Acomparisonandanalysisofoff-shoredomicilesforfoundingacaptiveinsuranceindustry:anempiricalresearchtohightechnologyindustry/Mei-hsuanLi,Min-SunHorng,Li-HuaLai.

[[abstract]]本論文以動態財務方析之觀點與方法，建構動態衡量模型，作為全球十一大專屬保險公司設立地點的之設立決策指標。並以高科技產業為例，將高科技產業公司之損失模式化，考量各設立地點之環境因素，包含資本額、清償能力規定、投資報酬率、租稅、費用等，對各地點未來風險調整後報酬及經濟附加價值加以討論分析。本論文之研究方法是建構一個動態衡量模型，檢測高科技產業公司配適之損失分配模式，再進行動態模擬分析，並檢定各地點之風險調整後報酬及經濟附加價值是否具有差異性。 研究結果發現，風險調整後報酬之計算已考量營運風險及資本適足性，使得報酬率在風險調整後，更可解釋各情境下經濟資本需求、再保險計畫以及企業體的價值變化。研究顯示，各設立地點具有顯著的差異性。因此設立決策方面，應以企業組織本身需求及規模為考量前提，並宏觀分析企業整體風險，再考量不同地點之優劣條件，作為設立專屬保險公司之決策，以落實企業整體之風險管理政策，並可收風險理財之效。[[abstract]]This study makes a brief review of the concept of Dynamic Financial Analysis (DFA), Risk-adjusted Return on Capital (RAROC), and Economic Value Added (EVA). It takes a high-tech company for empirical research and constitutes the RAROC model with a dynamic respect to help choose one of the ten famous domiciles around the world for founding a captive insurance company. We analyze the loss distribution of this high-tech company with the BestFit software and take the regulations of each domicile into consideration, such as minimum capital requirement, solvency margin, investment restriction, taxation, and fees. Thereafter, we simulate the dynamic model and test the homogeneity of the simulation results of the domiciles. The empirical results imply that there is significant difference among the domiciles and Bermuda and Barbados are significant ranking domiciles in RAROC and EVA respects, followed by Isle of Man and British Virgin Islands. Additionally, the parent company should consider its need or capital scale when choosing an advantageous domicile for founding the captive. Most importantly, founding of the captive should be a component of overall risk management or financing strategy rather than an alternative structure in isolation