公司治理對產險公司經營績效影響之研究The Effects of Corporate Governance on Performance for theProperty and Casualty

摘要
　　本研究以1999年至2008年國內產險業為研究對象，運用Panel data實證模型探討公司治理對產險公司經營績效指標EPS、ROA與ROE之影響。實證結果顯示產險公司的經理人持股比例、控制股東席次與轉投資率對EPS及ROA存在正向影響，而董事會規模、董事長兼任總經理及參與管理則對EPS及ROA存在反向影響；另外，經理人持股比例與董事長兼任總經理亦影響產險公司之ROE，前者為正向的影響，後者為反向影響。本研究發現可作為產險業者與監理機關公司治理之參考。
關鍵詞：產險業、公司治理、經營績效、追蹤型資料
Abstract
　　Using 1999-2008 annual data, we apply panel data analysis to investigate the effects of corporate governance on performance such as EPS, ROA and ROE of the property and casualty insurers in Taiwan. The results show that management ownership, controlling shareholders and investment ratio have significantly positive effects on EPS and ROA. In contrast, boards of directors’ size, CEO duality, and management participation have negative and significant effects on EPS and ROA. In addition, we find that management ownership has significantly positive effects on ROE, and CEO duality has negative effects on ROE. This study will provide Taiwan’s property and casualty insurers and supervision institutions with references in corporate governance.
Keywords: property and casualty industry, corporate governance, performance, panel data