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題名 金融控股公司對壽險子公司盈餘管理之影響
The impact of financial holding company on the earnings management of subsidiary life insurance company
作者 張維容
Chang, Wei-Jung
貢獻者 陳彩稚
張維容
Chang, Wei-Jung
關鍵詞 金融控股公司
壽險業
盈餘管理
Financial holding company
Life insurance company
Earnings management
日期 2018
上傳時間 24-Jul-2018 10:59:53 (UTC+8)
摘要 本研究探討金控公司對旗下壽險子公司盈餘管理之影響。首先，探討壽險公司之盈餘管理是否與隸屬金控集團有關而有不同的情形。其次，將金控與非金控下之壽險公司區分為兩組，探討兩組公司盈餘管理行為影響因素的差異。最後，則探討金控之壽險公司盈餘管理的影響因素，包括金控集團對壽險子公司董事會之影響，以及金控本身經營狀況及風險之影響。本研究以台灣壽險公司2005年第一季至2017年第三季之季資料進行研究，研究結果如下：
     一、金控之壽險公司相較於非金控之壽險公司，傾向使用會計政策裁量權來從事盈餘管理行為，然而非金控之壽險公司會較金控之壽險公司，則因有達成市場預期之考量，而有較高的盈餘管理可能。
     二、金控與非金控下之壽險公司的盈餘管理行為之影響因素，主要差異包括外部董事比率、董事會規模、保險業務多角化及資產規模。
     三、若壽險子公司董事會規模愈大，且董事會成員有較高比率來自金控母公司或金控集團，則使用會計政策裁量權之盈餘管理的程度愈低。
     四、金控公司本身的經營成果與風險，會影響壽險子公司的經營決策及盈餘目標。壽險子公司為了達成目標，會從事盈餘管理行為，而其主要影響因素為金控公司之經營風險及旗下子公司多角化程度。
This purpose of this thesis is to study the impact of financial holding company (FHC) on the earnings management of its subsidiary life insurance company. First, this study investigates whether the earnings management of the FHC life insurers is different from that of the non-FHC ones. Secondly, these life insurance companies are categorized into two groups to explore the differences in their earnings management behavior. Finally, the influential factors for the earnings management of the FHC life insurers are analyzed, including the appointment of the board directors for the subsidiary life insurance company and the FHC’s operational performance and risks. Based on the quarterly data of Life Insurance Companies in Taiwn during 2005Q1 -2017Q3, the empirical results are summarized as follows.
     1. The FHC life insurance company tends to use the accounting policy discretion to engage in earnings management. However, the non-FHC life insurance company will have higher possibility of earnings management in order to achieve market expectations.
     2. The differences in the influential factors for the earnings management behavior between the FHC life insurers and the non-FHC peers mainly result from their board independence, board size, diversification in insurance business and asset size.
     3. If the subsidiary life insurance company has a larger board and more board members from the parent FHC or the affiliated firms under the same FHC, the degree of earnings management through accounting policy discretion is lower.
     4. The performance of the FHC, especially the operational risk and the degree of diversification in business, can influence the subsidiary life insurer’s business decisions and earnings targets.
參考文獻 一、中文文獻
     1.王元章、張椿柏（2012）。核心代理問題對盈餘管理之影響。會計審計論叢，2(2)，69-113。
     2.王彥文（2012）。人壽保險業財務報告窗飾行為之實證研究。國立政治大學，風險管理與保險研究所碩士班。
     3.李世欽（2002）。從監理動機探析我國保險業之盈餘管理行為。國立政治大學，會計學系碩士班。
     4.沈中華，彭金隆，陳業寧（2010）。我國金融控股公司整體經營績效評比。前程文化事業公司出版。
     5.徐士閎（2014）。我國金控公司子公司組合與雙引擎策略對金控績效與風險影響之分析。國立政治大學，風險管理與保險研究所碩士班。
     6.張士傑，黃雅文、胡育寧（2009）。台灣產物保險公司併購、市場結構與經營績效。風險管理學報，第11卷第2期151-170頁。
     7.張祥建、徐晉（2006）。盈餘管理的原因、動機及測度方法前研究綜述。南開經濟研究，(6)，123-141。
     8.張皓棠（2012）。金控集團下之壽險子公司是否較有效率？。逢甲大學，風險管理與保險研究所碩士班。
     9.張椿柏、王育偉、林小雯（2015）。代理問題與盈餘管理：董事會監督機制之探討。財金論文叢刊，(22)，15-37。
     10.梁期全（2011）。金控業之盈餘管理-以金融商品已實現損益為例。國立臺灣大學，會計學研究所碩士班。
     11.許文彥、劉錦龍（2004）。我國產險業賠款準備金估計與盈餘修飾。財團法人保險事業發展中心，保險專刊，20(2):183-195。
     12.許永聲、陳信吉、陳琬菁（2013）。董事會特性與盈餘管理之選擇行為。會計評論，(57)，39-72。
     13.陳育成、黃瓊瑤（2001）。台灣資本市場盈餘預測與盈餘管理關聯性之研究。證券市場發展季刊，13卷2期，97-121。
     14.陳時年（2017）。我國金控公司經營績效與風險之研究-以子公司組合與市佔率為例。國立政治大學，風險管理與保險研究所碩士班。
     15.陳錦村、葉雅薰（2002）。公司改組、監督機制與盈餘管理之研究，會計評論，第34 期，1-28 頁。
     16.彭千惠（2017）。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。朝陽科技大學，保險金融管理系碩士班。
