| dc.contributor.advisor | 羅秉政<br>趙永宏 | zh_TW |
| dc.contributor.author (Authors) | 林智梅 | zh_TW |
| dc.contributor.author (Authors) | Lin, Chih-Mei | en_US |
| dc.creator (作者) | 林智梅 | zh_TW |
| dc.creator (作者) | Lin, Chih-Mei | en_US |
| dc.date (日期) | 2026 | en_US |
| dc.date.accessioned | 2-Mar-2026 11:38:27 (UTC+8) | - |
| dc.date.available | 2-Mar-2026 11:38:27 (UTC+8) | - |
| dc.date.issued (上傳時間) | 2-Mar-2026 11:38:27 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0113ZB1012 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/161797 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 國際金融碩士學位學程 | zh_TW |
| dc.description (描述) | 113ZB1012 | zh_TW |
| dc.description.abstract (摘要) | 在全球能源轉型與淨零碳排政策推動下，綠能基礎建設投資需求快速成長，投資範疇涵蓋再生能源發電、儲能系統及電網強化等領域。此類投資具有資本支出金額高、投資期間長及現金流回收相對穩定之特性，對於具備長期投資能力之資金來源形成高度需求。壽險業具備參與綠能基礎建設投資之優勢，亦逐漸成為政策與市場關注之重要潛在資金來源。
國內壽險業早期以銷售儲蓄性質之新台幣保單為主，資金配置以國內投資為核心，利差益為主要獲利來源。然而隨全球金融市場急速降息為低利率環境，既有高固定利率負債結構逐漸形成利差損，迫使壽險資金轉向海外固定收益資產以維持收益水準。惟近年國際金融市場波動加劇，匯率變動幅度擴大，避險成本上升，實務上避險成本吞噬投資收益及外匯損益甩動收益之情形，顯示高度依賴海外投資之資產配置策略，已然成為壽險業在財務穩定上的痛點。
基於上述實務背景，本研究以壽險資金回流國內之可行性為出發點，探討綠能基礎建設成為壽險業長期投資標的之可行性分析。研究架構聚焦於綠能基礎建設投資之收益結構與風險特性，分析其是否符合壽險業資產負債管理之需求，並進一步探討政府政策與金融監理制度對壽險投資意願與資金配置行為之影響。
研究結果顯示，已進入穩定營運期之綠電專案且採特殊目的公司（SPV）結構，透過長期購售電合約或制度性保障，使現金流來源相對明確且可預測，其收益特性與市場利率及匯率之波動低度相關，具備類固定收益型資產之特性，與壽險資金長期配置需求高度契合。此外，近年金融監理機關透過調降公共建設投資風險係數、放寬投資額度及簡化審核程序等措施，已在制度面降低壽險業投入綠能基礎建設之門檻。壽險資金是否實際投入，關鍵仍取決於市場上是否具備足夠案源、風險結構清楚且收益穩定之合適投資標的。
綜上所述，本研究認為綠能基礎建設在適當制度設計與風險控管下，具備成為壽險業長期資產配置之潛力。建議政府持續強化政策穩定性，以提升投資可預測性；壽險業在審慎評估專案風險與流動性前提下，逐步提高對國內綠能基礎建設之策略性配置，以兼顧財務穩健、資產負債配合。透過政府政策性引導企業資金運用，增加綠電產量保護地球環境。綠能基礎建設具備三贏策略之潛力。 | zh_TW |
| dc.description.abstract (摘要) | Driven by global energy transition and net-zero carbon emission policies, investment demand for green energy infrastructure is growing rapidly, encompassing renewable energy power generation, energy storage systems, and grid strengthening. These investments are characterized by high capital expenditures, long investment periods, and relatively stable cash flow, creating a high demand for funding sources with long-term investment capabilities. The life insurance industry possesses advantages in participating in green energy infrastructure investment and is gradually becoming an important potential source of funding attracting policy and market attention.
Initially, the domestic life insurance industry primarily sold savings-type insurance policies in TWD, with domestic investment as the core of its asset allocation and interest rate spreads as the main source of profit. However, with the rapid decline in global financial markets creating a low-interest-rate environment, the existing high-fixed-rate liability structure gradually resulted in interest rate spread losses, forcing life insurance funds to shift towards overseas fixed-income assets to maintain return levels. However, in recent years, increased volatility in international financial markets, wider exchange rate fluctuations, and rising hedging costs have led to situations where hedging costs erode investment returns and foreign exchange gains and losses, indicating that a highly dependent asset allocation strategy on overseas investments has become a pain point for the financial stability of the life insurance industry.
