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題名 短期財務壓力對保險購買行為之影響分析：以發薪日與報稅月為例
Analysis of Payday and Tax-Filing Month Effects in Behavioral Insurance
作者 林明佑
Lin, Ming-Yu
貢獻者 彭金隆<br>蔡政憲
Peng, Jin-Lung<br>Tsai, Cheng-Hsien
林明佑
Lin, Ming-Yu
關鍵詞 發薪日效應
稅負壓力
行為保險
心理帳戶
財務壓力
Payday effect
Tax burden
Behavioral Insurance
Mental Accounting
Financial stress
日期 2025
上傳時間 4-Aug-2025 14:11:12 (UTC+8)
摘要 行為財務學理論指出，個體在短期財務事件發生時，可能因心理帳戶重分配、流動性限制或風險感知變化，而產生非理性的財務決策行為。本文聚焦於發薪日與報稅月兩類典型短期財務事件，探討其對傷害保險投保金額之影響，檢視保戶是否因短期收入與支出之變化，出現風險偏好與保障行為的調整，並驗證心理帳戶與支付痛苦於行為保險之適用性。 本文以2019至2023年間台灣某大型壽險公司之傷害保險日投保資料為實證基礎，依據職業代碼識別每月1日固定支薪之公務人員群體，分別建立不同時間窗口，採用普通最小平方法多元線性迴歸模型觀察發薪日前後是否存在顯著的投保保額差異。同時，於報稅月部分，依要保人年所得區分五個稅負級距，結合一般線型模型之邊際平均數分析法，檢視不同稅級保戶在報稅月前後七日之保險金額變化與交互影響。 實證結果顯示，發薪日後公務人員群體整體保險金額略有提升，並且對於不同公務人員次群體，發薪日後呈現不顯著或正向顯著之效果，顯示固定薪資制度下不同群體對財務入帳的反應具異質性。報稅月分析則發現，高稅負群體在報稅後一週內購買的傷害保險金額顯著上升，反映一次性稅務支出可能誘發風險警覺與保險需求強化之行為調整。相對而言，多數的中低稅負群體購買的傷害保險金額未呈現顯著變動。
This study explores how short-term financial events—namely monthly paydays and the annual tax-filing month—affect accident insurance purchase behavior. Grounded in behavioral finance theory, particularly mental accounting and pain of paying, we examine whether temporary income inflows or outflows influence individuals’ risk preferences and protection-related decisions. We utilize daily accident insurance data from a major Taiwanese life insurer covering 2019–2023. For payday analysis, we focus on public employees with fixed salaries issued on the 1st of each month and define symmetrical observation windows around this date. For tax analysis, we categorize policyholders into five income tax brackets. Empirical estimation is conducted using multiple linear regression and General Linear Models (GLM) with Estimated Marginal Means (EMM) to evaluate changes in insured amounts before and after each financial event. Findings show a slight post-payday increase in insured amounts among public employees, with retirees and frontline personnel (e.g., police, firefighters) exhibiting significant positive responses. In contrast, administrative staff showed no notable change. During the tax-filing period, high-income earners displayed a clear increase in coverage after filing, likely due to heightened risk awareness following lump-sum outflows. No significant behavioral shifts were observed among lower- and middle-income groups.
參考文獻 一、中文部分 古以辰（2020）。天氣對保險購買行為之影響分析，未出版碩士論文，國立政治大學風險管理與保險研究所，台灣台北。 翁志遠（2020）。心理社會資源與壓力增生作為債務與心理憂困之間的中介因子。中華心理衛生學刊，33(2)，143-173。 陳奕帆（2021）。保險購買行為的星期效應及資訊不對稱問題分析，未出版碩士論文，國立政治大學風險管理與保險研究所，台灣台北。 二、英文部分 Berniell, I. (2018). Pay cycles: Individual and aggregate effects of paycheck frequency (Documento de Trabajo No. 221). Universidad Nacional de La Plata, Centro de Estudios Distributivos, Laborales y Sociales (CEDLAS). Bless, H., Schwarz, N., Clore, G. L., Golisano, V., Rabe, C., & Wölk, M. (1996). Mood and the use of scripts: Does a happy mood really lead to mindlessness? Journal of Personality and Social Psychology, 71(4), 665–679. Carvalho, L. S., Meier, S., & Wang, S. W. (2016). Poverty and economic decision-making: Evidence from changes in financial resources at payday. American Economic Review, 106(2), 260–284. Chetty, R., Looney, A., & Kroft, K. (2009). Salience and taxation: Theory and evidence. American Economic Review, 99(4), 1145–1177. Drentea, P., & Lavrakas, P. J. (2000). Over