     17.廖益興（2010）。董事會組成、股權結構與年報資訊揭露水準，臺大管理論叢，第20 卷第2期：209-249。
     18.鄧雅云（2016）。備供出售金融資產與盈餘管理相關議題之研究。國立臺灣大學，會計學研究所碩士班。
     19.賴宗佑（2016）。金控主體與盈餘管理行為之關聯性。國立臺灣大學，國際企業學研究所。
     
     二、英文文獻
     1. An, Y. (2006). Value of conglomerates and capital market conditions. Financial Management, 35(4), 5-30.
     2. An, Z., Li, D., and Yu, J. (2016). Earnings management, capital structure, and the role of institutional environments. Journal of Banking & Finance, 68(1), 131-152.
     3. Bernard, V. L., and Thomas, J. K. (1990). Evidence that stock prices do not fully reflect the implications of current earnings for future earnings. Journal of Accounting and Economics, 13(4), 305-340
     4. Boyd, J. H., Graham, S. L., and Hewitt, R. S. (1993). Bank holding company mergers with nonbank financial firms: Effects on the risk of failure. Journal of Banking & Finance, 17(1), 43-63.
     5. Burgstahler, D., and Dichev, I. (1997). Earnings management to avoid earnings decreases and losses. Journal of Accounting & Economics, 24(1), 99-126.
     6. Chaney, P. K.,Lewis, C. M.(1995). Earnings management and firm valuation under asymmetric information. Journal of Corporate Finance,1(3-4), 319-345.
     7. Chen, K. Y., Elder, R. J., and Hsieh, Y. (2007). Corporate governance and earnings management: The implications of corporate governance best-practice principles for Taiwanese listed companies. Journal of Contemporary Accounting & Economics, 3(2), 73-105.
     8. Ching, K. M. L., Firth, M., and Rui, O. M. (2006). Earnings management, corporate governance and the market performance of seasoned equity offerings in Hong Kong. Journal of Contemporary Accounting & Economics, 2(1), 73-98.
     9. Dalton, D. R., Daily, C. M., Ellstrand, A. E., and Johnson, J. L. (1998). Meta-analytic reviews of board composition, leadership structure, and financial performance. Strategic Management Journal, 19(3), 269-290.
     10. de Haan, J., and Poghosyan, T. (2012). Size and earnings volatility of US bank holding companies. Journal of Banking & Finance, 36(11), 3008-3016.
     11. Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1996). Causes and consequences of earnings manipulations: An analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research, 13(1), 1-36.
     12. Degeorge, F., Patel, J., and Zeckhauser, R. (1999). Earnings management to exceed thresholds. The Journal of Business, 72(1), 1-33.
     13. Frankel, R., McNichols, M., and Wilson, G. P. (1995). Discretionary disclosure and external financing. The Accounting Review, 70(1), 135.
     14. Gaver, J. J., and Paterson, J. S. (2000). Earnings management under changing regulatory regimes: State accreditation in the insurance industry. Journal of Accounting and Public Policy, 19(4), 399-420.
     15. Gaver, J. J., and Pottier, S. W. (2005). The role of holding company financial information in the insurer-rating process: evidence from the property-liability industry. Journal of Risk and Insurance, 72(1), 77-103.
     16. Grace, E. V. (1990). Property-liability insurer reserve errors: A theoretical and empirical analysis. Journal of Risk and Insurance (1986-1998), 57(1), 28-46.
     17. Grace, M. F., and Leverty, J. T. (2012). Property-liability insurer reserve error: motive, manipulation, or mistake. Journal of Risk and Insurance, 79(2), 351-380.
     18. Healy, P. M., (1985). The effect of bonus schemes on accounting Decisions. Journal of Accounting & Economics, 7(1), 85-107.
     19. Healy, P. M., and Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365-383.
     20. Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48(3), 831-881.
