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題名 我國保險公司現金持有量影響因素之探討
The determinants of cash holdings by insurers
作者 黃明慧
Huang, Ming-Hui
貢獻者 陳彩稚
黃明慧
Huang, Ming-Hui
關鍵詞 現金持有量
股權結構
一般經營特質
日期 2001
上傳時間 18-Apr-2016 16:29:01 (UTC+8)
摘要 保險業由於其產業特性之故，不論收入或支出多以現金之型態處理，因此其現金管理工作相較於其他產業來說更形重要。而良好的現金管理應針對其公司之特性來訂定，所以在進行現金管理工作前，應對影響其現金持有量的因素有所了解，如此才能針對公司本身的經營特質，作到最佳的現金管理，決定最適之現金餘額。故本研究之目的便是針對影響保險公司現金持有量之因素深入探討，以了解保險公司之經營持質和現金持有量間的關係，期望能有助於保險公司進行其現金管理之工作。
The main purpose of this research is to investigate the determinants of cash holdings by life insurers and by property-liability insurers during the 1994-1999 period. Organizational, operational, and administrative determinants of cash holdings are examined, including the agency conflict problem. The methodologies used in this research include t-test, regression analysis, and variable-intercept model.
參考文獻 一、 中文文獻
1. 中華民國人壽保險商業同業公會，人壽保險業務統計年報，中華民國人壽保險商業同業公會編印，民國83-88年
2. 任華雲，企業短期現金規劃模式之探討，國立交通大學管理科學研究所碩士論文，民國73年6月
3. 吳惠林譯，Maddala, G.S.著，計量經濟學（上）（下），台北：台灣銀行經濟研究室編印，民國70年9月
4. 周文賢，多變量統計分析：SAS / STAT使用方法待出版書稿（上）（下）
5. 荊國泰，壽險公司現金管理—主要現金流量項之分析與預測，國立政治大學風險管理與保險學研究所碩士論文，民國85年6月
6. 袁宗蔚，保險學，三民書局，民國84年10月三十三版
7. 財團法人保險事業發展中心，產物保險統計要覽，財團法人保險事業發展中心發行，民國83-88年
8. 財團法人保險事業發展中心，保險年鑑，財團法人保險事業發展中心發行，民國83-88年
9. 陳彩稚，保險學，三民書局，民國89年9月三刷
10. 陳超塵，計量經濟學原理，台灣商務印書館，民國85年2月
11. 陳曉芸，從代理理論之觀點探討股權結構對保險經營之影響，國立政治大學風險管理與保險學研究所碩士論文，民國89年6月
12. 彭昭英，SAS與統計分析，台北：儒林圖書有限公司，民國85年12月八版
13. 鄒政下，保險會計理論與實務，台北：鄒政下，民國85年3月
14. 詹淑卿，壽險解約率與總經濟關係之研究，國立政治大學風險管理與保險學研究所碩士論文，民國87年8月
二、 英文文獻
1. Baumol, W.J., 1952, “The Transactions Demand for Cash: An Inventory Theoretic Approach”, Quarterly Journal of Economics, 66(4): pp.545-556.
2. Pesek B.P., 1963, “Determinants of the Demand for Money”, Review of Economics and Statistics, pp.419-424.
3. Barth, J.R. and Bennett, J.T., 1975, “Deposit Variability and Commercial Bank Cash Holdings”, Review of Economics and Statistics, 57(2), pp.238-241.
4. Breusch, T.S. and Pagan, A.R., 1979, ”A Simple Test for Heteroscedasticity and Random Coefficient Variation”, Econometrica, 47(5): pp.1287-1294.
5. Boose, M.A., 1990, “Agency Theory and Alternative Predictions for Life Insurance: An Empirical Test”, The Journal of Risk and Insurance, 57(3): pp. 499-518.
6. Briggs, G.P. and Singh, S., 2000, Is Cash King? , Afp Exchange, 20, 32-39.
7. Cardoso, E. A., 1983, “A Money Demand Equation for Brazil”, Journal of Development Economics, 12(1-2): pp.183-193.
8. Czyewski, A.B. and Hicks, D.W., 1992, “Hold Onto Your Cash”, Management Accounting, 73(9), pp.27-30.
9. Cummins, J. D. and Sommer, D.W., 1996, “Capital and risk in property-liability insurance markets”, Journal of Banking and Finance, 20: pp.1069-1092.
10. Colquitt, L.L. , Sommer, D.W. and Godwin, N.H., 1999, “Determinants of Cash Holdings by Property-Liability Insurers”, Journal of Risk and Insurance, 66: pp.401-415.
