傷害險與公司的經營績效：台灣產險業的實證

中文摘要
本研究利用2007至2013年台灣14家產險業為研究對象，探討傷害保險業務對產物保險業者經營效率之影響，所採用的資料係來自這些公司的年報追蹤資料，根據過往文獻選取八項可用來衡量保險業經營效率的解釋變數，再加入傷害險保費收入比率及有無集團背景這兩項指標進行討論，以縱衡資料(panel data)之固定效果模型(fixed effect model)進行實證分析。
實證結果發現如下：
1、 再保分出率、投資收益率、有無集團背景、經濟成長率與資產報酬率呈顯著正相關；損失率、財務槓桿、經營年數則對資產報酬率呈顯著負相關。
2、 再保分出率、投資收益率、有無集團背景與股東權益報酬率資產報酬率呈顯著正相關；損失率與股東權益報酬率則呈顯著負相關。
3、 傷害險比率、財務槓桿、經營年數與營業利益率呈顯著正相關；再保分出率、資產總額對營業利益率則呈顯著負相關。

Personal Accident Insurance and Financial Performance: Evidence from Taiwan Non-Life Insurance Companies.
Abstract
The purpose of this study is to measure the financial performance of fourteen Taiwan non-life insurance companies by using annual statistics from 2007 to 2013. This study chose eight explanatory variables from other studies and two explanatory variables by me. The two explanatory variables are the ratio of personal accident insurance and the non-life insurance companies operating with the life insurance companies or not. This study also applied the panel data regression with fixed effect to the impact of financial performance.
The empirical results indicate:
1. The ratio of reinsurance, return on investment, operating with the life insurance companies or not, and economic growth rate had a positive and significant effect on return on assets. The ratio of loss, financial leverage, and the years in business had a negative and significant effect on return on assets.
2. The ratio of reinsurance, return on investment, operating with the life insurance companies or not, and economic growth rate had a positive and significant effect on return on equity. The ratio of loss had a negative and significant effect on return on equity.
3. The ratio of personal accident insurance, financial leverage, the years in business had a positive and significant effect on operating profit ratio. The ratio of reinsurance and assets had a negative and significant effect on operating profit ratio.

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