臺灣壽險業自 2026 年起接軌新一代清償能力制度（Taiwan Insurance Solvency, TIS），資本適足性之衡量更強調經濟價值、風險資本與資本品質，相較於過去以帳面價值為基礎之監理架構，TIS 對利率風險、股票風險、匯率風險及保險風險之衡量更為嚴格，使壽險公司面臨更高的資本管理壓力，因此，如何選擇適當之資本補強工具，以提升資本適足性並兼顧保戶保障，成為壽險公司資本管理上的重要議題。
本文以壽險公司資產負債模型為基礎，建立研究用 TIS 壓力測試簡化模型，納入保單負債、自有資本、風險資本、TIS Ratio、經濟違約事件與清償順位，並比較現金增資、新臺幣次順位債與美元次順位債之相對效率。現金增資可直接增加資產與股東權益；次順位債雖屬金融負債，但符合條件之部分可於 TIS 下認列為自有資本。本文進一步以保戶確定等值、經濟違約機率、TIS 資本不足機率、投入成本與資本提供者報酬差距等指標，衡量不同資本工具對保戶保障與資本適足性之影響。
數值分析結果顯示，現金增資因直接提高普通股權益，在嚴格 TIS 資本不足機率門檻下較具監理確定性；新臺幣次順位債則在資金成本合理且可認列額度充足時，因資本成本較低，於成本調整後保戶確定等值與單位成本之違約風險改善上較具效率，在相同補強比例下，其保戶端保障指標與現金增資相同，差異主要來自資本成本而非清償順位改變；美元次順位債雖可擴大資金來源，但其效率受匯率風險、避險成本與認列折減影響較大。惟次順位債之成本效率優勢，須與其到期性、第二類資本上限與再融資風險等資本品質因素合併判讀。
整體而言，次順位債應定位為可與現金增資搭配使用之補充性資本工具，本文之分析可作為壽險公司於 TIS 架構下評估資本補強策略與資本工具配置之參考。

Taiwan’s life insurance industry is adopting the Taiwan Insurance Solvency (TIS) framework, under which capital adequacy is assessed on an economic-value basis with stricter measurement of interest-rate, equity, foreign-exchange, and insurance risks. This raises capital-management pressure, making the choice among capital instruments to improve regulatory solvency while protecting policyholders a central concern.
This study builds a simplified, research-use TIS stress-testing model on a life insurer’s asset-liability structure, incorporating policy liabilities, own and risk capital, the TIS Ratio, economic default, and the priority of claims. It compares equity issuance, New Taiwan dollar (NTD) subordinated debt, and U.S. dollar (USD) subordinated debt: equity increases both assets and shareholders’ equity, whereas subordinated debt is a financial liability whose eligible portion may be recognized as own capital under TIS. The comparison uses policyholder certainty equivalent, economic default probability, TIS capital-shortfall probability, capital input cost, and the capital-provider return gap.
The results show that equity issuance offers the greatest regulatory certainty under a strict capital-shortfall threshold by directly raising common equity. When funding cost is reasonable and the recognizable amount is sufficient, NTD subordinated debt is more efficient in cost-adjusted certainty equivalent and in default-risk reduction per unit of capital cost, owing to its lower capital cost; its unadjusted policyholder protection is comparable to equity, with the difference arising from capital cost rather than from the priority of claims. USD subordinated debt broadens funding sources but is more sensitive to foreign-exchange risk, hedging cost, and recognition haircuts. Its cost-efficiency advantage should therefore be read together with capital-quality factors not captured by the cost metrics: its finite maturity, the Tier-2 recognition cap, and refinancing risk.
Overall, subordinated debt is best viewed not as an unconditional substitute for equity issuance but as a complementary capital instrument under appropriate issuance and recognition conditions.

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