11. Colquitt, L.L. and Hoyt, R.E., 1997, “Determinants of Corporate Hedging Behavior: Evidence from the Life Insurance Industry”, Journal of Risk and Insurance, 64: pp.649-671.
12. Duvall, R.M.; Hofflander, A.E., Jr., and Lambert, E.W., Jr., 1968, “Optimum Liquidity Levels for Multiple Line Insurance Companies”, The Journal of Risk and Insurance, 35(2): pp.199-206.
13. Frazer, W.J., JR., 1964, “The Financial Structure Of Manufacturing Corporations and The Demand For Money: Some Empirical Findings”, Journal of Political Economy, 72(2): pp.176-183.
14. Ferri, M.G. and Jones, W.H., 1979, “Determinants of Financial Structure: A New Methodological Approach”, Journal of Finance, 34: pp.631-644.
15. Green, W.H., 1995, Econometric Analysis, 3rd Edition, Macmillan Publishing Company
16. Green, W.H., 1995, Limdep Version 7.0 User’s Mannual, Econometric Software Inc. U.S.A.
17. Hunter, H.M., 1978, “Corporate Demand For Cash: The Influence of Corporate Population Growth and Structure”, Review of Economics and Statistics, 60: pp.467-471.
18. Hausman, J.A., 1978, ”Specification Test in Econometrics”, Econometrica, 46: pp.1251-1271.
19. Hsiao, C., 1985, Analysis of Panel Data, Cambridge University Press, U.S.A
20. Jensen, M.C. and Meckling, W.H., 1976, “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, 3: pp. 305-360.
21. Jensen, M.C., 1986, “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers”, American Economic Review, 76(2): pp.323-329.
22. John, T.A., 1993, “Accounting measures of corporate liquidity, leverage, and costs of financial distress”, Financial Management, 22: pp.91-100.
23. Keynes, J.M., 1936, “The General Theory of Employment, Interest, and Money”, New York: Harcourt Brace Joranovich, pp.170-174.
24. Karni, E., 1973,”The Transactions Demand for Cash: Incorporation of the Value of Time into the Inventory Approach”, Journal of Political Economy, 81: pp.1216-25
25. Karni, E., 1974, “The Value of Time and the Demand for Money”, Journal of Money, Credit and Banking, 6: pp.45-64.
26. Kesner, I.F., 1987, ”Directors Stock Ownership and Organization Preformance: An Investigation of Fortune 500 Companies”, Journal of Management, 13, pp.499-507.
27. Kim, C. & Mauer, D.C., and Sherman, A.E., 1998, “The Determinants of Corporate Liquidity: Theory and Evidence”, Journal of Financial and Quantitative Analysis, 33: p.335-359.
28. Lydall, H.F., 1958, “Income, Assets, and the Demand for Money”, Review of Economics and Statistics, pp.1-14.
29. Meltzer, A.H., 1963, “The Demand for Money: A Cross-section Study of Business Firms”, Quarterly Journal of Economics, 77(3): pp.405-422.
30. Meltzer, A.H., 1963, ”The Demand for Money: The Evidence from the Time Series”, Journal of Political Economy, 71: pp.219-246.
31. Maddala, G.S. and Vogel, R.C., 1965, “The Demand for Money: Across-Section Study of Business Firms: Comment”, Quarterly Journal of Economics, 79: pp.153-159.
32. Miller, M.H. and Orr, D., 1966, “A Model of the Demand for Money by Firms”, Quarterly Journal of Economics, 80: pp.413-435.
33. Mulligan, C.B., 1997, “Scale Economies, the Value of Time, and the Demand for Money: Longitudinal Evidence from Firms”, Journal of Political Economy, pp.1061-1079.
34. Norburn, D. and Birley, S., 1988, “The Top Management Team and Corporate Performance”, Strategic Management Journal, 9, pp.235-237.
35. Outreville, J. F., 1988, “The Long-run and Short-run Demand for Cash Balances : The Case of Insurance Company”, Quarterly Review of Economics and Business, 28(4), pp.76-89.
36. Opler, T., Pinkowitz, L. & Stulz, R., and Williamson R., 1999, “The Determinants and Implications of Corporate Cash Holdings”, Journal of Financial Economics, 52: pp.3-46.
37. Pottier, S.W. and Sommer, D.W., 1997, ”Agency Theory and Life Insurer Ownership Structure”, Journal of Risk and Insurance, 64(3): pp. 529-543.
