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研究生:何珮琪
研究生(外文):Pei-Chi Ho
論文名稱:公司治理與壽險業績效風險關聯性之研究
論文名稱(外文):Analysis of Corporate Governance, Performance and Risk-taking Behavior in Taiwan Life Insurance
指導教授:周國端周國端引用關係
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:財務金融學研究所
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:2004
畢業學年度:92
語文別:英文
論文頁數:56
中文關鍵詞:資訊揭露與透明度股權結構壽險業公司治理
外文關鍵詞:Life InsuranceCorporate GovernanceOwnership Stru
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This thesis seeks to add to understanding of corporate governance framework by analyzing the relationship between ownership structure, corporate transparency and disclosure, firm performance and risk-taking behavior in Taiwan life insurance companies. There are four important findings: 1) the performance of life insurance companies are positive related to controlling shareholdings and management ownership while the risk-taking behavior (leverage level) are negative related to them, supporting the convergence-of-interest effects. 2) the results show Taiwan life insurance companies are still not very transparent, but it offers evidence that good corporate transparency and disclosure can reduce reserving cost effectively. 3) there is no explicit correlation between transparency & disclosure and ownership structure. 4) the firm-specific characters such as new or old, subsidiary of financial holding companies or not, would strongly affect the firm performance and risk-taking behavior.
1 INTRODUCTION 1
2 LITERATURE REVIEW 5
2.1 AGENCY PROBLEM AND OWNERSHIP STRUCTURE 5
2.2 INFORMATION ASYMMETRY AND TRANSPARENCY & DISCLOSURE 7
3 HYPOTHESIS DEVELOPMENT 10
3.1 CONVERGENCE-OF-INTEREST EFFECT 10
3.2 ENTRENCHMENT EFFECT 10
3.3 SIGNALING EFFECT 11
4 DATA AND METHODOLOGY 12
4.1 SOURCE DOCUMENTATION 12
4.2 EMPIRICAL MODEL 13
4.3 VARIABLE DESCRIPTION 13
4.3.1 Performance / Risk proxy 13
4.3.2 Independent Variables 15
4.4 PANEL DATA ANALYSIS 20
4.4.1 Model Construction 20
4.4.2 Model Tests 22
5 EMPIRICAL RESULTS 26
5.1 SIMPLE STATISTICS 26
5.2 REGRESSION ANALYSIS 29
5.2.1 Regression results on performance proxy 29
5.2.2 Regression results on risk proxy 31
5.3 TRANSPARENCY AND DISCLOSURE ANALYSIS 37
5.3.1 Transparency & Disclosure scores 37
5.3.2 Differences in T&D by foundation era and FHC 40
5.3.3 Trends in Transparency &Disclosure 42
5.3.4 Relation between T&D types and performance / risk 44
5.3.5 Ownership structure and Transparency & Disclosure 45
6 CONCLUSIONS 47
APPENDIX 50
REFERENCES 54
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