跳到主要內容

臺灣博碩士論文加值系統

(216.73.216.208) 您好!臺灣時間:2025/10/02 17:04
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果 :::

詳目顯示

我願授權國圖
: 
twitterline
研究生:賴宜鴻
研究生(外文):Yi-Hung Lai
論文名稱:美國保險業之財務政策與公司績效之關係
論文名稱(外文):The Relationship Between Financial Policy and Firm Performance in the U.S. Insurance Industry
指導教授:王友珊王友珊引用關係
指導教授(外文):Yu-Shan Wang
學位類別:碩士
校院名稱:國立高雄第一科技大學
系所名稱:金融系碩士班金融組
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2013
畢業學年度:101
語文別:中文
論文頁數:44
中文關鍵詞:股利支付率縱橫平滑移轉模型公司績效
外文關鍵詞:Firm performancePanel threshold regression modelDividend payout ratio
相關次數:
  • 被引用被引用:0
  • 點閱點閱:228
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
本文採用Gonzalez et al.(2005)進階的縱橫平滑移轉模型探討股利支付率和公司績效是否有門檻效果與非線性之關係,具體而言,本文使用股利支付率為門檻變數當作公司財務政策,檢測最佳門檻值使公司績效極大化。本文實證結果顯示股利支付率為門檻變數時確實有最佳門檻值存在和Modigliani and Miller (1961) 提出股利政策無關論不相符。實證結果指出美國保險公司在財務政策上面,可以使用縱橫平滑移轉模型檢測出最佳股利支付率,使公司績效極大化,並且以改善財務問題為目標。本文的主要貢獻在於透過進階計量模型,協助美國保險公司決策最適的股利發放率,裨益公司績效之增進。
This article applied Gonzalez et al.Panel Smooth Transition Regression Model and whether firm performance has nonlinear effect or not. Speaking specifically, this article utilized dividend payout ratio as transition and regarded it as a firm financial policy. To investigate the best transition maximizing a company''s effect. This document confirmed that when dividend payout ratio is the transition, there is a best transition indeed, thus it was unmatched to Modigilani and Miller''s Dividend Irrelevance Theory. And the end demonstrated that American''s insurance companies could apply and Panel Smooth Transition Regression Model to find out the optimal payout ratio which to achieve maximization of corporate performance and improve financial structure as a goal. The main contribution of the article is to assist American insurance companies to adopt the most appropriate dividend payout ratio enhancing companies'' effect.
摘要 i
Abstract ii
誌謝 iii
目錄 iv
表目錄 v
圖目錄 vi
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 6
第三節 研究貢獻 6
第二章 文獻回顧 7
第三章 研究方法 13
第一節 研究模型 13
第二節 縱橫平滑移轉模型設定 16
第四章 實證結果與分析 19
第一節 資料來源與變數定義 19
第二節 變數說明 19
第三節 敘述性統計 22
第四節 實證設計與結果分析 23
第五章 結論 26
參考文獻 29
中文文獻
田小慧(2013),「台灣電子業員工現金分紅適當嗎?」,朝陽科技大學會計系研
  究生。
李沃牆(2010),「成交量、未平倉量及波動率對期貨報酬率之關聯分析-縱橫平滑
移轉迴規模型之應用」,台灣期貨與衍生性商品學刊,第1-31頁。
林欣逸(2012),「台灣壽險監理機制風險與獲利平衡關係」,國立高雄第一科技大
學金融所研究生。
林鳳麗和廖育旻(2010),「台灣上市公司自由現金流量與營收成長是否影響公  
  司績效?縱橫門檻迴規模型之運用」,會計與公司治理,第7卷,第1期,第1-30 
  頁。
徐俊清和吳麗琴(2004),「產險業獲利因素之分析研究」,遠東學報,第21卷,
  第2期,第279-292頁。
曾曉萍(2007),「保險業的風險承擔-以門檻迴規模型與極值理論檢驗」,國立中
  山大學財務管理研究所博士論文。
游治平(2009),「美國保險業之財務政策與公司績效關係之研究」,逢甲大學商
  學博士學位學程博士論文 。
葉春岑(2002),「資訊不對稱與可支配現金流量對股利政策影響之研究」,中央
  大學企業管理學系博士班研究生。
楊惠文(2010),「G7石油價格與民間消費支出之關聯性- 應用縱橫平滑移轉門檻模
型」,國立高雄第一科技大學金融所研究生。
陳美菊(2009),「全球金融危機之成因、影響及因應」,經濟研究,第9期,第261-296
  頁。
中華保險業概況(2008)。台北市:財團法人保險事業發展中心。
中華保險業概況(2011)。台北市:財團法人保險事業發展中心。
英文文獻
Agrawal, A. and Jayaraman, N., (1994), The dividend policies of all-equity firms: A
  direct test of the free cash flow theory, Managerial and Decision Economics, 15(2), 139-148.