the limit: The association among health, race and debt. Social Science & Medicine, 50(4), 517–529. Forgas, J. P. (1995). Mood and judgment: The affect infusion model (AIM). Psychological Bulletin, 117(1), 39-66 Gourville, J. T., & Soman, D. (1998). Payment depreciation: The behavioral effects of temporally separating payments from consumption. Journal of Consumer Research, 25(2), 160-174. Huffman, D., & Barenstein, M. (2005). A monthly struggle for self-control? Hyperbolic discounting, mental accounting, and the fall in consumption between paydays. IZA Discussion Paper No. 1430. Johnson, E. J., & Tversky, A. (1983). Affect, generalization, and the perception of risk. Journal of Personality and Social Psychology, 45(1), 20-31. Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263–291. Kuhn, M., & Ploj, G. (2020). Job Stability, Earnings Dynamics, and Life-Cycle Savings. IZA - Institute of Labor Economics. Lerner, J. S., & Keltner, D. (2001). Fear, anger, and risk. Journal of Personality and Social Psychology, 81(1), 146-159.  Liu, Y., & Zhang, Y. (2023). Financial worries and psychological distress in the COVID-19 pandemic: A longitudinal analysis. Journal of Family and Economic Issues, 44(4), 675–689. Mani, A., Mullainathan, S., Shafir, E., & Zhao, J. (2013). Poverty impedes cognitive function. Science, 341(6149), 976–980. Mastrobuoni, G., & Weinberg, M. (2009). Heterogeneity in Intra-Monthly Consumption Patterns, Self-Control, and Savings at Retirement. American Economic Journal: Economic Policy, 1(2), 163–189.  Prelec, D., & Loewenstein, G. (1998). The red and the black: Mental accounting of savings and debt. Marketing Science, 17(1), 4–28. Reed, M., Fung, V., Price, M., Brand, R., Benedetti, N., Derose, S. F., . . . Hsu, J. (2009). High-deductible health insurance plans: Efforts to sharpen A blunt instrument. Health Affairs, 28(4), 1145-54. Ryu, S., & Fan, L. (2023). The relationship between financial worries and psychological distress among U.S. adults. Journal of Family and Economic Issues, 44(1), 16–33 Shefrin, H. M., & Thaler, R. H. (1988). The behavioral life-cycle hypothesis. Economic Inquiry, 26(4), 609–643. Shapiro, J. M. (2005). Is there a daily discount rate? Evidence from the food stamp nutrition cycle. Journal of Public Economics, 89(2–3), 303–325. Skinner, T. C., Hampson, S. E., & Fife-Schaw, C. (2002). Personality, personal model beliefs, and self-care in adolescents and young adults with Type 1 diabetes. Health Psychology, 21(1), 61–70. Slemrod, J. (1990). Optimal taxation and optimal tax systems. Journal of Economic Perspectives, 4(1), 157-178. Soster, R. L., Gershoff, A. D., & Bearden, W. O. (2014). The bottom dollar effect: The influence of spending to zero on pain of payment and satisfaction. Journal of Consumer Research, 41(3), 656–677. Starrin, B., Åslund, C., & Nilsson, K. W. (2009). Financial stress, shaming experiences and psychosocial ill-health: Studies into the finances-shame model. Social Indicators Research, 91(2), 283–298. Thaler, R. H. (1985). Mental accounting and consumer choice. Marketing Science, 4(3), 199–214. Thaler, R. H. (1999). Mental accounting matters. Journal of Behavioral Decision Making, 12(3), 183–206. Tversky, A., & Kahneman, D. (1974). Judgment under uncertainty: Heuristics and biases. Science, 185(4157), 1124–1131.
