金融控股公司之盈餘與股利來源，主要來自旗下子公司向上分派之盈餘。在包含壽險之金融控股公司中，壽險子公司依主管機關規定須提列特別盈餘公積，相關監理性盈餘保留要求會限制其可分配盈餘，並可能透過集團內部之盈餘上繳機制影響母公司之股利政策。本研究探討壽險子公司提列特別盈餘公積對其金融控股母公司盈餘分配之影響。
本研究以我國設有壽險子公司之金融控股公司為主要研究對象，並以全體金融控股公司作為比較樣本，研究期間為2013年至2024年，採用混合最小平方法進行迴歸分析。實證模型以股利支付率為被解釋變數，分別以壽險子公司特別盈餘公積提列比率及是否設有壽險子公司為核心解釋變數，並控制公司規模、營運現金流量、獲利能力、市場評價、財務槓桿及席次控制等因素。
實證結果顯示，在控制其他因素後，壽險子公司特別盈餘公積提列比率與金融控股母公司股利支付率呈顯著負向關聯；以全體金融控股公司為樣本時，設有壽險子公司之金融控股公司，其母公司股利支付率亦顯著低於未設有壽險子公司者。整體而言，兩項研究假說均獲實證支持，顯示特別盈餘公積提列程度及壽險業務結構均與金融控股母公司較低之股利支付率具有關聯。

The earnings and dividends of a financial holding company are derived primarily from the earnings distributed upward by its subsidiaries. In financial holding companies that include a life insurance subsidiary, the life insurer is required by the competent authority to appropriate a special earnings reserve. This regulatory earnings-retention requirement restricts the insurer's distributable earnings and may, through the group's internal earnings-remittance mechanism, affect the dividend policy of the parent company. This study examines the effect of life insurance subsidiaries' appropriation of special earnings reserves on the earnings distribution of their parent financial holding companies.
This study focuses on financial holding companies in Taiwan that have a life insurance subsidiary as the primary sample and uses the full sample of financial holding companies as the comparison sample. The sample period spans 2013 to 2024, and pooled ordinary least squares is employed for the regression analysis. The dividend payout ratio is the dependent variable. The key explanatory variables are the special-earnings-reserve appropriation ratio of the life insurance subsidiary and an indicator for whether the financial holding company has a life insurance subsidiary. The models further control for firm size, operating cash flow, profitability, market valuation, leverage, and board seat control.
The empirical results show that, after controlling for other factors, the special-earnings-reserve appropriation ratio of life insurance subsidiaries is significantly negatively associated with the dividend payout ratio of their parent financial holding companies. In addition, in the full sample, financial holding companies with a life insurance subsidiary exhibit significantly lower parent-company dividend payout ratios than those without a life insurance subsidiary. Overall, the findings support both hypotheses, indicating that the degree of reserve appropriation and the presence of life insurance operations are each associated with lower parent-company dividend payout ratios.

中文部分
金融監督管理委員會，2012，金管保財字第10102508861號令，「保險業採用國際財務報導準則時，特別盈餘公積提列之相關規範」。
金融監督管理委員會，2026，《人身保險業外匯價格變動準備金應注意事項》。
英文部分
Abreu, J. F., and M. A. Gulamhussen. 2013. Dividend payouts: Evidence from U.S. bank holding companies in the context of the financial crisis. Journal of Corporate Finance 22: 54-65.
Benartzi, S., R. Michaely, and R. Thaler. 1997. Do changes in dividends signal the future or the past? The Journal of Finance 52(3): 1007-1034.
Bhattacharya, S. 1979. Imperfect information, dividend policy, and “the bird in the hand” fallacy. The Bell Journal of Economics 10(1): 259-270.
Chatterjee, S., and B. Price. 1991. Regression Analysis by Example. 2nd ed. New York: John Wiley & Sons.
Fama, E. F., and K. R. French. 2001. Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial Economics 60(1): 3-43.
Hsiao, Y.-J., and Y.-W. Tseng. 2016. Bank capital regulation and dividend policy. Journal of Financial Studies 24(3): 45-68.
La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny. 1999. Corporate ownership around the world. The Journal of Finance 54(2): 471-517.
Miller, M. H., and F. Modigliani. 1961. Dividend policy, growth, and the valuation of shares. The Journal of Business 34(4): 411-433.
Miller, M. H., and K. Rock. 1985. Dividend policy under asymmetric information. The Journal of Finance 40(4): 1031-1051.
Nissim, D., and A. Ziv. 2001. Dividend changes and future profitability. The Journal of Finance 56(6): 2111-2133.