Agrawal, A. and Knoeber, C. R., (1996), Firm performance and mechanisms to control
agency problems between managers and shareholders, The Journal of Financial
and Quantitative Analysis, 31(3), 377-397.
Ahmed, N., Ahmed, Z. and Usman, A., (2011), Determinants of Performance: A Case of Life Insurance Sector of Pakistan, International Research Journal of Finance and Economics, 61, 123-128.
Akotey, J. O., Sackey, F. G., Amoah, L. and Manso, R. F., (2013), The financial performance of life insurance companies in Ghana, The Journal of Risk Finance, 14(3), 286-302.
Alam, M. Z. and Hossain, M. E., (2012), Dividend Policy: A Comparative Study of UK and Bangladesh Based Companies, Journal of Bussiness and Management, 1(1), 57-67.
Al-Malkawi, H.-A. N., Rafferty , M. and Pillai, R.,(2010), Dividend policy: a review of theories and empirical evidence, International Bulletin of Business Administration, 9, 7-18 .
Asmussen, S. and Taksar, M., (1997), Controlled diffusion models for optimal dividend
pay-out, Insurance: Mathematics and Economics, 20, 1–15.
Bathala, C. T., Moon, K. P. and Rao, R. P.,(1994), Managerial ownership, debt policy and the impact of institutional holdings:An agency perspective,Financial Management , 23, 38-50.
Baranoff Etti, G. and Sager, W. T., (2002), The Relations among Asset Risk,Product
Risk and Capital in The Insurance Industry, Journal of Banking and Finance, 26,
1181-1197.
Borch, K., (1969), The capital structure of a firm, Swedish Journal of Economics, 71,
1-13.
Charumathi, B., (2012), On the Determinants of Profitability of Indian Life Insurers – An Empirical Study, Proceedings of the World Congress on Engineering, 1, 978-988.
Chen, M., Peng, X. and Guo, J., (2013), Optimal dividend problem with a nonlinear regular-singular stochastic control, Mathematics and Economics, 52, 448-456.
Chung, K. H. and Pruitt, S. W., (1994), A simple approximation of Tobin’s Q,Financial
Management, 23(3), 70-74.
Colletaz, G. and Hurlin, C., (2006), Threshold effects in the public capital productivity: an international panel smooth transition approach, University of Orleans. Working paper.
De Finetti, B., (1957), Su un’impostazione alternativa della teoria collettiva del Rischio, In: Transactions of the XVth International Congress of Actuaries, 2, 433–443.
Demsetz, H. and Villalonga, B., (2001), Ownership structure and corporate performance Journal of Corporate Finance, 7, 209-233.
Easterbrook, F. H., (1984), Two agency-cost explanations of dividends,          
  American Economic Review, 74, 650-659.
Fama, E. F., (1974), The empirical relationships between the dividend and investment
  decisions of firms, American Economic Review, 64, 304-318.
Fama, E. F. and French, K. R., (1998), Taxes, financing decisions, and firm value,
  The Journal of Finance, 53, 819-843.
Fama, E. F. and French, K. R., (2001), Disappearing dividends: Changing firm
  characteristics or lower propensity to pay?, Journal of Financial Economics,
  60, 3-43.
Fama, E. and Jensen, M. C., (1983), Separation of ownership and control,Journal of
  Law and Economics, 26, 301-325.
