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系統識別號 U0026-1107201223584600
論文名稱(中文) 衍生性金融商品的使用量與保險公司組織結構、規模大小之間的關係探討:以英國壽險為證
論文名稱(英文) The Relation between the Derivative Use, Organizational Form, and Firm Size: Evidence from the United Kingdom Life Insurance Company
校院名稱 成功大學
系所名稱(中) 國際企業研究所碩博士班
系所名稱(英) Institute of International Business
學年度 100
學期 2
出版年 101
研究生(中文) 陳聖茵
研究生(英文) Sheng-Yin Chen
學號 R66991125
學位類別 碩士
語文別 英文
論文頁數 36頁
口試委員 指導教授-劉佳玲
口試委員-許永明
口試委員-張紹基
口試委員-康信鴻
口試委員-劉宗其
中文關鍵字 衍生性金融商品  組織結構  規模大小  非平衡縱橫資料 
英文關鍵字 Derivative use  Organizational form  Firm size  Unbalanced panel data 
學科別分類
中文摘要 這篇研究的主要目的是要探討衍生性金融商品的使用量與保險公司組織結構的關係以及使用量與公司規模大小的關係,而此結果對於保險業的經營是會具有重大影響的。影響保險業決策的兩個主要人物為保險公司擁有者與經營管理者,如何在風險暴露極小的前提下達到公司價值及利益極大化是其主要目標,故利用公司之組織結構與規模大小來判斷其在市場上是否會較傾向進行風險性活動進而去決定其衍生性商品的使用量。
本文考慮兩個相互關係 (1)公司組織結構與衍生性金融商品使用量 (2)公司規模大小與衍生性金融商品之使用量之間的相互關係。本研究利用1994年至2010年英國壽險業之非平衡縱橫資料(unbalanced panel data)作為研究樣本並將所有變數資料都落後一期以減輕內生性對變數之間所帶來的影響,之後利用多變量迴歸分析,並引用隨機效果模型來檢測衍生性金融商品之使用量、公司組織結構、和公司規模大小三者之間的關係。研究結果顯示,保險公司之組織規模對於衍生性金融商品之使用量並無顯著影響;而保險公司之規模越大會傾向進行較多的風險性活動進而使用較多的衍生性金融商品來避險。
英文摘要 The purpose of this paper is to analyze (1) the relationship (positive or negative) between derivative uses, firm size; (2) the relationship between derivative use and organizational form. And it is important to study these two relations because as two main components of the insurance industry which are owners and managers, the insurance companies’ organization and size of the insurance companies are two variables that can affect their decision-making process on derivative use.
To mitigate the endogenous problem of firm size and organizational form in my regression model, I use one-year lagged data of all explanatory variables, including main variables and control variables. Then I use multiple regression analysis and employ a random effect model of panel data to examine the relation between dependent variable and explanatory variables. Data are obtained from SynThesys Life database, including 370 U.K. life insurance companies. I find positive relation between firm size and derivative use and is significantly related under 0.01 level, and about another main explanatory variable, organizational form, the result shows a postive relation with dependent variable which is also supported by many researches but lack of significance.
論文目次 中文摘要 I
ABSTRACT II
CHAPTER 1. Introduction 1
1.1 Motives 1
1.2 Overview of the sample 3
CHAPTER 2. Literature Review and Hypothesis 12
2.1 Organizational form 12
2.2 Firm size 15
CHAPTER 3. Data and the Methodology 17
3.1 Sample and data collection 17
3.2The Methodology and Model 17
3.3 Variables 19
CHAPTER 4. Empirical Results 24
4.1 Univariate analysis 24
4.2 Multivariate Analysis 28
CHAPTER 5. Discussion and Conclusion 32
5.1 Extreme value 32
Reference 34
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