描述 碩士
國立政治大學
風險管理與保險學系
112358027
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112358027
資料類型 thesis
dc.contributor.advisor 彭金隆<br>蔡政憲zh_TW
dc.contributor.advisor Peng, Jin-Lung<br>Tsai, Cheng-Hsienen_US
dc.contributor.author (Authors) 林明佑zh_TW
dc.contributor.author (Authors) Lin, Ming-Yuen_US
dc.creator (作者) 林明佑zh_TW
dc.creator (作者) Lin, Ming-Yuen_US
dc.date (日期) 2025en_US
dc.date.accessioned 4-Aug-2025 14:11:12 (UTC+8)-
dc.date.available 4-Aug-2025 14:11:12 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2025 14:11:12 (UTC+8)-
dc.identifier (Other Identifiers) G0112358027en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158519-
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) 112358027zh_TW
dc.description.abstract (摘要) 行為財務學理論指出，個體在短期財務事件發生時，可能因心理帳戶重分配、流動性限制或風險感知變化，而產生非理性的財務決策行為。本文聚焦於發薪日與報稅月兩類典型短期財務事件，探討其對傷害保險投保金額之影響，檢視保戶是否因短期收入與支出之變化，出現風險偏好與保障行為的調整，並驗證心理帳戶與支付痛苦於行為保險之適用性。 本文以2019至2023年間台灣某大型壽險公司之傷害保險日投保資料為實證基礎，依據職業代碼識別每月1日固定支薪之公務人員群體，分別建立不同時間窗口，採用普通最小平方法多元線性迴歸模型觀察發薪日前後是否存在顯著的投保保額差異。同時，於報稅月部分，依要保人年所得區分五個稅負級距，結合一般線型模型之邊際平均數分析法，檢視不同稅級保戶在報稅月前後七日之保險金額變化與交互影響。 實證結果顯示，發薪日後公務人員群體整體保險金額略有提升，並且對於不同公務人員次群體，發薪日後呈現不顯著或正向顯著之效果，顯示固定薪資制度下不同群體對財務入帳的反應具異質性。報稅月分析則發現，高稅負群體在報稅後一週內購買的傷害保險金額顯著上升，反映一次性稅務支出可能誘發風險警覺與保險需求強化之行為調整。相對而言，多數的中低稅負群體購買的傷害保險金額未呈現顯著變動。zh_TW
dc.description.abstract (摘要) This study explores how short-term financial events—namely monthly paydays and the annual tax-filing month—affect accident insurance purchase behavior. Grounded in behavioral finance theory, particularly mental accounting and pain of paying, we examine whether temporary income inflows or outflows influence individuals’ risk preferences and protection-related decisions. We utilize daily accident insurance data from a major Taiwanese life insurer covering 2019–2023. For payday analysis, we focus on public employees with fixed salaries issued on the 1st of each month and define symmetrical observation windows around this date. For tax analysis, we categorize policyholders into five income tax brackets. Empirical estimation is conducted using multiple linear regression and General Linear Models (GLM) with Estimated Marginal Means (EMM) to evaluate changes in insured amounts before and after each financial event. Findings show a slight post-payday increase in insured amounts among public employees, with retirees and frontline personnel (e.g., police, firefighters) exhibiting significant positive responses. In contrast, administrative staff showed no notable change. During the tax-filing period, high-income earners displayed a clear increase in coverage after filing, likely due to heightened risk awareness following lump-sum outflows. No significant behavioral shifts were observed among lower- and middle-income groups.en_US
dc.description.tableofcontents 第一章 1 第一節 研究背景 1 第二節 研究目的 3 第二章 文獻探討 5 第一節 財務壓力與心情的關係 5 第二節 心情與風險判斷的關係 6 第三節 發薪日與財務壓力之關係 7 第四節 報稅月與財務壓力之關係推論 9 第五節 財務壓力對保險行為之影響推論 10 第三章 研究設計 12 第一節 研究對象 12 第二節 職業分群與報稅級距對保險購買之驗證 13 第三節 變數設計 16 第四節 實證模型與方法 18 第四章 實證結果 21 第一節 發薪日對公務人員群體與否之保險金額結果 21 第二節 發薪日對不同公務人員次群體之保險金額結果 27 第三節 報稅月對不同報稅級距之保險金額結果 38 第四節 實證結果統整 42 第五章 結論與建議 44 第一節 研究結論 44 第二節 建議 46 參考文獻 47 附錄 51zh_TW
dc.format.extent 1033895 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112358027en_US
dc.subject (關鍵詞) 發薪日效應zh_TW
dc.subject (關鍵詞) 稅負壓力zh_TW
dc.subject (關鍵詞) 行為保險zh_TW
dc.subject (關鍵詞) 心理帳戶zh_TW
dc.subject (關鍵詞) 財務壓力zh_TW
dc.subject (關鍵詞) Payday effecten_US
dc.subject (關鍵詞) Tax burdenen_US
dc.subject (關鍵詞) Behavioral Insuranceen_US
dc.subject (關鍵詞) Mental Accountingen_US
dc.subject (關鍵詞) Financial stressen_US
dc.title (題名) 短期財務壓力對保險購買行為之影響分析：以發薪日與報稅月為例zh_TW