38. Rechner, P.L., and Dalton, D.R., 1991, “CEO Duality and Organizational Performance: A Longitudinal Analysis”, Strategic Management Journal, 12, pp.155-160.
39. Sperenkle, C.M., 1966, “Large Economic Units, Banks and the Transactions Demand for Money”, Quarterly Journal of Economics, 80: pp.436-442.
40. Spellman, L.J.; Witt, R.C. and Rentz, W.F, 1975, “Investment Income and Non-Life Insurance Pricing”, The Journal of Risk and Insurance, 42(4)：pp.567-577.
41. Slovin, M.B. and Sushka, M.E., 1983, “The Stability of the Demand for Money: the case of the corporate sector”, Journal of Macroeconomics, 5(3): pp.361-372.
42. Tobin, J., 1956, ”The Interest-Elasticity of the Transactions Demand for Money”, Review of Economics and Statistics, 38: pp.241-247.
43. Titman, S. and Wessels, R., 1988, “The Determinants of Capital Structure Choice”, Journal of Financial Economics, 13: pp.137-151.
44. Voger, R.C. and Maddala, G.S., 1967, “Cross-section Estimates of Liquid Asset Demand by Manufacturing Corporations”, Journal of Finance, 22: pp.557-575.
45. Whalen, E.L., 1966, “A Rationalization of the Precautionary Demand for Money”, Quarterly Journal of Economics, 80: pp.314-324.
46. Whalen, E.L., 1965, ”A Cross-Section Study of Business Demand for Cash”, Journal of Finance, 20: pp423-443.
47. Ward, D.J. and Kroncke, C.O., 1975, “An Analysis of Voluntary Cash Demands on Life Insurance Companies”, The Journal of Risk and Insurance, 42(3): pp.389-402.
描述 碩士
國立政治大學
風險管理與保險研究所
88358009
資料來源 http://thesis.lib.nccu.edu.tw/record/#A2002001477
資料類型 thesis
dc.contributor.advisor 陳彩稚zh_TW
dc.contributor.author (Authors) 黃明慧zh_TW
dc.contributor.author (Authors) Huang, Ming-Huien_US
dc.creator (作者) 黃明慧zh_TW
dc.creator (作者) Huang, Ming-Huien_US
dc.date (日期) 2001en_US
dc.date.accessioned 18-Apr-2016 16:29:01 (UTC+8)-
dc.date.available 18-Apr-2016 16:29:01 (UTC+8)-
dc.date.issued (上傳時間) 18-Apr-2016 16:29:01 (UTC+8)-
dc.identifier (Other Identifiers) A2002001477en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/85426-
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) 88358009zh_TW
dc.description.abstract (摘要) 保險業由於其產業特性之故，不論收入或支出多以現金之型態處理，因此其現金管理工作相較於其他產業來說更形重要。而良好的現金管理應針對其公司之特性來訂定，所以在進行現金管理工作前，應對影響其現金持有量的因素有所了解，如此才能針對公司本身的經營特質，作到最佳的現金管理，決定最適之現金餘額。故本研究之目的便是針對影響保險公司現金持有量之因素深入探討，以了解保險公司之經營持質和現金持有量間的關係，期望能有助於保險公司進行其現金管理之工作。zh_TW
dc.description.abstract (摘要) The main purpose of this research is to investigate the determinants of cash holdings by life insurers and by property-liability insurers during the 1994-1999 period. Organizational, operational, and administrative determinants of cash holdings are examined, including the agency conflict problem. The methodologies used in this research include t-test, regression analysis, and variable-intercept model.en_US
dc.description.tableofcontents 封面頁
證明書
致謝詞
論文摘要
目錄
圖表目錄
第一章 緒論
第一節 研究動機
第二節 研究目的
第三節 研究範圍與資料來源
第四節 研究限制
第五節 研究架構與研究流程
第二章 我國保險業現金持有量之概況與相關文獻回顧
第一節 我國保險業現金持有量之概況
第二節 企業持有現金之理由
