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政大典藏 > College of Commerce > Department of Risk Management and Insurance > Theses > Item 140.119/77188

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/77188

Title:	日本產險公司市場競爭度與風險關係之研究 A study of the Relation between Market Competition and Company’s Risk in Japanese Property-Liability Industry
Authors:	王咨渝 Wang, Tzu Yu
Contributors:	鄭士卿 Jeng, Vivian 王咨渝 Wang, Tzu Yu
Keywords:	日本市場競爭度保險風險勒納指數穩定度 Competition insurance Japan Lerner index Risk Stability
Date:	2015
Issue Date:	2015-08-03 13:22:43 (UTC+8)
Abstract:	本研究以日本國內產物保險公司作為研究對象，研究期間為1986年至2010年，共25個年度。本研究應用固定效果之GMM（一般化動差法）模型，以Lerner index衡量市場獨占力（競爭度），檢驗對日本產險公司之市場獨占力（競爭度）對於公司的財務穩定度以及各種風險之影響，包括總風險、核保風險以及投資風險。本研究發現日本國內產險公司獨占力與各風險大多存在負相關：越高獨占力（越低競爭度）的公司其總風險及核保風險越低。然而，越高獨占力（越低競爭度）的公司容易面對越高的投資風險。本研究結果亦顯示，獨占力對於風險之影響於1997至2010之研究期間有顯著效果，惟其於1986至1996之研究期間效果不顯著。 This paper chooses Japanese domestic general insurance company as the objective and the research period is from 1986 to 2010, 25 sample years in total. We apply fixed-effect in the GMM (Generalized method of moments) to examine the impact of the market power (Lerner index) specifically in insurance market on financial stability and different risks of insurance company, including total risk, underwriting risk and investment risk. The result suggests in general, negative relation exist between market power and risks in Japanese domestic general insurance industry: We find that the higher the market power (the lower competition), the lower the total risk and underwriting risk. On the other hand, higher marker power (lower competition) leads to higher investment risk. Our finding also shows that market power has an impact in the period 1997-2010 but not for the period of 1986-1996, which confirms that Japanese financial reform in 1996 might have influence on risks and financial stability.
Reference:	王儷珊，(2001)，我國產物保險公司清償能力的探討，國立中山大學財務管理研究所碩士論文。張淑貞，(2008)，台灣財產保險業併購前後經營效率之研究-以TMN產險公司為例，逢甲大學風險管理與保險研究所碩士論文。劉景中，(2009)，銀行集中度、銀行市場競爭度與銀行風險-台灣實證研究，中央研究院經濟研究所經濟論文，第37卷，第1期，頁101-135。 Allen N. Berger, Leora F. Klapper, Rima Turk-Ariss, 2008, Bank Competition and Financial Stability, Journal of Financial Services Research, 35(2), 99-118. Andre Uhde and Ulrich Heimeshoff, 2009, Consolidation in Banking and Financial Stability in Europe, Journal of Banking and Finance, 33, 1299-1311. John H. Boyd and Gianni De Nicolò, 2005, The Theory of Bank Risk Taking and Competition Revisited, Journal of finance, 60, 1329-1343. Ben R. Craig and Valeriya Dinger, 2013, Deposit Market Competition,Wholesale Funding,and Bank Risk, Journal of Banking & Finance, 37(9), 3605-3622. Daniel Aunon-Nerin and Paul Ehling, 2007, Why Firms Purchase Property Insurance?, Swiss Finance Institute Research Paper, 07-16. David Martinez-Miera and Rafael Repullo, 2010, Does Competition Reduce the Risk of Bank Failure?, Review of Financial Studies, 23(10), 3638-3664. E.J. Chang, S.M. Guerra, E.J.A. Lima, B.M. Tabak, 2008,The stability–concentration relationship in the Brazilian banking system, Journal of International Financial Markets, Institutions and Money, 18(4), 388 Gabriel Jiménez, Jose A. Lopez and Jesús Saurina, 2013, How Does Competition Impact Bank Risk Taking?, Journal of Financial Stability, 9(2), 185-195. Gianni De Nicolò, and Elena Loukoianova, 2007, Bank Ownership, Market Structure and Risk. IMF Working Papers, 07/215, 1-44. Hong Liu, Phil Molyneux and John O.S. Wilson, 2012, Competition and risk in South East Asian commercial banking, Applied Economics, 44(28), 3627-3644. Hong Liu, Phil Molyneux and John O.S. Wilson, 2013, Competition and Stability in European Banking: A Regional Analysis, Manchester School, 81(2), 176-201. Hong Liu and John O. S. Wilson, 2013, Competition and risk in Japanese banking, The European journal of finance, 19, 1-18. Joan Lamm-Tennant and Laura T. Starks, 1993, Stock Versus Mutual Ownership Structures: The Risk Implications, The Journal of Business, 66(1), 29-46. Juan Fernández de Guevaraab and Joaquín Maudos, 2007, Explanatory Factors of Market Power in the Banking System, The Manchester School, 75, 275-296. Juan Fernández de Guevaraab, Joaquín Maudos, and Francisco Pérez, 2007, Integration and Competition in the European Financial Markets, Journal of International Money and Finance, 26, 26-45. Juan Fernández de Guevaraab and Joaquín Maudos, 2009, Regional Financial Development and Bank Competition: Effects on Firms` Growth, Regional Studies, 43(2), 211-228. Juan Fernández de Guevaraab and Joaquín Maudos, 2011, Bank size, market power and financial stability, Bank Performance, Risk and Firm Financing, 7-31. Keeley, M., 1990, Deposit Insurance, Risk and Market Power in Banking, American Economic Review, 80(5), 1183-1200. Lawrence A. Berger, J. David Cummins and Sharon Tennyson, 1992, Reinsurance and the Liability Insurance Crisis, Journal of Risk and Uncertainty, 5(3), 253-272. Odesanmi S. and Wolfe S., 2007, Revenue Diversification and Insolvency Risk: Evidence from Banks in Emerging Economies, School of Management, University of Southampton, Highfied. Raúl Osvaldo Fernández and Jesus Garza-Garcia, 2015, The Relationship between Bank Competition and Financial Stability: a Case Study of the Mexican Banking Industry, Ensayos Revista de Economia, 34(1), 103-120. Ren, Y., 2006, Franchise Value, Competition and Insurer Risk Taking, Working Paper, University of Wisconsin-Madison Salas, V. and J. Saurina, 2003, Deregulation, Market Power and Risk Behavior in Spanish Banks, European Economic Review, 47, 1061-1075. Suk Hun Lee and Jorge L. Urrutia, 1996, Analysis and Prediction of Insolvency in the Property-Liability Insurance Industry: A Comparison of Logit and Hazard Models, The Journal of Risk and Insurance, 63(1), 121-130. Turk-Ariss, R., 2010, On the Implications of Market Power in Banking: Evidence from Developing Countries, Journal of Banking and Finance, 34(4), 765-775. Yung-Ming Shiu, 2011, Reinsurance and Capital Structure: Evidence from the United Kingdom Non-Life Insurance Industry, Journal of Risk and Insurance, 78(2), 475-494. GIAJ, 2014, General Insurance in Japan Fact Book 2013-2014. Swiss Re, 2014, Swiss Re Sigma, 2014(3).
Description:	碩士國立政治大學風險管理與保險研究所 101358022
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0101358022
Data Type:	thesis
Appears in Collections:	[Department of Risk Management and Insurance] Theses

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