現今企業經營由於所有權與經營權分離，常形成代理問題。本研究之目的，即在探討目前保險公司的組織型態，是否有代理問題存在，總經理與董事等之持股狀況，是否會影響到其經營績效。

本研究使用民國85年至87年三年度中，上市與公開發行之本國壽險與產險公司的資料，採用主成份分析、多元迴歸模型與集群分析進行檢定及分析。本研究之結果如下所示：

一、壽險公司之代理問題較為明顯，研究發現顯示：

（一）股權集中度越高，壽險公司業務面之經營效能越好。

（二）董監事持股比率越高，壽險公司業務面與整體面之經營效能越好。

（三）主要經理人持股比率越高，壽險公司財務面之經營越佳。

（四）總經理持股比率越高，壽險公司財務面之經營越好。

（五）外部董事持股比率越高，壽險公司業務面與整體面之經營效能越好。

二、產險公司方面之代理問題並不顯著，研究發現除了股權集中度，對於產險公司財務面之經營效能有影響外；董監事的持股比率及主要經理人持股比率…等，與產險公司之經營績效，並無顯著相關性。

Nowadays the enterprise administration arises ( produces as a result of ) agency problem owing to the separation of ownership and administration. The main purpose on this study is to explore whether the agent problem exists in the organized pattern of insurance company. And is it possible that the administrative efficiency is affected by the president's ownership or the directors' ownership?

The study is based on the information of domestic life-insurance companies and non-life insurance companies from 1996-1998, which is public offering company, adopts the principal components analysis, regression analysis, and cluster analysis to test it, the consequence of the study is as follows:

1. Life insurance companies show the agency problem more obviously.

The study discovers and displays as follows:

(1) The more concentrated the ownership is, the more efficient the sales administration of the share of the insurance company is

(2) The higher percentage of share that board of directors and supervisors have, the more efficient the insurance company is in sales and whole administration.

(3) The higher percentage of share that the major managers have, the more efficient the insurance company is in financial administration.

(4) The higher percentage of share that the president has, the more efficient the insurance company is in financial administration.

(5) The higher percentage of share that the extra directors have, the more efficient the insurance company is in sales and whole administration.

2. Non-life insurance doesn't show obviously in the agency problem. The study discovers that except the ownership concentration affects the insurance company in financial administration, the supervisors' ownership and major managers' ownership ...etc. are not significant relationship with the administrative efficiency of non-life insurance.

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