Formisano, R. A., (1978), Dividend decisions and the structure of the life insurance industry, Journal of Business Research, 6, 329–344.
Fouquau, J., C. Hurlin and Rabaud, I., (2008), The feldstein-horioka puzzle: a panel smooth transition regression approach, Economic Modelling, 25, 284-299.
Gerber, H.U., (1972), Games of economic survival with discrete and continuous
income processes, Operations Research, 20, 37-45.
Gitman, L. J., (2009), Principles of managerial finance. 12th edn. Boston ; London : Pearson Prentice Hall.
Gonzalez, A., TerAasvirta, T. and Dijk, D., (2005), Panel smooth transition regression model and an application to investment under credit constraints, Working Pager Series in Economic and Finance, 604.
Gordon, M., (1959), Dividends, earnings and stock prices, Review of Economics and Statistics, 41, 99-105.
Grace, M. F. and Timmc, S. G. (1992), An Examination of Cost Economics in The
  US Life Insurance Industry, Journal of Risk and Insurance, 59, 72-103.
Granger, C. W. J. and TerAasvirta, T., (1993), Modelling nonlinear economic relationships, Oxford University Press.
Gron, A. and Lucas, D., (1995), External financing and insurance cycles, NBER
  Working Paper No. 5229.
Grullon, G., Michaely, R., Benartzi, S. and Thaler, R. H., (2003), Dividend changes do not signal changes in future profitability, Working Paper, University of Chicago
and the NBER.
Gupta, A., and Banga, C., (2010), The determinants of dividend policy, Indian Instituteof Management Calcutta, 37(2), 63-77.
Hansen, B. E., (1999), Threshold effects in non-dynamic panels: Estimation, testing
  and inference, Journal of Econometrics, 93, 345-368.
Hardin, W., and Hill, M. D., (2008), REIT Dividend Determinants: Excess Dividends and Capital Markets, Real Estate Economics, 36(2), 349–369.
Harrington, S. E., (1981), Stock life insurer shareholder dividend policy and holding company affiliation. Journal of Risk and Insurance, 48, 550–576.
He, Lin. and Liang, Z., (2007)., Optimal financing and dividend control of the insurance company with proportional reinsurance policy, Insurance:Mathematics and Economics, 42, 976-983.
He, L. and Liang, Z.X., (2008), Optimal financing and dividend control of the insurance
company with proportional reinsurance policy, Insurance: Mathematics and Economics, 42, 976–983.
He, L. and Liang, Z., (2009), Optimal financing g and dividend control of the insurance company with fixed and proportional transaction costs, Mathematics and Economics, 44, 88-94.
Higgins, R. C., (1972), The corporate dividend-savings decision, Journal of Financial
and Quantitative Analysis, 7, 1527-1541.
Himmelberg, C., Hubbard, R. and Palia, D., (1999), Understanding the determinants
  of managerial ownership and the link between ownership and performance,
  Journal of Financial Economics, 53, 353-384.
Jeanblanc-Picque, M. and Shiryaev, A.N., (1995), Optimization of the flow of dividends, Russian Mathematical Surveys, 50 (2), 57–77.
Jensen, M. C.,(1986), Agency Costs of Free Cash Flow,Corporate Finance, and Takeovers, American Economic Review, 76(2), 323-329.
Jensen, M. C. and Murphy, K. J., (1990), Performance pay and top-management
Incentives, Journal of Political Economy, 98 (4), 225-264.
Jensen, G. R., Solberg, D. P. and Zorn, T. S., (1992), Simultaneous determination of
  insider ownership, debt, and dividend policies, Journal of Financial and
  Quantitative Analysis, 27, 247-263.
Klein,R.W., (2009), The Future of Financial Monitoring of Insurance Companies in the U.S., Associate professor of risk management and insurance and is director of the Center for Risk Management and Insurance Research at Georgia State University.
Liang, z. and Huang, j., (2011), Optimal dividend and investing control of an insurance
company with higher solvency constraints, Mathematics and Economics, 49(3),
501-511.
