Journal of the Korea Academia-Industrial cooperation Society (한국산학기술학회논문지)

The Korea Academia-Industrial cooperation Society (한국산학기술학회)
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The Effect on the Value of the Life Insurance company by Using Derivatives

파생상품사용이 생명보험회사의 기업가치에 미치는 영향

  • Received : 2011.05.04
  • Accepted : 2011.07.07
  • Published : 2011.07.31
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Abstract

The puporse of this research is to analyze the impacts of derivatives to firm value. The sample of this research consists of 20 domestic life insurance companies and the duration of the research is the year between 2002 and 2009. And multi-regression analysis by cross-sectional analysis approach is used for the entire sample in this study. The result of the research indicates the impact of derivatives use on the value of the firm, which was the original focus of this study, is insignificant. And firm value increases as the leverage, rate of return on a loan, the ratio of product for annuity and the ratio of expense decrease.

본 연구는 파생상품사용이 국내생명보험회사의 기업가치에 미치는 영향을 분석하였다. 국내에서 영업중인 20개 생명보험회의 2002년부터 2009년까지 자료를 사용하여 전체표본에 대한 횡단면분석법으로 접근하였으며 다중회귀 분석모형을 사용하였다. 분석 결과로 파생상품사용액은 기업가치에 미치는 영향이 유의하지 않았으며 레버리지, 대출 수익률, 저축성상품 구성비율, 사업비용 비율이 감소할 수록 기업가치가 증대하는 것으로 나타났다.

Keywords

References

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