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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/53861


    Title: 論股權結構及效率之關係：以美國相互壽險公司股權轉換為例
    Other Titles: Ownership Structure and Efficiency: Life Insurer Demutualizations in U.S.
    Authors: 鄭士卿
    Contributors: 政治大學風險管理與保險系
    行政院國家科學委員會
    Keywords: 效率;股權結構;相互公司轉型;壽險
    Efficiency;Ownership Structure;Demutualization;Life Insurance
    Date: 2002
    Issue Date: 2012-10-22 15:43:41 (UTC+8)
    Abstract: 本研究旨在探討美國壽險公司的效率改變，特別是壽險公司為何由相互公司形態轉變為股票公司形態。 本研究延伸過去的文獻，對壽險公司轉變股權形態提供不同的觀點。本研究利用兩種效率前緣的方法來衡量效率的變化: 一為資料包絡法（DEA）來衡量公司的成本效率及組成成本效率的兩項因子， 另一為Malmquist 指數分析法，以估計轉型保險公司效率及生產力的變化。最近的文獻（e.g. Mayers and Smith,1986）以效率假說及侵占假說來解釋相互保險公司轉型的原因，其中效率假說說明相互壽險公司之所以轉型，是因其意圖改善公司之營運狀況。利用兩種投入／產出的衡量方法──附加價值法及金融仲介法，我們發現相互保險公司轉型的原因，是在於利用資本市場的管道來改善公司的效率。 因此，本研究結果與效率假說一致。 此外，本研究結果也表示此兩種投入／產出的衡量方法在效率分析的研究上都佔有重要的地位。
    Th is paper examines the efficiency changes of U.S. life insurers. The purpose of this paper is to investigate why life insurers changed ownership structure from mutual form to stock form. Our study extends previous literature by providing different perspectives to life insurers that changed ownership structure. Our paper improves previous method by using the frontier approaches to measure the efficiency changes. We use the data envelopment analysis (DEA) and measure the cost efficiency of the firms and its two components. Recent literature (e.g. Mayers and Smith, 1986) suggests two competing hypotheses to explain why mutual insurers convert: the efficiency hypothesis and the expropriation hypothesis. By adopting both the value-added and the financial intermediary approach, we find that firms demutualize in order to improve their efficiency through access to the financial markets. Our results thus are consistent with the efficiency hypothesis. We conclude that both approaches in the input/output analysis provide important insights on the efficiency issue.
    Relation: 應用研究
    學術補助
    研究期間:9108 ~ 9207
    研究經費:355仟元
    Data Type: report
    Appears in Collections:[風險管理與保險學系] 國科會研究計畫

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