Linter, J.,(1959), Distribution of incomes of corporations among dividends, retained earnings and taxes, American Economic Review, 46, 97-113.
Lokka, A. and Zervos, M., (2008), Optimal dividend and issuance of equity policies in the presence of proportional costs, Insurance: Mathematics and Economics, 42 (3), 954–961.
Lundbergh, S., TerAasvirta, T. and Dijk, D. V., (2003), Time-varying smooth transition autoregressive models, Journal of Business and Economic Statistics, 21, 104-121.
Luukkonen, R., Saikkonen, P. and TerAasvirta, T., (1988), Testing linearity against smooth transition autoregressive models, Biometrika, 75, 491-499.
Mak, Y. T. and Kusnadi, Y., (2005), Size really matters: further evidence on the
  negative relationship between board size and firm value, Pacific-Basin
  Finance Journal, 13, 301-318.
McCabe, G. M., (1979), The empirical relationship between investment and financing:A new look, Journal of Financial and Quantitative Analysis, 14,
  119-135.
Mehran, H., (1995), Executive compensation structure, ownership, and firm
  performance, Journal of Financial Economics, 38, 163-184.
Meng, H. and Siu, T.K., (2011), On optimal reinsurance, dividend and reinvestment
Strategies, Economic Modelling, 28, 211–218.
McConnell, J. J. and Servaes, H., (1990), Additional evidence on equity ownership
  and corporate value, Journal of Financial Economics, 27, 595-612.
Miller, M. H. and F. Modigliani., (1961), Dividend policy, growth, and the value of
  Shares, Journal of Business, 34, 411-433.
Modigliani, F. and Miller, M. H., (1958), The cost of capital, corporate finance, and
  the theory of investment, American Economic Review, 48, 261-297.
Modigliani, F. and Miller, M. H., (1963), Corporate income taxes and the cost of
  capital: A correction, American Economics Review, 53, 433-443.
Myers, S. C. and Majluf, N. S., (1984), Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, 13(2), 187-222.
Papadopoulo, D. L. and Charalambidis, D. P., (2007), Focus on present status and determinants of dividend payout policy: Athens stock exchange in perspective, Journal of Financial Management and Analysis, 20(2), 24-37.
Peng, X., Chen, M. and Guo, J.,(2012), Optimal dividend and equity issuance problem
with proportional and fixed transaction costs, Insurance: Mathematics and Economics, 51, 576–585.
Peterson, P. P. and Benesh, G. A., (1983), A reexamination of the empirical relationship between investment and financing decisions, Journal of Financial and Quantitative Analysis, 18(4), 439-453.
Scordis, N. and Pritchett, S., (1998), Policyholder dividend policy and the costs of managerial discretion, Journal of risk insurance, 65, 319-330.
Smirlock, M. and Marshall, W., (1983), An examination of the empirical relationship between the dividend and investment decisions: A note, Journal of Finance, 38, 1659-1667.
Smith, C. W. and Warner, J., (1979), On the financial contracting: an analysis of bond covenants, Journal of Financial Economics , 7, 117-161.
Smith, C. W. Jr. and Watts, R. L., (1992), The investment opportunity set and corporate
financing, dividend, and compensation policies, Journal of Financial Economics, 32, 263-292.
Tang, C. H. H. and Jang, S. S., (2007), Revisit to the Determinants of Capital Structure:A Comparison Between Lodging Firms and Software Firms, International Journal of Hospitality Management, 26(1), 175-187.
TerAasvirta, T., (1994), Specification, estimation, and evaluation of smooth transition autoregressive models, Journal of the American Statistical Association, 89, 208–218.
Tobin, J. and Brainard, W., (1968), Pitfalls in financial model building, American Economic Review, 58(2), 99-122.
Zou, H., Yang , C., Wang, M. and Zhu, M., (2009), Dividend decisions in the property and liability insurance industry: mutual versus stock companies, Review of Quantitative Finance and Accounting, 33(2) , 113-139.
Zhou, M. and Yuen, K., (2012), Optimal reinsurance and dividend for a diffusion model
with capital injection: variance premium principle, Economic Modelling, 29 (2), 198–207.
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top