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題名 保險業之資本結構
Determinants of Capital Structure in the Insurance Industry
作者 陳盈君
Chen, Ying-Chun
貢獻者 蔡政憲
Tsai, Cheng-Hsien
陳盈君
Chen, Ying-Chun
關鍵詞 資本結構
槓桿比例
壽險業
Capital structure
Leverage
Life insurance
日期 2001
上傳時間 18-Apr-2016 16:28:44 (UTC+8)
摘要 本篇論文目的在檢視壽險業資本結構的影響因素，樣本為美國壽險公司。金融及保險市場的特殊性質會造成保險公司有動機去調整控制資本結構與資產風險，以維持公司失卻清償能力的風險在適當的範圍內。我們的實證結果中顯示槓桿比率與資產風險的負向關係的確存在於美國壽險業當中。
This study examines the capital structure determinants of life insurance companies in U.S. The decision of capital structure in insurance industry should be a joint decision of capital structure and firm risk. Insurers have incentive to keep firm risk within a safe range, due to the special features in the insurance markets. We find evidence supporting the negative relationship between leverage ratio and firm risk, suggesting that insurers will balance risk and leverage to keep the insolvency risk within a desired range.
參考文獻 Berger, A.N.; Herring, R. J.; Szego, G. P., 1995, “The role of capital in financial institutions”, Journal of Banking & Finance, Volume: 19, Issue: 3-4 (June 1995).
Brewer Ⅲ, Elijah, Thomas S. Mondschean and Philip E. Strahan, 1997, “The Role of Monitoring in Reducing the Moral Hazard Problem Associated with Government Guarantees: Evidence from the Life Insurance Industry”, Journal of Risk & Insurance, Vol. 64, No 2, p301-322.
Buser, Stephen A., Andrew H. Chen, and Edward J. Kane, 1981,”Federal Deposit Insurance, Regulatory Policy, and Optimal Bank Capital”, The Journal of Finance, Vol.36, No.1: 51-60.
Chang, Chun, 1992, “Capital Structure as an Optimal Contract Between Employees and Investors”, The Journal of Finance, Vol.47, No.3: 1141-1158.
Cummins, J.D., Sommer, D.W., 1996, “Capital and risk in property-liability insurance markets”, Journal Of Banking & Finance, Vol: 20, Issue: 6, pp. 1069-1092.
Diamond, Douglas W., 1989, “reputation Acquisition in debt market”, Journal of Political Economy, Vol. 97, pp.828-862.
Guo, Dajiang and Ralph A. Winter, 1997, “The Capital Structure of Insurers: Theory and Evidence”, Working Paper, Toronto University.
Jensen, Michael C., 1986, “Agency Costs of Free Cash Flow, corporate Finance, and Takeovers”, American Economic Review, Vol.76, No.2: 323-326.
Mayers, David and Clifford W. Smith, 1981, “Contractual Provisions, Organizational Structure, and Conflict Control in Insurance Markets” Journal of Business, Vol.54, p. 407-434.
Mayers, David and Clifford W. Smith, 1994, “Managerial Discretion, Regulation, and Stock Insurer Ownership Structure” The Journal of Risk and Insurance, Vol.61, No.4: 638-655.
Miller, M.H., 1995, “Do the M&M propositions apply to banks? ”, Journal Of Banking & Finance, Volume: 19, Issue: 3-4, pp. June 1995, pp. 483-489.
Modigliani, F., M. Miller, 1958, “The cost of capital, corporation finance, and the theory of investment”, American Economic Review, vol. 48, p.261-297.
Osterberg, William P., 1990, “Bank Capital Requirements and Leverage: A Review of the Literature”, Economic Review [Federal Reserve Bank of Cleveland], Fourth Quarter.
Pottier, Steven W. and david W. Sommer, 1997, “Agency Theory and Life Insurer Ownership Structure”, Journal of Risk & Insurance, Vol. 65, No 3, pp.529-543.
Pottier, Steven W. and david W. Sommer, 1998, “Regulatory Stringency and New York Licensed Life Insurers”, Journal of Risk & Insurance, Vol. 65, No 3, pp.485-502.
Ravid, S. Abraham and Oded H. Sarig, 1991, ”Financial Signalling by Committing to Cash Outflows”, Journal of Financial and Quantitative Analysis, Vol.26, No 2: 165-180.
Regan, Laureen, 1997, “Vertical integration in the Property-Liability Insurance Industry: A transaction Cost Approach”, Journal of Risk & Insurance, Vol. 64, No 1, pp.41-62.
Regan, Laureen and Larry Y. Tzeng, 1999, “Organizational Form in the Property-Liability Insurance Industry”, Journal of Risk & Insurance, Vol. 66, No 2, pp.253-273.
Wells, Brenda P., Larry A. Cox, Kenneth M. Gaver, 1995, “Free Cash Flow in the Life Insurance Industry”, Journal of Risk & Insurance, Vol. 62, No 1, pp.50-66.
