躉繳遞延年金在美國已成最受歡迎的壽險商品，究其原因，實是該商品具 備庇護的茲息收益、特惠的稅賦措施、投資的安全性及多樣化的提款選擇 權等特色。在美國常見的年金商品選擇權，如：豁免條款、免費部份提款 、無部份提款之加給、市場價值調整、兩層利率年金、提前年金化、年金 化前之死亡給付等等，其用意是在保單累積期中給予保戶較自由資金運用 的權利，藉此吸引顧客並與銀行之儲蓄商品來競爭。在準備金提存方面， 其現金價值累積是與市場利率有密切關係，性質迴異於以往的壽險型年金 商品，一般壽險準備金方法無法運用於該類商品，故美國ＮＡＩＣ於１９ ７６年提出監理官制年金準備金評價方法（ＣＡＲＶＭ），以作為該類商 品責任準備金之最低提存標準。未來國內年金發展方向應會朝向美國模式 ，以及早規劃適當的年金準備金方法。 Discussing the liability reserveof annuity from American Single Premium deferred Annuity(SPDA)

本研究旨在探討家族企業接班與接班人類型對於公司現金來源及現金價值的影響。本研究使用於1992年至2015年被列於S&P 1500指數的公司為樣本進行實證研究。實證結果顯示家族企業接班後將減少使用發行股票為公司現金的來源。此外，當接班人為家族成員時，企業接班後的邊際現金價值會較低；然而於財務限制的家族企業，企業接班將使當年度的邊際現金價值提高。本研究結果顯示資本市場對於家族企業接班投以較高的關注，尤其當接班人為家族成員時程度更為顯著。 / This study examines the effect of succession on the cash saving behavior and the value of cash holdings for family firms. By examining the Standard and Poor 1500 indexed firms from 1992 to 2015, we find that cash savings from equity issuance decrease around successions, and the decreasing effect lasts longer with family related successors. In addition, the marginal value of cash holdings will be lower after succession if the successor is associated with the family. But if family firms are financial constrained, the marginal value of cash holdings will be higher with family firms with succession at the year of succession but not after. These findings indicate that the capital markets are concerned with the succession implication for family firms more than non-family firms, especially when the successors are family members.

在現今關於公司現金決策的文獻中，多數文獻以預防性動機 (precautionary motive) 或是代理問題動機 (agency motive) 來解釋公司為何要存錢，但至今對於公司存錢的動機仍未有一致的定論。在本篇文章中，我們用籌資不易公司 (financially constrained firm) 在2000年網路泡沫以及2008年金融海嘯的表現來證明現金的預防性價值。我們發現事先有存錢的公司在上述事件期間仍能維持其原有的投資支出，反之事先沒存錢的公司在上述期間會擁有較低的股票報酬以及較高的違約風險。此外，本研究也發現曾在2000年網路泡沫期間遭遇資金問題的公司比較容易在2000年後開始存錢，這些預先存錢的公司在2008年金融海嘯來臨時也有相對較小的違約風險，顯示了公司在現金管理方面的學習行為及其好處。綜上所述，本文以外生事件突顯了現金的預防性價值，證明公司的未雨綢繆確實有用。 / This article examines the role of pre-saved cash in helping financially constrained firms during the 2000 dot-com crash and the 2008 financial crisis, both of which were exogenous shocks to industrial firms. The results show that constrained firms tended to increase capital investments during these severe economic downturns if they had pre-saved more cash. Constrained firms instead exhibited lower excess returns and incurred higher likelihoods of financial distress during the severe downturns if they had saved less cash prior to the events. Firms that experienced the 2000 dot-com crash and saved cash thereafter were less likely to default during the 2008 financial crisis, indicating the existence and benefit of learning effects. This study supports a precautionary motive for cash savings, showing that pre-saved cash helps financially constrained firms fund investment and reduces the likelihood of financial distress during severe market downturns. It demonstrates that saving for a rainy day really is valuable.