Merger and Acquisition, Market Structure and Performance in Property-Liability Insurance: Evidence from the Taiwan Market

台灣產物保險公司併購、市場結構與經營績效

10.30003/JRM.200912.0002

張士傑(Shih-Chieh Chang)；黃雅文(Ya-Wen Hwang)；胡育寧(Yu-Ning Hu)

市場集中度 ； 核保利潤 ； 結構行為績效假說 ； 相對市場力量假說 ； Concentration ； Underwriting Profit ； SCP hypothesis ； RMP hypothesis

風險管理學報

11卷2期（2009 / 12 / 01）

151 - 170

英文

本研究探討台灣產物保險業在併購活動後市場結構之變化與產物保險公司經營之績效。文中分別應用赫芬德指數（Herfindahl Index）與核保利潤（Underwriting Profit）衡量市場集中度與經營績效指標，並採用結構行為績效假說（Structure-conduct-performance）與相對市場力量假說（Relative Market Power Hypothesis）分析2000年至2006年間市場結構與經營績效之關聯性。結構行為績效假說認為廠商之獲利主要取決於市場結構，故市場集中度與廠商獲利間存在正向關係；另一方面，相對市場力量假說則主張廠商獲利與市場集中度無關，與市場佔有率呈現正向關係。實證分析發現：台灣產物保險市場支持結構行為績效假說，但市場力量假說則不成立，市場集中度與產物保險公司核保利潤呈現顯著正向關係，其p值為0.004。亦即，產物保險業經歷併購活動後造成市場集中度上升，因此，併購活動對於經營績效之改善應有正面助益。

This study analyzes concentration effects of merger and acquisition in the Taiwan property-liability insurance industry. The correlation between market structure and underwriting performance are analyzed from 2000 to 2006 through testing structure conduct performance (SCP) hypothesis and relative market power (RMP) hypothesis. The SCP hypothesis anticipated that concentration is positively related to performance while the RMP hypothesis asserts that market share is positively related to performance. The numerical analysis shows that the SCP hypothesis holds for the Taiwan property-liability insurance industry while the RMP hypothesis is not confirmed. Concentration is positively related to underwriting performance with p-value of 0.4%. Higher concentration and positive concentration-performance correlation infer that the merger and acquisition activities have positive effects on firm performance.

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