2026 年起，台灣壽險業接軌新一代清償能力制度（TIS），資產與負債衡量將依據市場公允價值，利率、匯率與信用利差變動亦將直接反映於淨值與資本適足水準。在此制度轉型下，壽險公司面臨更高資本品質要求與淨值波動壓力，傳統現金增資方式亦受到股權稀釋與資金成本限制。因此，具資本認列效果且不立即稀釋股權之美元次順位債，成為重要的資本管理工具。
本文建構壽險公司資產負債與資本結構模型，探討美元次順位債對資本適足率、股東價值與最小增資需求之影響，並納入保單持有人保障、債券投資人清償順位與資本不足機率等限制條件，以分析不同利益關係人間之風險與報酬權衡。
研究結果顯示，美元次順位債可提升壽險公司資本適足水準，並於特定情境下降低股東增資壓力；然而，較高發債比例亦將增加利息支出、槓桿風險與外幣負債評價波動。整體而言，美元次順位債較適合作為壽險業資本壓力下之輔助性資本管理工具。

Starting in 2026, Taiwan life insurance industry adopts the Taiwan Insurance Solvency (TIS) regime, under which assets and liabilities are measured based on fair market value. Changes in interest rates, exchange rates, and credit spreads will therefore be directly reflected in insurers' equity and capital adequacy levels. Under this regulatory transition, life insurers face higher capital quality requirements and greater volatility in net worth, while traditional capital injections may be constrained by equity dilution and financing costs. Consequently, U.S. dollar subordinated debt, which qualifies as regulatory capital without immediately diluting shareholders' equity, has become an important capital management tool.
This study develops an asset-liability and capital structure model to examine the effects of U.S. dollar subordinated debt on capital adequacy, shareholder value, and minimum capital injection requirements. The model further incorporates policyholder protection, bondholder claim priority, and insolvency probability constraints to evaluate the trade-offs among different stakeholders.
The results show that U.S. dollar subordinated debt can improve insurers' capital adequacy and reduce shareholders' capital injection pressure under certain scenarios. However, higher issuance ratios also increase interest expenses, leverage risk, and foreign currency liability valuation volatility. Overall, U.S. dollar subordinated debt is more suitable as a supplementary capital management instrument rather than a complete substitute for equity capital.

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