臺灣博碩士論文加值系統

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。
本研究將影響因素分為二大類，包括（1）一般經營特質，與（2）股權結構兩方面之變數，並分別以1994-1999，以及1996-1999年之產壽險資料針對此兩類變數進行研究。一般經營特質方面的研究結果發現，不僅產險與壽險之現金持有量影響因素不同，外商公司與本土公司的影響因素亦有所差異，不論產險或壽險公司皆如此；且外商公司之現金持有量平均而言高於本土公司。此外，研究結果還發現公司的個體因素效果對現金持有量的影響是顯著的。
股權結構方面的研究結果亦顯示產險公司與壽險公司的影響因素有所不同，對壽險公司來說，股權集中度與董監事持股比率為其影響因素；而對產險公司而言，則只有主要經理人持股比率為現金持有量之影響因素。

Abstract
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.
The results demonstrate that the determinants of cash holdings are different between the domestic insurers and the branches of foreign insurers. It also indicates that insurance companies should pay attention to the agency conflict problem in their cash management. Another interesting finding is that the firm-specific character is an important determinant of cash holdings not only for life insurers, but also for property-liability insurers.

目錄 頁次
第一章 緒論 １
第一節 研究動機 １
第二節 研究目的 ３
第三節 研究範圍與資料來源 ４
第四節 研究限制 ７
第五節 研究架構與研究流程 ８
第二章 我國保險業現金持有量之概況與相關文獻回顧 １１
第一節 我國保險業現金持有量之概況 １１
第二節 企業持有現金之理由 １５
第三節 現金持有量之理論文獻 １６
第四節 現金持有量之實證文獻 １９
第五節 代理問題與現金持有量相關性之文獻探討 ２４
第三章 實證模型與研究方法 ２７
第一節 研究假設之提出 ２７
第二節 研究變數說明 ３１
第三節 實證模型建立 ３７
第四節 平均數T檢定與單變量統計分析 ４３
第五節 複迴歸模型與變數截距模型 ４４
第四章 實證結果（一）：壽險公司之實證分析 ４７
第一節 平均數T檢定與單變量統計分析 ４７
第二節 變數截距模型之模型選取 ５５
第三節 實證結果之綜合分析 ５８
第五章 實證結果（二）：產險公司之實證分析 ６７
第一節 平均數T檢定與單變量統計分析 ６７
第二節 變數截距模型之模型選取 ７４
第三節 實證結果之綜合分析 ７７
第六章 結論與建議 ８５
第一節 結論 ８５
第二節 後續研究之建議 ８９
參考文獻 ９１

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