人壽保險市場股權融資與限額風險移轉

Please use this identifier to cite or link to this item: https://ah.nccu.edu.tw/handle/140.119/60052

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。
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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:	[Department of Risk Management and Insurance] Theses

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