泰國產險業的公司治理與費用的實證研究Controlling Expenditures of Non-Life Insurers by Corporate Governance in Thailand

摘要
　　發生於1997年的亞洲金融海嘯造成泰國重大損失，而許多研究都發現公司治理不佳是造成泰國發生金融海嘯的重要原因之一，此後泰國政府針對公司治理問題就上市公司發動改革，本文檢驗泰國上市產險公司2000至2008年公司治理與營業費用的關係，實證結果顯示公司治理的特性影響保險人的費用，其中董事任期、審計委員會的規模、開會頻率與財務會計專家的比重與費用呈正相關；而董事會的規模與董事的獨立性、開會次數及董事的平均年齡則與費用呈負相關。
關鍵詞：公司治理、產險業費用、產險公司
Abstract
　　Corporate governance is an important mechanism for controlling agency costs. This paper investigates the association between the characteristics of corporate governance and the expenditures of public Thai non-life insurers, covering the period of 2000-2008. Fixed and random effects are used to test the relation between those characteristics and its expenditures. The empirical results reveal that the characteristics of corporate governance can affect an insurer’s expenditures. In particular, board tenure, audit committee size, audit committee meeting frequency, and the proportion of financial expertise on an audit committee are in general related to higher expenditures. On the contrary, board size, board independence, board meeting frequency, and board age are associated with lower expenditures.
Keywords: corporate governance, expenditures, non-life insurer