| Summary: | 碩士 === 國立中正大學 === 財經法律學系碩士在職專班 === 107 === This research used Panel data to verify the annual financial information of the fourth quarter during 2009 to 2018, 10 years in total, of nineteen insurance companies in Taiwan. The results indicated that among the application of funds, cash in bank, corporate bonds, government bonds and treasury bills and financial bonds, deposit, banker’s acceptances commercial promissory are influenced significantly only by the fluctuation of interest rate in Taiwan market while foreign investments, stock certificates are only influenced by that in the US market. Stock certificates is influenced by the fluctuation of the interest rate in both Taiwan and US market. On the other hand, regarding the impact of the asset allocation on ROI of an insurance company, the results indicated that the ROA of the insurance industry is significantly influenced by foreign investments and stock certificates while CUR is influenced by corporate bonds and stock certificates. Lastly, PTR is significantly influenced by cash in bank, foreign investments and government bonds and treasury bills and ROI by corporate bonds and stock certificates. As a result, CUR and ROI are influenced by the change of the proportion of the application of funds.
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