董事會特性與公司風險承擔行為──保險產業實證分析

The Board Characteristics and Firm Risk-taking Behavior: Evidence from Insurance Sector

本研究針對保險公司董事會特性對於風險承擔行為的影響進行探討，並進一步探究金融控股型態對董事會特性與風險承擔行為之間的調節作用。以2010年至2021間臺灣人壽保險公司之資料為對象，運用多元迴歸分析來檢驗研究假說。結果發現董事會規模、獨立董事比例、女性董事比例及董事教育程度都與總風險呈現顯著負向關係，此外，董事會規模及董事教育程度也與投資風險呈現顯著負向關係，然而獨立董事比例影響投資風險呈正向顯著相關，而女性董事比例與投資風險無顯著關係。另一方面，金融控股型態僅在董事教育程度對公司總風險具有正向的調節效果。研究結果對於人壽保險公司管理當局經營決策具有實務的管理意涵，並可提供主管機關對董事會運作與風險承擔之參考，以利保險業者永續經營發展。

This paper examines the impact of insurers board characteristics on firm risk -taking behavior, and further explore the moderating effect of financial holding on the relationship between board characteristics and risk-taking. Using the data of life insurers in Taiwan from 2011 to 2021, and employ multiple regression analysis to test the hypotheses. The results found that board size、independent directors, female directors and the education level of the directors all showed a significant negative relationship with total risk. In addition, the board size and the education level of the directors also showed a significant negative relationship with investment risk, but the independent directors are positively and significantly correlated to investment risk, while female directors are not associated with investment risk. Furthermore, the financial holding has a positive moderating effect on the firm's total risk and the directors' education level. The findings have practical implications for the business decisions of life insurers, and provide the competent authorities with a reference for the operation of the board of directors and risktaking, so as to facilitate the sustainable operation of insurers.