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研究生:張嘉伶
研究生(外文):Chia-Ling Chang
論文名稱:保險業保單取得成本與未來保費收入之關聯性研究
論文名稱(外文):Associaiton of DAC and Future Premiums of Insurance Firms
指導教授:劉啟群劉啟群引用關係
指導教授(外文):Chi-Chun Liu
口試委員:廖懿屏林純央
口試委員(外文):Yi-Ping LiaoChun-Yang Lin
口試日期:2014-06-17
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:會計學研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2014
畢業學年度:102
語文別:英文
論文頁數:40
中文關鍵詞:保單取得成本保單收入資訊內涵保險會計
外文關鍵詞:Deferred acquisition costpremium incomeinformation contentinsurance accounting
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本論文以台灣保險業為研究對象,探討遞延保單取得成本對於未來保費收入的影響。劉啟群與廖懿屏(2012)的研究發現保單取得成本的資本化較費用化更能解釋公司價值與未來現金流量。由於目前台灣遵循國際會計準則,將保單取得成本費用化,本論文假設將保單取得成本資本化,並且在後續期間攤銷,運用回歸分析檢視遞延保單取得成本與未來保費收入之關係。研究結果指出遞延保單取得成本與未來保費收入高度正相關,當公司支出越多保單取得成本,能夠在未來期間帶來更多保單收入。此結果與之前劉啟群與廖懿屏(2012)的研究結果一致。

公司特質會影響公司營運效率或是支出保單取得成本的形式,本論文進一步探討公司特質(風險資本、公開發行、規模、產品、金控)如何影響保單取得成本和未來保費收入的關聯性。研究結果指出除了產品之外,風險資本、公開發行、規模和金控都顯著影響保單取得成本和未來保費收入的關聯性。本研究提供遞延保單取得成本有價值攸關性的間接證據,但考量本研究樣本期間和樣本數量限制,若未來能克服這兩項因素,實證結果將予以改善。


This study investigates association between deferred acquisition costs (DAC) and future premiums. Moreover, firm characteristics (RBC ratio, whether they are classified as public or private, Asset size, Insurance products sold and whether they are affiliated with Financial Holdings Groups) are identified to test whether they have impacts on association of DAC and future premiums. The paper extends prior research of Liu et al. (2012), which studies the relevance of acquisition costs under asset capitalization method, direct expensing method, and indicates that capitalization approach is more useful in predicting a firm’s value and future cash flows. Samples of domestic insurance firms in Taiwan from 2008 to 2012 were used as references.
The results show significant positive relationship between DAC and future premiums. Furthermore, firm characteristics such as RBC ratio, whether they are classified as public or private, asset size, and whether they are affiliated with financial holdings groups have significant impacts on association of DAC and future premiums. Moreover, this study provides indirect evidence of value relevance of DAC. If more data are available in the future, test of value relevance of DAC can be improved and further tested.


1.Introduction 1
2.Institutional Background of Deferred Acquisition Costs 3
3.Prior Literature Review and Hypotheses Development 6
4.Research Design 13
4.1 Sample Selection and Data Characteristics 13
4.2 Empirical Models and Definition of Variables 17
5.Empirical Results 20
5.1 Descriptive Statistics 20
5.2 Empirical Results and Analyses 28
5.3 Additional Test 31
6.Conclusions 36
7.References 38


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