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題名 台灣產物保險公司併購、市場結構與經營績效
Merger and Acquisition, Market Structure and Performance in Property-Liability Insurance: Evidence from Taiwan Market
作者 胡育寧
Hu , Yu Ning
貢獻者 張士傑
Chang, Shih Shieh
胡育寧
Hu , Yu Ning
關鍵詞 市場集中度
核保利潤
結構行為績效假說
相對市場力量假說
Concentration
Underwriting Profit
SCP hypothesis
RMP hypothesis
日期 2007
上傳時間 18-Sep-2009 20:19:43 (UTC+8)
摘要 本文旨在探討台灣產物保險業在併購活動後市場結構之變化與產物保險公司經營之績效。本研究以赫芬德指數(Herfindahl Index)來衡量市場集中度之變化，以核保利潤(Underwriting Profit)作為經營績效指標，並採用Mason(1939)、Bain(1956)與Scherer(1970)等人提出的結構行為績效假說(Structure-conduct-performance Hypothesis)以及Rhoades(1985)提出的相對市場力量假說(Relative Market Power Hypothesis)進行市場結構與經營績效間關聯性的分析，研究期間為2000年至2006年。結構行為績效假說提出廠商的獲利主要取決於市場結構，市場集中度與廠商獲利之間存在正向關係；另一方面，相對市場力量假說主張廠商獲利與市場集中度無關，與市場佔有率呈現正向關係。
研究發現：(1)產物保險市場集中度呈現上升趨勢，市場集中度從2000年的0.0800上升至2006年的0.0913，其中保證保險、火災保險、汽車保險、工程保險、責任保險與貨物運輸保險之集中度呈現上升趨勢，而傷害保險、其他財產保險、漁船保險、船體保險與航空保險之集中度呈現下降趨勢；(2)實證結果支持結構行為績效假說，市場集中度與產物保險公司核保利潤呈現顯著正向關係，其p值為0.004。產物保險業經歷併購活動後造成市場集中度上升，併購活動對於經營績效的改善應有正面助益。
This thesis analyzes concentration effects of merger and acquisition measured by Herfindahl index in Taiwan property-liability insurance industry. The relationships between market structure and underwriting performance are also analyzed for the time period 2000 to 2006 by testing two hypotheses: structure-conduct-performance (SCP) hypothesis which developed by Mason (1939), Bain (1956), and Scherer (1970) and relative market power (RMP) hypothesis which proposed by Rhoades (1985). The SCP hypothesis proposed that concentration is positively related to performance while the RMP hypothesis asserts that market share is positively related to performance.
Implications of study results are: (1) Concentration level experiences increase from 0.0800 in 2000 to 0.0913 in 2006. Bonding & credit, fire, automobile, engineering, liability and marine cargo insurances trends to increase in concentration over the time period, whereas accident, fishing vessel, others, marine hull and aviation insurances trends to decrease; (2) The SCP hypothesis is supported. Concentration level is positively related to underwriting performance with p-value of 0.004. Higher concentration level and positive concentration-performance relationship infer that merger and acquisition activities would have positive effects upon firm performance.
參考文獻 Akhigbe A. and Madura J., “Intra-Industry Signals
Resulting from Insurance Company Mergers,” Journal of
Risk and Insurance 68 (2001): 489-506.
Areeda P.E. and Hovenkamp H., Fundamentals of Antitrust
Law, New York: Aspen Law & Business, 2002.
Bajtelsmit V.L. and Bouzouita R., “Market Structure and
Performance in Private Passenger Automobile
Insurance,” Journal of Risk and Insurance 65 (1998):
503-514.
Berger A.N., “The Profit-Structure Relationship in
Banking: Test of Market-Power and Efficient-Structure
Hypotheses,” Journal of Money, Credit and Banking 27
(1995): 404-431.
Berger A.N. and Cummins J.D. and Weiss M.A., “The
Coexistence of Multiple Distribution Systems for
Financial Services: The Case of Property-Liability
Insurance,” Journal of Business 70 (1997): 515-546.
Berkovitch E. and Narayanan M.P., “Motives for Takeovers:
An Empirical Investigation,” Journal of Financial and
Quantitative Analysis 28 (1993): 347-362.
Carroll A.M., “An Empirical Investigation of the Structure
and Performance of the Private Workers’ Compensation
Market,” Journal of Risk and Insurance 60 (1993): 185-
207.
Chesher A., “Testing the Law of Proportionate Effect,”
Journal of Industrial Economic 27 (1979): 403-411.
Choi B.P. and Weiss M.A., “An empirical investigation of
market structure, efficiency and performance in
property-liability insurance,” Journal of Risk and
Insurance 72 (2005): 635-673.
