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    Title: CEO更迭對美國產險業之風險承擔與再保險需求之研究
    Other Titles: The Impact of Ceo Turnover on Risk Taking and Reinsurance Demand in the U.S. Property Casualty Insurance Industry
    Authors: 何佳玲
    Contributors: 淡江大學保險學系
    Keywords: CEO 更迭;風險承擔;再保險需求;沙賓法案;金融危機;CEO Turnover;Risk Taking;Reinsurance Demand;SOX Act;Financial Crisis
    Date: 2012-08
    Issue Date: 2015-05-06 11:08:08 (UTC+8)
    Abstract: 公司治理之研究議題在近十年來備受關注,特別是在經歷金融危機之後,公司治 理之相關研究於學術研究上已成為重要的議題之一。公司治理之良窳決定公司經營成敗 之關鍵,適切的公司治理對於股東、債券持有人、債權人、員工等之利害關係人極具重 大之影響力。更為甚者,公司治理之完善與否可能對當今之金融市場與經濟情勢造成影 響。顯而易見的,始於2008 年的金融危機即為最具代表性的實例。 本研究計畫著重於公司治理的主要關鍵因素:CEO 更迭。本研究包括兩部分:其 一為探究CEO 之更迭對風險承擔之影響,其二為探究CEO 之更迭對再保險需求之影 響。 第一年之研究計畫為探究 CEO 之更迭對風險承擔之影響-美國產險業之實證研究。 CEO 在公司決策過程中扮演中心者的重要角色,如CEO 更迭其新任CEO 可能對公司風 險承擔行為造成影響,如擬維持原有風險承擔行為(如核保準則)抑或是改變其風險承擔 行為?本文將完整考量多面向的風險衡量指標:如整體風險、核保風險、投資風險與槓 桿風險。此外將探討在2002 年SOX Act 沙賓法案通過前與通過後,CEO 之更迭是否影 響公司風險承擔行為?另探討在2008 年金融危機發生前與金融危機發生後,CEO 之更 迭是否影響公司風險承擔行為?本研究是以風險為主要經營業務之財產保險業為研究 對象,預期研究成果將政策意涵提供保險業有關公司治理重要議題CEO 更迭與風險承 擔行為之影響作為公司重要決策之參考依據。 第二年之研究計畫將探究 CEO 之更迭對再保險需求之影響-美國產險業之實證研 究。再保險為保險業移轉風險最為傳統且普遍採行的方式,再保險之需求對產險業經營 之影響甚鉅,特別是對保險公司承保能量、整體獲利與未來清償能力。公司治理議題之 重要核心人物CEO,於產險業經營決策過程中扮演中心者的重要角色,因此有關CEO 更迭其新任CEO 可能對公司再保險需求造成影響,如擬維持原有再保險需求計畫抑或 是改變其再保險需求之行為,為本研究之主要內容。為進一步了解再保險需求係源自於 集團內或集團外之再保險所可能造成的影響,因此本文將再保險需求區分為來自集團內 的再保險需求或是來自集團外之再保險需求分別探討,如再保險係來自集團內則對整個 集團風險移轉的效果將可能減緩,除上述外另將考量多面向的風險衡量指標:如整體風 險、核保風險、投資風險與槓桿風險等。此外將探討在2002 年SOX Act 沙賓法案通過 前與通過後,CEO 之更迭是否影響公司再保險需求之行為?另探討在2008 年金融危機 發生前與金融危機發生後,CEO 之更迭是否亦影響公司再保險需求之行為?本研究是以 風險為主要經營業務之財產保險業為研究對象,預期研究成果將政策意涵提供保險業有 關公司治理重要議題CEO 更迭與再保險需求之影響作為重要決策之參考依據。
    Corporate governance has gained much attention in the last decade. It has become one of the most important topics in the academic research and “real world” after financial crisis. Appropriate corporate governance is critical to the success and/or failure of any firm. Thus, appropriate corporate governance has major impact on the stockholders, bondholders, creditors, employees, and other stakeholders. More important, corporate governance can have impact on the financial market and the economy in the world. Financial crisis starting 2008 was a good example. This project focuses on one important factor of corporate governance: CEO turnover. There are two parts of this project. First, we intend to examine the impact of CEO turnover on risk taking in the U.S. property casualty insurance industry. A new CEO can either maintain risk taking behavior such as underwriting standard or changes risk taking behavior of the firm. We will address different risk-taking behaviors from different perspectives. The risk-taking measures include total risk, underwriting risk, investment risk, and leverage risk. The project will also examine the impact of CEO turnover on risk taking behavior before and after the Sarbanes-Oxley Act (SOX). We also propose to analyze the impact of CEO turnover on risk taking during financial crisis in the U.S. property casualty insurance industry. The second part of the project will investigate the impact of CEO turnover on reinsurance demand in the U.S. property casualty insurance industry. Reinsurance is one of the most critical decisions of an insurance company because reinsurance can affect the companies’ profitability and solvency. We separate the demand for reinsurance from affiliated reinsurers or non-affiliated reinsurers. Moreover, we take into account various risk taking measures to control for reinsurance decision while the literature considers only one type of risk, underwriting risk. Similar to CEO turnover and risk taking behavior discussed above, we will examine whether the impact of CEO turnover on reinsurance demand is the same before and after SOX. Finally, this project will also examine the impact of CEO turnover on reinsurance demand before and during the financial crisis.
    Appears in Collections:[保險學系暨研究所] 研究報告

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