本國與外商保險公司獲利能力影響因素之探討

Factors Influencing the Profitability of Domestic and Foreign Insurance Companies in Taiwan

本研究旨在探討本國與外商保險公司獲利能力之影響因素。研究樣本蒐集期間從2004年至2013年。根據實證結果發現，風險資本基礎比率、費用率、負債比率及公司設立年限等企業特性顯著的影響本國壽險與產險公司獲利能力。除了費用率及負債比率，保費收入變動率亦顯著的影響外商壽險公司獲利能力。此外，風險資本基礎比率、費用率、速動比率及流動比率顯著的影響外商產險公司獲利能力。然而，本國與外商壽、產險公司獲利能力之影響因素則不盡然相同。

This paper examines how insurance company's specific characteristics affect the profitability of domestic and foreign insurance companies in Taiwan over the period 2004-2013. Based on the empirical findings, the risk-based capital ratio, expense ratio, debt asset ratio and firm age have the significant impact on the profitability of both domestic life andnon-lifeinsurance companies. In addition to the expense ratio and debt ratio, the relation between premium change ratioand profitability is significantly negative for foreign life insurance companies. Furthermore, the risk-based capital ratio, expense ratio, quick ratio and current ratio significantly affect the profitability of foreign non-life insurance companies. However, all the factors influencing the profitability of domestic and foreign insurance companies are not always the same.