台灣壽險業市場紀律之研究

The Research on the Market Discipline in Taiwan Life Insurance Industry

本研究主要在探討台灣壽險業是否存在市場紀律？針對此主題在考慮壽險公司經營之特性及參考相關文獻後，資本適足率(RBC)及負債比率(DR)作為安定基金替代變數；以保費收入(P)及保險給付(C)為市場紀律替代變數探討市場紀律對資本適足率及負債比率的影響，採用Tobit模型並依循Epermanis和Harrington (2007)以及Grace, Kamiya, Klein and Zanjani (2015)的架構來整合兩個獨立的研究領域。研究期間包含了21家台灣壽險公司，研究期間為2014-2019年期間的資料，資料來源來自TEJ台灣經濟新報數據庫及保險業資訊公開相關資料。
結果發現：一、市場紀律之保費收入成長率及各種準備金對資產比率對申訴率呈顯著負向影響。二、市場紀律之保險給付及各種責任準備金對資產比率對資本適足率呈顯著負向影響。另外，投資報酬率對資本適足率呈顯著正向影響。保險給付愈高，對於壽險公司所承擔的各項風險越高，資本適足率則愈低；另外裁罰金額及件數對資本適足為呈顯著負向影響，亦即被懲處的公司其資本適足率相對較低。三、市場紀律之保險給付、繼續率（十三個月）及裁罰件數對負債比率呈顯著正向影響。而市場占有率、資產報酬率及公司年齡對負債比率則呈顯著負向影響，亦即台灣壽險市場是存在市場紀律的。

This research mainly explores whether there is market discipline in Taiwan's life insurance industry? For this topic, after considering the characteristics of life insurance companies and referring to relevant literature, risk based capital (RBC) and debt ratio (DR) are used as surrogate variables for stable funds; premium income (P) and insurance payment (C) are used as market disciplines Substitute variables explore the impact of market discipline on risk based capital and debt ratios, using the Tobit model and following the frameworks of Epermanis and Harrington (2007) and Grace, Kamiya, Klein, and Zanjani (2015) to integrate two separate areas of research. The research period includes 21 Taiwanese life insurance companies, and the research period is the data from 2014 to 2019. The data sources are from the TEJ Taiwan Economic Times database and relevant information on insurance industry information disclosure.
The results show that: 1. The premium income growth rate of market discipline and various reserve-to-asset ratios are significantly negatively correlated with the appeal rate. 2. Insurance payments under market discipline and the ratio of various liability reserves to assets have a significant negative correlation with the risk based capital. In addition, the rate of return on investment has a significant positive impact on the risk based capital. The higher the insurance payout, the higher the risks borne by the life insurance company, and the lower the risk based capital; in addition, the amount of penalties and the number of cases are significantly negatively correlated with the risk based capital, that is, the capital of the punished company The risk based capital is relatively low. 3. The insurance benefit persistency rate (thirteen months) and number of penalty cases of market discipline have a significant positive correlation with the debt ratio. The market share, return on assets and company age have a significant negative correlation with debt ratio. That is to say, there is market discipline in the life insurance market in Taiwan.