第三節 現金持有量之理論文獻
第四節 現金持有量之實證文獻
第五節 代理問題與現金持有量相關性之文獻探討
第三章 實證模型與研究方法
第一節 研究假設之提出
第二節 研究變數說明
第三節 實證模型建立
第四節 平均數T檢定與單變量統計分析
第五節 複迴歸模型與變數截距模型
第四章 實證結果（一）：壽險公司之實證分析
第一節 平均數T檢定與單變量統計分析
第二節 變數截距模型之模型選取
第三節 實證結果之綜合分析
第五章 實證結果（二）：產險公司之實證分析
第一節 平均數T檢定與單變量統計分析
第二節 變數截距模型之模型選取
第三節 實證結果之綜合分析
第六章 結論與建議
第一節 結論
第二節 後續研究之建議
參考文獻		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#A2002001477en_US
dc.subject (關鍵詞) 現金持有量zh_TW
dc.subject (關鍵詞) 股權結構zh_TW
dc.subject (關鍵詞) 一般經營特質zh_TW
dc.title (題名) 我國保險公司現金持有量影響因素之探討zh_TW
dc.title (題名) The determinants of cash holdings by insurersen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、 中文文獻
1. 中華民國人壽保險商業同業公會，人壽保險業務統計年報，中華民國人壽保險商業同業公會編印，民國83-88年
2. 任華雲，企業短期現金規劃模式之探討，國立交通大學管理科學研究所碩士論文，民國73年6月
3. 吳惠林譯，Maddala, G.S.著，計量經濟學（上）（下），台北：台灣銀行經濟研究室編印，民國70年9月
4. 周文賢，多變量統計分析：SAS / STAT使用方法待出版書稿（上）（下）
5. 荊國泰，壽險公司現金管理—主要現金流量項之分析與預測，國立政治大學風險管理與保險學研究所碩士論文，民國85年6月
6. 袁宗蔚，保險學，三民書局，民國84年10月三十三版
7. 財團法人保險事業發展中心，產物保險統計要覽，財團法人保險事業發展中心發行，民國83-88年
8. 財團法人保險事業發展中心，保險年鑑，財團法人保險事業發展中心發行，民國83-88年
9. 陳彩稚，保險學，三民書局，民國89年9月三刷
10. 陳超塵，計量經濟學原理，台灣商務印書館，民國85年2月
11. 陳曉芸，從代理理論之觀點探討股權結構對保險經營之影響，國立政治大學風險管理與保險學研究所碩士論文，民國89年6月
12. 彭昭英，SAS與統計分析，台北：儒林圖書有限公司，民國85年12月八版
13. 鄒政下，保險會計理論與實務，台北：鄒政下，民國85年3月
14. 詹淑卿，壽險解約率與總經濟關係之研究，國立政治大學風險管理與保險學研究所碩士論文，民國87年8月
二、 英文文獻
1. Baumol, W.J., 1952, “The Transactions Demand for Cash: An Inventory Theoretic Approach”, Quarterly Journal of Economics, 66(4): pp.545-556.
2. Pesek B.P., 1963, “Determinants of the Demand for Money”, Review of Economics and Statistics, pp.419-424.
3. Barth, J.R. and Bennett, J.T., 1975, “Deposit Variability and Commercial Bank Cash Holdings”, Review of Economics and Statistics, 57(2), pp.238-241.
4. Breusch, T.S. and Pagan, A.R., 1979, ”A Simple Test for Heteroscedasticity and Random Coefficient Variation”, Econometrica, 47(5): pp.1287-1294.
5. Boose, M.A., 1990, “Agency Theory and Alternative Predictions for Life Insurance: An Empirical Test”, The Journal of Risk and Insurance, 57(3): pp. 499-518.
6. Briggs, G.P. and Singh, S., 2000, Is Cash King? , Afp Exchange, 20, 32-39.
7. Cardoso, E. A., 1983, “A Money Demand Equation for Brazil”, Journal of Development Economics, 12(1-2): pp.183-193.
8. Czyewski, A.B. and Hicks, D.W., 1992, “Hold Onto Your Cash”, Management Accounting, 73(9), pp.27-30.
9. Cummins, J. D. and Sommer, D.W., 1996, “Capital and risk in property-liability insurance markets”, Journal of Banking and Finance, 20: pp.1069-1092.
10. Colquitt, L.L. , Sommer, D.W. and Godwin, N.H., 1999, “Determinants of Cash Holdings by Property-Liability Insurers”, Journal of Risk and Insurance, 66: pp.401-415.
11. Colquitt, L.L. and Hoyt, R.E., 1997, “Determinants of Corporate Hedging Behavior: Evidence from the Life Insurance Industry”, Journal of Risk and Insurance, 64: pp.649-671.
12. Duvall, R.M.; Hofflander, A.E., Jr., and Lambert, E.W., Jr., 1968, “Optimum Liquidity Levels for Multiple Line Insurance Companies”, The Journal of Risk and Insurance, 35(2): pp.199-206.