     21. Kang, S., and Kim, Y. (2012). Effect of corporate governance on real activity-based earnings management: Evidence from Korea. Journal of Business Economics and Management, 13(1), 29-52.
     22. Leuz, C., Nanda, D., and Wysocki, P. D. (2003). Earnings management and investor protection: An international comparison. Journal of Financial Economics, 69(3), 505-527.
     23. Lo, K., Ramos, F. and Rogo, R. (2017). Earnings management and annual report readability. Journal of Accounting & Economics, 63(1), 1-25.
     24. Nelson, K. K. (2000). Rate regulation, competition, and loss reserve discounting by property-casualty insurers. The Accounting Review, 75(1), 115-138.
     25. Schipper, K. (1989). Commentary on earnings management. Accounting Horizons, 3(4), 91-102.
     26. Shim, J. (2013). Bank capital buffer and portfolio risk: The influence of business cycle and revenue diversification. Journal of Banking & Finance, 37(3), 761-772.
     27. Suzan, A., A. A. Ali, and S. Mishiel. (2012). Corporate governance and earnings management: Jordanian evidence. International Business Research, 5(1), 216-225.
     28. Victor L. Bernard, Jacob K Thomas (1990). Evidence that stock prices do not fully reflect the implications of current earnings for future earnings. Journal of Accounting & Economics, 13(4), 305-340
     29. Watts, R. L., and J. L. Zimmerman (1986). Positive Accounting Theory. Englewood Cliffs, NJ: Prentice Hall.
     30. Xie, B., Davidson III, W.N. and DaDalt, P.J. (2003). Earnings management and corporate governance: The role of the board and the audit committee. Journal of Corporate Finance, 9(3), 295-316.
描述 碩士
國立政治大學
風險管理與保險學系
105358006
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105358006
資料類型 thesis
dc.contributor.advisor 陳彩稚zh_TW
dc.contributor.author (Authors) 張維容zh_TW
dc.contributor.author (Authors) Chang, Wei-Jungen_US
dc.creator (作者) 張維容zh_TW
dc.creator (作者) Chang, Wei-Jungen_US
dc.date (日期) 2018en_US
dc.date.accessioned 24-Jul-2018 10:59:53 (UTC+8)-
dc.date.available 24-Jul-2018 10:59:53 (UTC+8)-
dc.date.issued (上傳時間) 24-Jul-2018 10:59:53 (UTC+8)-
dc.identifier (Other Identifiers) G0105358006en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/118824-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 風險管理與保險學系zh_TW
dc.description (描述) 105358006zh_TW
dc.description.abstract (摘要) 本研究探討金控公司對旗下壽險子公司盈餘管理之影響。首先，探討壽險公司之盈餘管理是否與隸屬金控集團有關而有不同的情形。其次，將金控與非金控下之壽險公司區分為兩組，探討兩組公司盈餘管理行為影響因素的差異。最後，則探討金控之壽險公司盈餘管理的影響因素，包括金控集團對壽險子公司董事會之影響，以及金控本身經營狀況及風險之影響。本研究以台灣壽險公司2005年第一季至2017年第三季之季資料進行研究，研究結果如下：
     一、金控之壽險公司相較於非金控之壽險公司，傾向使用會計政策裁量權來從事盈餘管理行為，然而非金控之壽險公司會較金控之壽險公司，則因有達成市場預期之考量，而有較高的盈餘管理可能。
     二、金控與非金控下之壽險公司的盈餘管理行為之影響因素，主要差異包括外部董事比率、董事會規模、保險業務多角化及資產規模。
     三、若壽險子公司董事會規模愈大，且董事會成員有較高比率來自金控母公司或金控集團，則使用會計政策裁量權之盈餘管理的程度愈低。
     四、金控公司本身的經營成果與風險，會影響壽險子公司的經營決策及盈餘目標。壽險子公司為了達成目標，會從事盈餘管理行為，而其主要影響因素為金控公司之經營風險及旗下子公司多角化程度。		zh_TW
dc.description.abstract (摘要) This purpose of this thesis is to study the impact of financial holding company (FHC) on the earnings management of its subsidiary life insurance company. First, this study investigates whether the earnings management of the FHC life insurers is different from that of the non-FHC ones. Secondly, these life insurance companies are categorized into two groups to explore the differences in their earnings management behavior. Finally, the influential factors for the earnings management of the FHC life insurers are analyzed, including the appointment of the board directors for the subsidiary life insurance company and the FHC’s operational performance and risks. Based on the quarterly data of Life Insurance Companies in Taiwn during 2005Q1 -2017Q3, the empirical results are summarized as follows.
