保險是風險管理之重要機制，因此保險公司對經營之風險以及自身所面臨的風險都必須十分敏感，保險業如何透過公司治理與信用評等規範，以規避公司風險以增加公司績效成為一項重要議題。本研究以2004年至2012年台灣壽險業為研究對象，運用一般最小平方法(OLS)實證模型探討公司治理變數與信用評等對公司經營績效指標之資產報酬率(ROA)之影響。實證結果顯示信用評等、經理人持股比例、大股東持股比例、控制股東席次對壽險公司之經營績效存在正向影響，而董事會規模對壽險公司之經營績效存在反向影響，再者信用評等、經理人持股比例、大股東持股比例、董事會席次對資產報酬率皆呈現非線性關係。 Insurance is an important mechanism of risk management, and therefore insurers must be sensitive to the risks faced by their own. Increasing the company's performance Through credit rating as well as corporate governance has become an important issue of insurance industry. Using 2004 to 2012 annual data, this study applies ordinary least squares (OLS) to investigate the effects of credit rating and corporate governance on performance, that is, ROA of the life insurers in Taiwan. Empirical results show that a credit rating, the proportion of managers' stock, major stockholder, controlling shareholders’ seats have significantly positive effects on ROA of life insurance companies. In contrast, boards of directors’ size has negative on ROA. Furthermore, the results show that non-linear relationship between credit rating, managers ' stock, major shareholder's stock, and board of directors seats on the ROA.
