再保險交易為國內產物保險業者經營業務及風險管理上不可或缺之工具，近年衍生融通資金及改善財務結構之財務面功能，並傳出國際知名保險業者不當運用之情事，而引起各國保險監理機關之重視，開始建立再保險完整之監理制度及詳細規範。就我國產險業而言，現行再保險交易分出業務之會計處理，可透過再保費支出、再保佣金收入、再保攤回賠款及提存未滿期保費準備減少數等會計科目，產生盈餘釋放數，進而操控公司財務報表。本研究擬探討我國產險公司是否會利用承作再保險交易從事盈餘管理。 本研究分別採用縱橫資料迴歸及分量迴歸兩種模型，以1994-2008年之國內12家產險公司為樣本，探討再保險交易量及再保險交易盈餘釋放數與盈餘管理動機之關聯。實證結果顯示我國產險公司，就資本市場動機而言，當期盈餘數愈低者，會避免虧損而從事愈多再保險交易或有愈高之盈餘釋放數，若當期盈餘低於前期愈多者，則有愈高之盈餘釋放數；就稅負動機而言，若為高稅負成本者，將從事較少再保險交易或有較低之盈餘釋放數；惟就監理動機而言，發現產險公司保單持有人盈餘與實收資本之45%的差距愈小者，反而從事愈少之再保險交易。 / Reinsurance is an indispensable tool for property-casualty insurers’ business operating and risk management. In recent years, reinsurance derived some financial functions such capital finance and financial structure improvement. Some of the world famous insurers had been found improper use of financial reinsurance, which caused regulators of various countries try to establish more supervisory systems and detailed standards to monitor such behavior. The present accounting procedures of reinsurance ceded-out business might release surplus through reinsurance premiums ceded, reinsurance commission earned, claims recovered from reinsures, and the decrease of unearned premium reserves, which release might give insurers to manipulate the financial reporting. Therefore, this research attempts to examine association between reinsurance arrangements and earnings management on Taiwan’s property-casualty insurers. This research applies panel data model and quantile regression model to test the reinsurance transactions and the surplus release associated with earnings management motivation. The data draw from12 property-casualty Taiwan’s insurers from 1994 to 2008. For capital market motivations, the evidence indicates that property-casualty insurers manage more reinsurance transactions or the higher surplus release to avoid losses, and manage the higher surplus release to avoid earnings decreases. For tax burden motivations, the result shows that the higher tax burden insurers have, the fewer insurers manage reinsurance transactions and the lower surplus release. However, for regulatory motivations, the empirical results indicate that the less difference between policyholders’ surplus and 45% of total capital has, the fewer reinsurance transactions are being managed.