Clarke R. and Davies S.W., “Aggregate Concentration,
Market Concentration and Diversification,” The
Economic Journal 93 (1983): 182-192.
Clarke R. and Davies S.W. and Waterson M., “The
Profitability-Concentration Relation: Market Power or
Efficiency?,” Journal of Industrial Economics 32
(1984): 435-450.
Cummins J.D., Tennyson S., and Weiss M.A., “Consolidation
and Efficiency in the U.S. Life Insurance Industry,”
Journal of Banking and Finance 23 (1999): 325-357.
Cummins J.D. and Xie X., “Efficiency and Value Creation in
Acquisitions and Divestiture: Evidence from the U.S.
Property-Liability Insurance Industry,” University of
Pennsylvania, 2006.
Cummins J.D. and Xie X., “Mergers and Acquisitions in the
US Property-Liability Insurance Industry: Productivity
and Efficiency Effects,” Journal of Banking and
Finance 32 (2008): 30-55.
Demsetz H., “Industrial Structure, Market Rivalry, and
Public Policy,” Journal of Law and Economics 16
(1973): 1-9.
Evanoff D.D. and Fortier D.L., “Reevaluation of the
Structure-Conduct-Performance Paradigm in Banking,”
Journal of Financial Service Research 1 (1988): 277-294.
Fisher I., The Making of Index Numbers: A Study of Their
Varieties, Tests, and Reliability, 3rd ed., New York:
Augustus M. Kelley, 1967.
Jessen M.C., “Agency Costs of Free Cash Flow, Corporate
Finance, and Takeovers,” American Economic Review 76
(1986): 323-329.
Jacquemin A.P. and Kumps A.M., “Changes in the Size
Structure of the Largest European Firms: An Entropy
Measure,” Journal of Industrial Economics 20 (1971):
59-70.
Jensen M.C., “Agency Costs of Free Cash Flow, Corporate
Finance, and Takeovers,” American Economic Review 76
(1986): 323-329.
Hall M. and Tideman N., “Measures of Concentration,”
Journal of the American Statistical Association 62
(1967): 162-168.
Healy P.M. and Palepu K.G. and Rubak R.S., “Dose Corporate
Performance Improve After Mergers?,” Journal of
Financial Economics 31 (1992): 135-175.
Herfindahl O.C., “Concentration in the Steel Industry,”
Columbia University, 1950.
Hirschman A.O., National Power and the Structure of Foreign
Trade, Berkeley: University of California Press, 1945.
Hymer S. and Pashigian P., “Turnover of Firms as a Measure
of Market Behavior,” The Review of Economics and
Statistics 44 (1962): 82-87.
Kwoka J.E., “Large Firm Dominance and Price-cost Margins
in Manufacturing Industries” Southern Economic Journal
44 (1977): 183-189.
Nissan E., “Concentration in American Property-Casualty
Companies,” Journal of Actuarial Practice 4 (1996):
131-142.
Nissan E. and Caveny R., “Concentration in the Property
and Liability Insurance Market by Line of Insurance,”
Journal of Actuarial Practice 8 (2000): 89-114.
Rhoades S.A., “Market Share as a Source of Market Power:
Implications and Some Evidence,” Journal of Economics
and Business 37 (1985): 343-363.
Roll R., “The Hubris Hypothesis of Corporate Takeovers,”
The Journal of Business 59 (1986): 197-216.
Scheffé H., The Analysis of Variance, New York: John Wiley
& Sons, 1959.
Scherer F.M. and Ross D., Industrial Market Structure and
Performance, 3rd ed., Boston: Houghton Mifflin, 1990.
Seth A., “Value Creation in Acquisitions: A Re-examination
of Performance Issues,” Strategic Management Journal
11 (1990): 99-115.
Stigler G.L., “A Theory of Oligopoly,” Journal of
Political Economy 72 (1964): 44-61.
Swiss Re, “Getting together: globals take the lead in life
insurance M&A,” Sigma No.1, 2006.
Swiss Re, “World insurance in 2006: Premiums came back to
life,” Sigma No.4, 2007.
Theil H., Economics and Information Theory, Amsterdam,
Holland: North Holland Publishing Company, 1967.
Tschoegl A.E., “Concentration among International Banks,”
Journal of Banking and Finance 6 (1982): 567-578.
Weaver S.C. and Weston J.F., Mergers and Acquisitions,
McGraw-Hill, 2002.