dc.title (題名) Analysis of Payday and Tax-Filing Month Effects in Behavioral Insuranceen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、中文部分 古以辰（2020）。天氣對保險購買行為之影響分析，未出版碩士論文，國立政治大學風險管理與保險研究所，台灣台北。 翁志遠（2020）。心理社會資源與壓力增生作為債務與心理憂困之間的中介因子。中華心理衛生學刊，33(2)，143-173。 陳奕帆（2021）。保險購買行為的星期效應及資訊不對稱問題分析，未出版碩士論文，國立政治大學風險管理與保險研究所，台灣台北。 二、英文部分 Berniell, I. (2018). Pay cycles: Individual and aggregate effects of paycheck frequency (Documento de Trabajo No. 221). Universidad Nacional de La Plata, Centro de Estudios Distributivos, Laborales y Sociales (CEDLAS). Bless, H., Schwarz, N., Clore, G. L., Golisano, V., Rabe, C., & Wölk, M. (1996). Mood and the use of scripts: Does a happy mood really lead to mindlessness? Journal of Personality and Social Psychology, 71(4), 665–679. Carvalho, L. S., Meier, S., & Wang, S. W. (2016). Poverty and economic decision-making: Evidence from changes in financial resources at payday. American Economic Review, 106(2), 260–284. Chetty, R., Looney, A., & Kroft, K. (2009). Salience and taxation: Theory and evidence. American Economic Review, 99(4), 1145–1177. Drentea, P., & Lavrakas, P. J. (2000). Over the limit: The association among health, race and debt. Social Science & Medicine, 50(4), 517–529. Forgas, J. P. (1995). Mood and judgment: The affect infusion model (AIM). Psychological Bulletin, 117(1), 39-66 Gourville, J. T., & Soman, D. (1998). Payment depreciation: The behavioral effects of temporally separating payments from consumption. Journal of Consumer Research, 25(2), 160-174. Huffman, D., & Barenstein, M. (2005). A monthly struggle for self-control? Hyperbolic discounting, mental accounting, and the fall in consumption between paydays. IZA Discussion Paper No. 1430. Johnson, E. J., & Tversky, A. (1983). Affect, generalization, and the perception of risk. Journal of Personality and Social Psychology, 45(1), 20-31. Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263–291. Kuhn, M., & Ploj, G. (2020). Job Stability, Earnings Dynamics, and Life-Cycle Savings. IZA - Institute of Labor Economics. Lerner, J. S., & Keltner, D. (2001). Fear, anger, and risk. Journal of Personality and Social Psychology, 81(1), 146-159.  Liu, Y., & Zhang, Y. (2023). Financial worries and psychological distress in the COVID-19 pandemic: A longitudinal analysis. Journal of Family and Economic Issues, 44(4), 675–689. Mani, A., Mullainathan, S., Shafir, E., & Zhao, J. (2013). Poverty impedes cognitive function. Science, 341(6149), 976–980. Mastrobuoni, G., & Weinberg, M. (2009). Heterogeneity in Intra-Monthly Consumption Patterns, Self-Control, and Savings at Retirement. American Economic Journal: Economic Policy, 1(2), 163–189.  Prelec, D., & Loewenstein, G. (1998). The red and the black: Mental accounting of savings and debt. Marketing Science, 17(1), 4–28. Reed, M., Fung, V., Price, M., Brand, R., Benedetti, N., Derose, S. F., . . . Hsu, J. (2009). High-deductible health insurance plans: Efforts to sharpen A blunt instrument. Health Affairs, 28(4), 1145-54. Ryu, S., & Fan, L. (2023). The relationship between financial worries and psychological distress among U.S. adults. Journal of Family and Economic Issues, 44(1), 16–33 Shefrin, H. M., & Thaler, R. H. (1988). The behavioral life-cycle hypothesis. Economic Inquiry, 26(4), 609–643. Shapiro, J. M. (2005). Is there a daily discount rate? Evidence from the food stamp nutrition cycle. Journal of Public Economics, 89(2–3), 303–325. Skinner, T. C., Hampson, S. E., & Fife-Schaw, C. (2002). Personality, personal model beliefs, and self-care in adolescents and young adults with Type 1 diabetes. Health Psychology, 21(1), 61–70. Slemrod, J. (1990). Optimal taxation and optimal tax systems. Journal of Economic Perspectives, 4(1), 157-178. Soster, R. L., Gershoff, A. D., & Bearden, W. O. (2014). The bottom dollar effect: The influence of spending to zero on pain of payment and satisfaction. Journal of Consumer Research, 41(3), 656–677. Starrin, B., Åslund, C., & Nilsson, K. W. (2009). Financial stress, shaming experiences and psychosocial ill-health: Studies into the finances-shame model. Social Indicators Research, 91(2), 283–298. Thaler, R. H. (1985). Mental accounting and consumer choice. Marketing Science, 4(3), 199–214. Thaler, R. H. (1999). Mental accounting matters. Journal of Behavioral Decision Making, 12(3), 183–206. Tversky, A., & Kahneman, D. (1974). Judgment under uncertainty: Heuristics and biases. Science, 185(4157), 1124–1131.zh_TW