旻儒 發問時間: 商業與財經投資 · 1 0 年前

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摘要

利率變動風險對壽險業而言,不僅在對業務面(壽險商品結構)上有所影響,在財務面(即資金運用)上也有極大的關係。故利率變動會影響到壽險業的獲利情況,而近來壽險公司因環境之變遷而紛紛把規模擴大成為所謂的金融控股公司。因此本研究欲探討從2004年1月2日到2005年12月30日這段時間,利率的變動是否會進而反映到國內以壽險為主體之金融控股公司股票報酬?及利率變動對以壽險為主體之金融控股公司股票報酬影響的幅度。

本研究以二因子修正模型配合GARCH模型來分析利率變動對於以壽險為主體之金融控股公司股票報酬的影響,實證結果顯示出下列幾點:除了富邦金控外,利率變動對於其股票報酬的關係是負向關係,即當利率上升時,三家以壽險為主體之金控公司的股票報酬會下降。然而利率變動對於三家以壽險為主體之金控公司的股票報酬影響的幅度分別為新光金控受利率變動影響為最大,其次為國泰金控,富邦金控為最小。

關鍵詞:壽險業、金融控股公司、利率變動、GARCH模型

Keyword: Life Insurance Industry、Financial Holding Company、Interest Rate Change、GARCH model.

3 個解答

評分
  • 1 0 年前
    最佳解答

    Abstract

    The interest rate change risk speaking of the life insurance industry, not only in (life insurance commodity structure) on has the influence to the service surface, (namely utilization of capital) on also has the enormous relations in the financial surface. Therefore the interest rate change can affect to the life insurance industry makes a profit the situation, but recently the life insurance company but in abundance expands into vicissitude of because of environment the scale the so-called financial holding company. Therefore this research wants to discuss from January 2, 2004 to December 30, 2005 this period of time, whether the interest rate change does meet then reflects domestically to take the life insurance finance of holding company stock reward as the main body? And interest rate change to take life insurance finance of holding company stock reward influence as main body scope.

    This research coordinates the GARCH model take two factors revisions model to analyze the interest rate change regarding by the life insurance finance of holding company stock reward as the main body influence, the real diagnosis result demonstrates the following several points: Except rich nation Jin K'ungwai, the interest rate change regarding its stock reward relations is the negative direction relations, namely works as when interest rate rise, three control the company take the life insurance gold of as the main body the stock reward to be able to drop. However the interest rate change controls the company regarding three take the life insurance gold of as the main body the stock reward influence scope respectively be new light Jin K'ungshou the interest rate change influence for biggest, next controls for the country peaceful gold, rich nation Jin K'ungwei is smallest.

    Key word: Life insurance industry, financial holding company, interest rate change, GARCH model

    Keyword: Life Insurance Industry, Financial Holding Company, Interest Rate Change, GARCH model.

  • 10 年前

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  • 1 0 年前

    高手!!

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