描述 碩士
國立政治大學
風險管理與保險研究所
95358009
96
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0095358009
資料類型 thesis
dc.contributor.advisor 張士傑zh_TW
dc.contributor.advisor Chang, Shih Shiehen_US
dc.contributor.author (Authors) 胡育寧zh_TW
dc.contributor.author (Authors) Hu , Yu Ningen_US
dc.creator (作者) 胡育寧zh_TW
dc.creator (作者) Hu , Yu Ningen_US
dc.date (日期) 2007en_US
dc.date.accessioned 18-Sep-2009 20:19:43 (UTC+8)-
dc.date.available 18-Sep-2009 20:19:43 (UTC+8)-
dc.date.issued (上傳時間) 18-Sep-2009 20:19:43 (UTC+8)-
dc.identifier (Other Identifiers) G0095358009en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/36969-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 風險管理與保險研究所zh_TW
dc.description (描述) 95358009zh_TW
dc.description (描述) 96zh_TW
dc.description.abstract (摘要) 本文旨在探討台灣產物保險業在併購活動後市場結構之變化與產物保險公司經營之績效。本研究以赫芬德指數(Herfindahl Index)來衡量市場集中度之變化，以核保利潤(Underwriting Profit)作為經營績效指標，並採用Mason(1939)、Bain(1956)與Scherer(1970)等人提出的結構行為績效假說(Structure-conduct-performance Hypothesis)以及Rhoades(1985)提出的相對市場力量假說(Relative Market Power Hypothesis)進行市場結構與經營績效間關聯性的分析，研究期間為2000年至2006年。結構行為績效假說提出廠商的獲利主要取決於市場結構，市場集中度與廠商獲利之間存在正向關係；另一方面，相對市場力量假說主張廠商獲利與市場集中度無關，與市場佔有率呈現正向關係。
研究發現：(1)產物保險市場集中度呈現上升趨勢，市場集中度從2000年的0.0800上升至2006年的0.0913，其中保證保險、火災保險、汽車保險、工程保險、責任保險與貨物運輸保險之集中度呈現上升趨勢，而傷害保險、其他財產保險、漁船保險、船體保險與航空保險之集中度呈現下降趨勢；(2)實證結果支持結構行為績效假說，市場集中度與產物保險公司核保利潤呈現顯著正向關係，其p值為0.004。產物保險業經歷併購活動後造成市場集中度上升，併購活動對於經營績效的改善應有正面助益。		zh_TW
dc.description.abstract (摘要) This thesis analyzes concentration effects of merger and acquisition measured by Herfindahl index in Taiwan property-liability insurance industry. The relationships between market structure and underwriting performance are also analyzed for the time period 2000 to 2006 by testing two hypotheses: structure-conduct-performance (SCP) hypothesis which developed by Mason (1939), Bain (1956), and Scherer (1970) and relative market power (RMP) hypothesis which proposed by Rhoades (1985). The SCP hypothesis proposed that concentration is positively related to performance while the RMP hypothesis asserts that market share is positively related to performance.
Implications of study results are: (1) Concentration level experiences increase from 0.0800 in 2000 to 0.0913 in 2006. Bonding & credit, fire, automobile, engineering, liability and marine cargo insurances trends to increase in concentration over the time period, whereas accident, fishing vessel, others, marine hull and aviation insurances trends to decrease; (2) The SCP hypothesis is supported. Concentration level is positively related to underwriting performance with p-value of 0.004. Higher concentration level and positive concentration-performance relationship infer that merger and acquisition activities would have positive effects upon firm performance.		en_US
dc.description.tableofcontents Table of Contents...................................... i
List of Tables......................................... ii
List of Figures ....................................... iii
Chapter 1 Introduction ............................... 1
Chapter 2 Background.................................. 4
2.1 Merger and Acquisition Motivation.............. 4
2.2 Merger and Acquisition Type Classification..... 8
2.3 Market Structure Hypotheses.................... 14
Chapter 3 Property-Liability Insurance Market Overview 15
3.1 Market Reports................................. 15
3.2 Merger and Acquisition Activity................ 20
Chapter 4 Literature Reviews.......................... 21
4.1 Concentration.................................. 21
4.2 Performance.................................... 22
4.3 Market Structure and Performance............... 23
Chapter 5 Research Method............................. 26
5.1 Sample Selection............................... 26
5.2 Concentration Measurement...................... 28
5.3 Regression Model............................... 31
Chapter 6 Empirical Results........................... 35
6.1 Industry Concentration......................... 35
6.2 Profitability Performance...................... 42
Chapter 7 Conclusions................................. 49
References............................................. 52		zh_TW
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dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0095358009en_US
dc.subject (關鍵詞) 市場集中度zh_TW
dc.subject (關鍵詞) 核保利潤zh_TW
dc.subject (關鍵詞) 結構行為績效假說zh_TW