描述 碩士
國立政治大學
風險管理與保險研究所
88358011
資料來源 http://thesis.lib.nccu.edu.tw/record/#A2002001469
資料類型 thesis
dc.contributor.advisor 蔡政憲zh_TW
dc.contributor.advisor Tsai, Cheng-Hsienen_US
dc.contributor.author (Authors) 陳盈君zh_TW
dc.contributor.author (Authors) Chen, Ying-Chunen_US
dc.creator (作者) 陳盈君zh_TW
dc.creator (作者) Chen, Ying-Chunen_US
dc.date (日期) 2001en_US
dc.date.accessioned 18-Apr-2016 16:28:44 (UTC+8)-
dc.date.available 18-Apr-2016 16:28:44 (UTC+8)-
dc.date.issued (上傳時間) 18-Apr-2016 16:28:44 (UTC+8)-
dc.identifier (Other Identifiers) A2002001469en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/85418-
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) 88358011zh_TW
dc.description.abstract (摘要) 本篇論文目的在檢視壽險業資本結構的影響因素，樣本為美國壽險公司。金融及保險市場的特殊性質會造成保險公司有動機去調整控制資本結構與資產風險，以維持公司失卻清償能力的風險在適當的範圍內。我們的實證結果中顯示槓桿比率與資產風險的負向關係的確存在於美國壽險業當中。zh_TW
dc.description.abstract (摘要) This study examines the capital structure determinants of life insurance companies in U.S. The decision of capital structure in insurance industry should be a joint decision of capital structure and firm risk. Insurers have incentive to keep firm risk within a safe range, due to the special features in the insurance markets. We find evidence supporting the negative relationship between leverage ratio and firm risk, suggesting that insurers will balance risk and leverage to keep the insolvency risk within a desired range.en_US
dc.description.tableofcontents 封面頁
證明書
致謝詞
論文摘要
目錄
1. Introduction
2. Sample Selection and Methodology
3. Hypotheses and Variable Definitions
4. Empirical Results
5. Conclusion
Reference
Table		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#A2002001469en_US
dc.subject (關鍵詞) 資本結構zh_TW
dc.subject (關鍵詞) 槓桿比例zh_TW
dc.subject (關鍵詞) 壽險業zh_TW
dc.subject (關鍵詞) Capital structureen_US
dc.subject (關鍵詞) Leverageen_US
dc.subject (關鍵詞) Life insuranceen_US
dc.title (題名) 保險業之資本結構zh_TW
dc.title (題名) Determinants of Capital Structure in the Insurance Industryen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Berger, A.N.; Herring, R. J.; Szego, G. P., 1995, “The role of capital in financial institutions”, Journal of Banking & Finance, Volume: 19, Issue: 3-4 (June 1995).
Brewer Ⅲ, Elijah, Thomas S. Mondschean and Philip E. Strahan, 1997, “The Role of Monitoring in Reducing the Moral Hazard Problem Associated with Government Guarantees: Evidence from the Life Insurance Industry”, Journal of Risk & Insurance, Vol. 64, No 2, p301-322.
Buser, Stephen A., Andrew H. Chen, and Edward J. Kane, 1981,”Federal Deposit Insurance, Regulatory Policy, and Optimal Bank Capital”, The Journal of Finance, Vol.36, No.1: 51-60.
Chang, Chun, 1992, “Capital Structure as an Optimal Contract Between Employees and Investors”, The Journal of Finance, Vol.47, No.3: 1141-1158.
Cummins, J.D., Sommer, D.W., 1996, “Capital and risk in property-liability insurance markets”, Journal Of Banking & Finance, Vol: 20, Issue: 6, pp. 1069-1092.
Diamond, Douglas W., 1989, “reputation Acquisition in debt market”, Journal of Political Economy, Vol. 97, pp.828-862.
Guo, Dajiang and Ralph A. Winter, 1997, “The Capital Structure of Insurers: Theory and Evidence”, Working Paper, Toronto University.
Jensen, Michael C., 1986, “Agency Costs of Free Cash Flow, corporate Finance, and Takeovers”, American Economic Review, Vol.76, No.2: 323-326.
Mayers, David and Clifford W. Smith, 1981, “Contractual Provisions, Organizational Structure, and Conflict Control in Insurance Markets” Journal of Business, Vol.54, p. 407-434.
Mayers, David and Clifford W. Smith, 1994, “Managerial Discretion, Regulation, and Stock Insurer Ownership Structure” The Journal of Risk and Insurance, Vol.61, No.4: 638-655.
Miller, M.H., 1995, “Do the M&M propositions apply to banks? ”, Journal Of Banking & Finance, Volume: 19, Issue: 3-4, pp. June 1995, pp. 483-489.
Modigliani, F., M. Miller, 1958, “The cost of capital, corporation finance, and the theory of investment”, American Economic Review, vol. 48, p.261-297.
Osterberg, William P., 1990, “Bank Capital Requirements and Leverage: A Review of the Literature”, Economic Review [Federal Reserve Bank of Cleveland], Fourth Quarter.
Pottier, Steven W. and david W. Sommer, 1997, “Agency Theory and Life Insurer Ownership Structure”, Journal of Risk & Insurance, Vol. 65, No 3, pp.529-543.
Pottier, Steven W. and david W. Sommer, 1998, “Regulatory Stringency and New York Licensed Life Insurers”, Journal of Risk & Insurance, Vol. 65, No 3, pp.485-502.
Ravid, S. Abraham and Oded H. Sarig, 1991, ”Financial Signalling by Committing to Cash Outflows”, Journal of Financial and Quantitative Analysis, Vol.26, No 2: 165-180.
Regan, Laureen, 1997, “Vertical integration in the Property-Liability Insurance Industry: A transaction Cost Approach”, Journal of Risk & Insurance, Vol. 64, No 1, pp.41-62.
Regan, Laureen and Larry Y. Tzeng, 1999, “Organizational Form in the Property-Liability Insurance Industry”, Journal of Risk & Insurance, Vol. 66, No 2, pp.253-273.
Wells, Brenda P., Larry A. Cox, Kenneth M. Gaver, 1995, “Free Cash Flow in the Life Insurance Industry”, Journal of Risk & Insurance, Vol. 62, No 1, pp.50-66.		zh_TW