cost of Capital, Corporation Finance and the Theory of Investment”, American Economic Review, 48, 261-297.
    [21] Modigliani, F., H.M. Miller,1963, “Corporate Income Tax and the Cost of Capital:A correction”, American Economic Review, 53, 433-443.
    [22] Myers, S., and N. Majluf, 1984, “Corporate Financing and Investment Decisions When Firms Have Information Investors Do Not Have”, Journal of Financial Economics, 13, 187 – 221.
    [23] Myers, S., 1984, “The Capital Structure Puzzle”, Journal of Finance,39, 575-592.
    [24] O’Brien, C., 2010, “Insurance regulation and the global financial crisis: a problem of low probability events”, Geneva papers, 35, 35-52.
    [25] Plantin, G., 2006, “Does reinsurance need reinsurers”, Journal of Risk and Insurance, 73, 153-168.
    [26] Scott, E.H., 2009, “The financial crisis , systemic risk, and the future of insurance regulation”, Journal of Risk and Insurance, 76, 785-819.
    [27] Sharpe, W. F., 1964, “Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk”, Journal of Finance, 19,425-442.
    [28] Sigma, 2003, “The picture of ART”, Sigma, No. 1., Swiss Re.
    [29] Sigma, 2005, “Insurers’ Cost of Capital and Economic Value Creation: Principles and Practical Implications”, Sigma, No. 3., Swiss Re.
    [30] Sigma, 2006, “Securitization – new opportunities for insurers and investors”, Sigma, No. 7., Swiss Re.
    [31] Sigma, 2010, “World insurance in 2009”, Sigma, No. 2., Swiss Re.
    [32] Sigma, 2010, “Regulatory issue in insurance”, Sigma, No. 3., Swiss Re.
    Description: 碩士
    國立政治大學
    風險管理與保險研究所
    98358023
    99
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0098358023
    Data Type: thesis
    Appears in Collections:[風險管理與保險學系] 學位論文

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