Based on the above practical background, this study takes the feasibility of life insurance funds flowing back to the domestic market as its starting point, exploring the feasibility analysis of green energy infrastructure as a long-term investment target for the life insurance industry. The research framework focuses on the return structure and risk characteristics of green energy infrastructure investment, analyzing whether it meets the asset-liability management needs of the life insurance industry, and further exploring the impact of government policies and financial regulatory systems on life insurance investment intentions and fund allocation behavior.
The research results show that green energy projects that have entered a stable operating period and adopt a special purpose vehicle (SPV) structure, through long-term power purchase agreements or institutional guarantees, have relatively clear and predictable cash flow sources. Their return characteristics are low-correlation with market interest rate and exchange rate fluctuations, possessing characteristics similar to fixed-income assets, which highly aligns with the long-term allocation needs of life insurance funds. Furthermore, in recent years, financial regulatory authorities have lowered the institutional threshold for life insurance companies to invest in green energy infrastructure by reducing the risk coefficient of public construction investment, relaxing investment limits, and simplifying review procedures. Whether life insurance funds actually invest ultimately depends on whether there are suitable investment targets in the market with sufficient case sources, clear risk structures, and stable returns. In summary, this study argues that green energy infrastructure, with appropriate institutional design and risk management, has the potential to become a long-term asset allocation for the life insurance industry. It recommends that the government continue to strengthen policy stability to enhance investment predictability; and that the life insurance industry, after prudently assessing project risks and liquidity, gradually increase its strategic allocation to domestic green energy infrastructure to balance financial stability and asset-liability management. Through government policy guidance of corporate funding and increased green electricity production to protect the planet, green energy infrastructure possesses the potential for a win-win-win strategy. | en_US |
| dc.description.tableofcontents | 第一章 緒論 10
第一節 研究動機 10
第二節 研究目的 13
第三節 研究架構 15
第四節 研究範圍與限制 16
第二章 研究背景與文獻回顧 18
第一節 壽險資金投資特性 18
第二節 綠能基礎建設投資特性之相關文獻 20
第三節 未來歐洲綠能基礎建設重要議題 21
第四節 壽險資金投入綠能基礎建設之相關研究 22
第五節 SPV財務投資 23
第三章 綠能基礎建設長期穩定收益特性之分析 24
第一節 壽險資金投資需求與綠能基礎建設收益特性適配 24
第二節 綠能基礎建設投資之收益來源與現金流結構分析 25
第三節 綠能基礎建設投資之風險結構與生命週期分析 25
第四節 長期穩定收益特性對壽險資金配置之重要性分析 26
第五節 綠能基礎建設與壽險主要投資資產之比較分析 26
第四章 綠能基礎建設吸引壽險資金之實務分析 29
第一節 國外壽險公司投資綠能基礎建設之實務 29
第二節 國內壽險公司投資綠能基礎建設之現況與限制 30
第三節 近年政府政策與監理的改變 32
第四節 影響壽險資金投入綠能基礎建設之關鍵因素分析 36
第五章 結論與建議 38
第一節 結論 38
第二節 建議 39
參考文獻 48 | zh_TW |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0113ZB1012 | en_US |
| dc.subject (關鍵詞) | 綠能基礎建設 | zh_TW |
| dc.subject (關鍵詞) | 壽險資金 | zh_TW |
| dc.subject (關鍵詞) | 能源轉型 | zh_TW |
| dc.subject (關鍵詞) | Green energy infrastructure | en_US |
| dc.subject (關鍵詞) | Life insurance funds | en_US |
| dc.subject (關鍵詞) | Energy transition | en_US |
| dc.title (題名) | 綠能基礎建設長期穩定收益特性吸引壽險資金實務研究 | zh_TW |
| dc.title (題名) | A Practical Study on the Long-term Stable Return Characteristics of Green Energy Infrastructure and Its Attractiveness to Life Insurance Funds | en_US |
| dc.type (資料類型) | thesis | en_US |
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