我國壽險業投資組合與投資績效分析之研究

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Title:	我國壽險業投資組合與投資績效分析之研究
Other Titles:	An empirical study of the relationship between investment portfolio and investment performance of life insurance industry in Taiwan
Authors:	李佩珍;Lee, Pei-chen
Contributors:	淡江大學會計學系碩士在職專班林谷峻;Lin, Ku-jun;謝宜樺;Hsieh, Yi-hua
Keywords:	資金運用;投資組合;投資績效;財會三十四號公報;utilization of investment fund;investment portfolio;investment performance;The financial accounting standard statement No.34
Date:	2009
Issue Date:	2010-01-11 04:30:53 (UTC+8)
Abstract:	本研究旨在探討壽險業資金運用下投資組合與投資績效之關聯性，更進一步探討壽險公司在財會三十四號公報發佈前後的投資組合對投資績效之影響。本研究採用中華民國人壽保險商業同業公會編印之「人壽保險業務統計年報」及保險業務發展基金管理委員會發行之「保險年鑑」，以民國九十年至民國九十七年度的年資料對台灣整個壽險業進行研究，並分別以相關分析及迴歸分析驗證本假說。研究結論發現壽險業的資金運用與投資績效呈現正相關，壽險業資金運用下之投資組合對於投資績效有顯著性影響，臆測壽險業追求較高投資績效時，應著重於國外投資及擔保放款，並降低受益證券及其他有價證券等投資部位，另以財會三十四號公報發佈時點為分水嶺進行實證研究中發現，在財會三十四號公報之會計原則下，資金運用的投資組合確實對投資績效造成顯著性差異，壽險業在追求較高的投資績效時，應提高擔保放款與專案放款及公共投資，另降低國外投資與受益證券等投資部位，惟追求高投資報酬時，是否更要重視投資部位潛藏的風險。 This paper examines the correlation between the utilization of investment fund in various portfolio and investment performance in life insurance companies. We further exam the performance before and after the issuance of the financial accounting standard statement No.34, to decide the influence of statement No. 34 on those performances. This data was from Taiwan Insurance Institute and The Life Insurance Association of the Republic of China, dated 2001 to 2008. Target on Taiwanese insurance companies, we perform the empirical analysis such as correlation analysis and regression analysis, and find the empirical evidence to support the model we constructed. We conclude that utilizations of investment fund are significant influence on investment performance throughout the Taiwanese insurance industry. To have better investment performance, we suggest that life insurance companies should pursue Foreign Investments and Mortgage Loans. To reduced Benefit Certificates and Others. We also found the issuance of financial accounting standard statement No.34 has significant influence on investment performance under certain investment portfolio. We suggest that life insurance companies should pursue Mortgage Loans and Authorized Projects or Public Investment. To reduced Foreign Investments and Benefit Certificates.
Appears in Collections:	[Graduate Institute & Department of Accounting] Thesis

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