dc.subject (關鍵詞) 相對市場力量假說zh_TW
dc.subject (關鍵詞) Concentrationen_US
dc.subject (關鍵詞) Underwriting Profiten_US
dc.subject (關鍵詞) SCP hypothesisen_US
dc.subject (關鍵詞) RMP hypothesisen_US
dc.title (題名) 台灣產物保險公司併購、市場結構與經營績效zh_TW
dc.title (題名) Merger and Acquisition, Market Structure and Performance in Property-Liability Insurance: Evidence from Taiwan Marketen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Akhigbe A. and Madura J., “Intra-Industry Signalszh_TW
dc.relation.reference (參考文獻) Resulting from Insurance Company Mergers,” Journal ofzh_TW
dc.relation.reference (參考文獻) Risk and Insurance 68 (2001): 489-506.zh_TW
dc.relation.reference (參考文獻) Areeda P.E. and Hovenkamp H., Fundamentals of Antitrustzh_TW
dc.relation.reference (參考文獻) Law, New York: Aspen Law & Business, 2002.zh_TW
dc.relation.reference (參考文獻) Bajtelsmit V.L. and Bouzouita R., “Market Structure andzh_TW
dc.relation.reference (參考文獻) Performance in Private Passenger Automobilezh_TW
dc.relation.reference (參考文獻) Insurance,” Journal of Risk and Insurance 65 (1998):zh_TW
dc.relation.reference (參考文獻) 503-514.zh_TW
dc.relation.reference (參考文獻) Berger A.N., “The Profit-Structure Relationship inzh_TW
dc.relation.reference (參考文獻) Banking: Test of Market-Power and Efficient-Structurezh_TW
dc.relation.reference (參考文獻) Hypotheses,” Journal of Money, Credit and Banking 27zh_TW
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dc.relation.reference (參考文獻) Berger A.N. and Cummins J.D. and Weiss M.A., “Thezh_TW
dc.relation.reference (參考文獻) Coexistence of Multiple Distribution Systems forzh_TW
dc.relation.reference (參考文獻) Financial Services: The Case of Property-Liabilityzh_TW
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dc.relation.reference (參考文獻) Berkovitch E. and Narayanan M.P., “Motives for Takeovers:zh_TW
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dc.relation.reference (參考文獻) market structure, efficiency and performance inzh_TW
dc.relation.reference (參考文獻) property-liability insurance,” Journal of Risk andzh_TW
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dc.relation.reference (參考文獻) and Efficiency Effects,” Journal of Banking andzh_TW
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dc.relation.reference (參考文獻) Public Policy,” Journal of Law and Economics 16zh_TW
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dc.relation.reference (參考文獻) Jacquemin A.P. and Kumps A.M., “Changes in the Sizezh_TW
dc.relation.reference (參考文獻) Structure of the Largest European Firms: An Entropyzh_TW
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dc.relation.reference (參考文獻) (1986): 323-329.zh_TW
dc.relation.reference (參考文獻) Hall M. and Tideman N., “Measures of Concentration,”zh_TW
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dc.relation.reference (參考文獻) Performance Improve After Mergers?,” Journal ofzh_TW
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dc.relation.reference (參考文獻) Herfindahl O.C., “Concentration in the Steel Industry,”zh_TW
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dc.relation.reference (參考文獻) Hirschman A.O., National Power and the Structure of Foreignzh_TW
dc.relation.reference (參考文獻) Trade, Berkeley: University of California Press, 1945.zh_TW
dc.relation.reference (參考文獻) Hymer S. and Pashigian P., “Turnover of Firms as a Measurezh_TW
dc.relation.reference (參考文獻) of Market Behavior,” The Review of Economics andzh_TW
dc.relation.reference (參考文獻) Statistics 44 (1962): 82-87.zh_TW
dc.relation.reference (參考文獻) Kwoka J.E., “Large Firm Dominance and Price-cost Marginszh_TW
dc.relation.reference (參考文獻) in Manufacturing Industries” Southern Economic Journalzh_TW
dc.relation.reference (參考文獻) 44 (1977): 183-189.zh_TW
dc.relation.reference (參考文獻) Nissan E., “Concentration in American Property-Casualtyzh_TW
dc.relation.reference (參考文獻) Companies,” Journal of Actuarial Practice 4 (1996):zh_TW
dc.relation.reference (參考文獻) 131-142.zh_TW
dc.relation.reference (參考文獻) Nissan E. and Caveny R., “Concentration in the Propertyzh_TW
dc.relation.reference (參考文獻) and Liability Insurance Market by Line of Insurance,”zh_TW
dc.relation.reference (參考文獻) Journal of Actuarial Practice 8 (2000): 89-114.zh_TW
dc.relation.reference (參考文獻) Rhoades S.A., “Market Share as a Source of Market Power:zh_TW
dc.relation.reference (參考文獻) Implications and Some Evidence,” Journal of Economicszh_TW
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