13. Frazer, W.J., JR., 1964, “The Financial Structure Of Manufacturing Corporations and The Demand For Money: Some Empirical Findings”, Journal of Political Economy, 72(2): pp.176-183.
14. Ferri, M.G. and Jones, W.H., 1979, “Determinants of Financial Structure: A New Methodological Approach”, Journal of Finance, 34: pp.631-644.
15. Green, W.H., 1995, Econometric Analysis, 3rd Edition, Macmillan Publishing Company
16. Green, W.H., 1995, Limdep Version 7.0 User’s Mannual, Econometric Software Inc. U.S.A.
17. Hunter, H.M., 1978, “Corporate Demand For Cash: The Influence of Corporate Population Growth and Structure”, Review of Economics and Statistics, 60: pp.467-471.
18. Hausman, J.A., 1978, ”Specification Test in Econometrics”, Econometrica, 46: pp.1251-1271.
19. Hsiao, C., 1985, Analysis of Panel Data, Cambridge University Press, U.S.A
20. Jensen, M.C. and Meckling, W.H., 1976, “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, 3: pp. 305-360.
21. Jensen, M.C., 1986, “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers”, American Economic Review, 76(2): pp.323-329.
22. John, T.A., 1993, “Accounting measures of corporate liquidity, leverage, and costs of financial distress”, Financial Management, 22: pp.91-100.
23. Keynes, J.M., 1936, “The General Theory of Employment, Interest, and Money”, New York: Harcourt Brace Joranovich, pp.170-174.
24. Karni, E., 1973,”The Transactions Demand for Cash: Incorporation of the Value of Time into the Inventory Approach”, Journal of Political Economy, 81: pp.1216-25
25. Karni, E., 1974, “The Value of Time and the Demand for Money”, Journal of Money, Credit and Banking, 6: pp.45-64.
26. Kesner, I.F., 1987, ”Directors Stock Ownership and Organization Preformance: An Investigation of Fortune 500 Companies”, Journal of Management, 13, pp.499-507.
27. Kim, C. & Mauer, D.C., and Sherman, A.E., 1998, “The Determinants of Corporate Liquidity: Theory and Evidence”, Journal of Financial and Quantitative Analysis, 33: p.335-359.
28. Lydall, H.F., 1958, “Income, Assets, and the Demand for Money”, Review of Economics and Statistics, pp.1-14.
29. Meltzer, A.H., 1963, “The Demand for Money: A Cross-section Study of Business Firms”, Quarterly Journal of Economics, 77(3): pp.405-422.
30. Meltzer, A.H., 1963, ”The Demand for Money: The Evidence from the Time Series”, Journal of Political Economy, 71: pp.219-246.
31. Maddala, G.S. and Vogel, R.C., 1965, “The Demand for Money: Across-Section Study of Business Firms: Comment”, Quarterly Journal of Economics, 79: pp.153-159.
32. Miller, M.H. and Orr, D., 1966, “A Model of the Demand for Money by Firms”, Quarterly Journal of Economics, 80: pp.413-435.
33. Mulligan, C.B., 1997, “Scale Economies, the Value of Time, and the Demand for Money: Longitudinal Evidence from Firms”, Journal of Political Economy, pp.1061-1079.
34. Norburn, D. and Birley, S., 1988, “The Top Management Team and Corporate Performance”, Strategic Management Journal, 9, pp.235-237.
35. Outreville, J. F., 1988, “The Long-run and Short-run Demand for Cash Balances : The Case of Insurance Company”, Quarterly Review of Economics and Business, 28(4), pp.76-89.
36. Opler, T., Pinkowitz, L. & Stulz, R., and Williamson R., 1999, “The Determinants and Implications of Corporate Cash Holdings”, Journal of Financial Economics, 52: pp.3-46.
37. Pottier, S.W. and Sommer, D.W., 1997, ”Agency Theory and Life Insurer Ownership Structure”, Journal of Risk and Insurance, 64(3): pp. 529-543.
38. Rechner, P.L., and Dalton, D.R., 1991, “CEO Duality and Organizational Performance: A Longitudinal Analysis”, Strategic Management Journal, 12, pp.155-160.
39. Sperenkle, C.M., 1966, “Large Economic Units, Banks and the Transactions Demand for Money”, Quarterly Journal of Economics, 80: pp.436-442.
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41. Slovin, M.B. and Sushka, M.E., 1983, “The Stability of the Demand for Money: the case of the corporate sector”, Journal of Macroeconomics, 5(3): pp.361-372.
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