The Relationships Among the Demend for Reinsurance, Liquidity, and Leverage in the U.S. Property-Liability Insurance Industry

美國財產責任保險公司再保險、流動性及財務槓桿關係之分析

10.6277/TER.2016.444.1

張永郎(Vincent Y. Chang)；鄭士卿(Vivian S. Jeng)

demand for reinsurance ； liquidity ； leverage ； capital structure ； 再保險 ； 流動性 ； 財務槓桿 ； 資本結構

經濟論文叢刊

44卷4期（2016 / 12 / 01）

543 - 576

英文

Using pooled time-series and cross-sectional data from 1994 to 2006, we examine the interrelations among the demand for reinsurance, liquidity, and leverage in the U.S. property-liability insurance industry. Three structural equations are simultaneously estimated on the basis of a two-stage least squares paradigm. On the one hand, the empirical results indicate that insurers’ liquidity and reinsurance demand are substitutes for each other, and the same relationship is found for liquidity and leverage. On the other hand, our empirical findings support the fact that reinsurance demand and leverage are complementary.

本文採用1994－2006年結合時間序列與橫斷面資料分析美國財產責任保險公司再保險、流動性及財務槓桿之關係。本文採用二階段最小平方法來估計再保險需求、流動性及財務槓桿三條結構方程式。本文實證結果發現保險公司的再保險需求與流動性之間呈現替代的現象, 且流動性與財務槓桿之間亦呈現替代之關係。另外,本文亦發現再保險需求與財務槓桿之間的關係則為互補之現象。

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1. Yang, Melody H.,Chang, Vincent Y.,Yang, Melody H.,Chang, Vincent Y.(2016).Do Insurers Partially Adjust Their Liquidity toward Target Levels? Evidence from the U.S. Property-Liability Insurance Industry.財務金融學刊,24(1),103-136.
2. 張永郎(2015)。美國產物保險公司再保險決定因子：分量迴歸分析。管理評論，34(4)，41-57。