     1. The FHC life insurance company tends to use the accounting policy discretion to engage in earnings management. However, the non-FHC life insurance company will have higher possibility of earnings management in order to achieve market expectations.
     2. The differences in the influential factors for the earnings management behavior between the FHC life insurers and the non-FHC peers mainly result from their board independence, board size, diversification in insurance business and asset size.
     3. If the subsidiary life insurance company has a larger board and more board members from the parent FHC or the affiliated firms under the same FHC, the degree of earnings management through accounting policy discretion is lower.
     4. The performance of the FHC, especially the operational risk and the degree of diversification in business, can influence the subsidiary life insurer’s business decisions and earnings targets.		en_US
dc.description.tableofcontents 第一章 緒論 1
     第一節 研究背景及研究動機 1
     第二節 研究目的 2
     第三節 研究流程與架構 3
     第二章 文獻回顧 5
     第一節 金融控股公司對子公司之影響 5
     第二節 盈餘管理 7
     第三節 保險業盈餘管理 12
     第三章 研究設計 14
     第一節 研究假說 14
     第二節 研究範圍與樣本資料 17
     第三節 變數說明 18
     第四節 研究模型 26
     第四章 實證結果分析 30
     第一節 敘述統計 30
     第二節 相關係數 32
     第三節 實證分析結果(一) 36
     第四節 實證分析結果(二) 60
     第五章 結論與建議 71
     第一節 結論 71
     第二節 研究限制及未來建議 73
     參考文獻 75
     附錄 80		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105358006en_US
dc.subject (關鍵詞) 金融控股公司zh_TW
dc.subject (關鍵詞) 壽險業zh_TW
dc.subject (關鍵詞) 盈餘管理zh_TW
dc.subject (關鍵詞) Financial holding companyen_US
dc.subject (關鍵詞) Life insurance companyen_US
dc.subject (關鍵詞) Earnings managementen_US
dc.title (題名) 金融控股公司對壽險子公司盈餘管理之影響zh_TW
dc.title (題名) The impact of financial holding company on the earnings management of subsidiary life insurance companyen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、中文文獻
     1.王元章、張椿柏（2012）。核心代理問題對盈餘管理之影響。會計審計論叢，2(2)，69-113。
     2.王彥文（2012）。人壽保險業財務報告窗飾行為之實證研究。國立政治大學，風險管理與保險研究所碩士班。
     3.李世欽（2002）。從監理動機探析我國保險業之盈餘管理行為。國立政治大學，會計學系碩士班。
     4.沈中華，彭金隆，陳業寧（2010）。我國金融控股公司整體經營績效評比。前程文化事業公司出版。
     5.徐士閎（2014）。我國金控公司子公司組合與雙引擎策略對金控績效與風險影響之分析。國立政治大學，風險管理與保險研究所碩士班。
     6.張士傑，黃雅文、胡育寧（2009）。台灣產物保險公司併購、市場結構與經營績效。風險管理學報，第11卷第2期151-170頁。
     7.張祥建、徐晉（2006）。盈餘管理的原因、動機及測度方法前研究綜述。南開經濟研究，(6)，123-141。
     8.張皓棠（2012）。金控集團下之壽險子公司是否較有效率？。逢甲大學，風險管理與保險研究所碩士班。
     9.張椿柏、王育偉、林小雯（2015）。代理問題與盈餘管理：董事會監督機制之探討。財金論文叢刊，(22)，15-37。
     10.梁期全（2011）。金控業之盈餘管理-以金融商品已實現損益為例。國立臺灣大學，會計學研究所碩士班。
     11.許文彥、劉錦龍（2004）。我國產險業賠款準備金估計與盈餘修飾。財團法人保險事業發展中心，保險專刊，20(2):183-195。
     12.許永聲、陳信吉、陳琬菁（2013）。董事會特性與盈餘管理之選擇行為。會計評論，(57)，39-72。
     13.陳育成、黃瓊瑤（2001）。台灣資本市場盈餘預測與盈餘管理關聯性之研究。證券市場發展季刊，13卷2期，97-121。
     14.陳時年（2017）。我國金控公司經營績效與風險之研究-以子公司組合與市佔率為例。國立政治大學，風險管理與保險研究所碩士班。
     15.陳錦村、葉雅薰（2002）。公司改組、監督機制與盈餘管理之研究，會計評論，第34 期，1-28 頁。
     16.彭千惠（2017）。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。朝陽科技大學，保險金融管理系碩士班。
     17.廖益興（2010）。董事會組成、股權結構與年報資訊揭露水準，臺大管理論叢，第20 卷第2期：209-249。
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dc.identifier.doi (DOI) 10.6814/THE.NCCU.RMI.002.2018.F08-