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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
21

變額壽險與變額年金對消費者退休規劃之優劣比較

李豪, Lee,Hao Unknown Date (has links)
台灣人口結構老化的趨勢,老人漸漸變成另一種社會不受重視的邊緣人。近年來,由於科技神速發展,職場人員替換週期愈來愈短,許多仍健壯的授薪階級,在智慧與經驗方面雖臻成熟,卻不得不被迫從職場上退下來。最近兩三年來,全球資本主義整體化的併購行為以及中國大陸整體市場崛起連帶引響台灣產業經濟蕭條,更是快速增加了淘汰職場的人數,對於大部分需要依賴勞保及公司退休金制度的勞工階層而言,退休金嚴重不足的情況,更是令人焦慮沮喪。 主管機關為因應社會變遷趨勢,於2000年陸續起開放利率變動型年金與變額年金保險商品於市場銷售,為老年化人口之財務規劃打開另一扇門,年金商品以及投資型保險之觀念架構,為國內消費者提供了多元化保險商品的選擇,化解保險公司利差損的營運壓力,提供創新營運的契機,同時也為壽險從業人員開闢了專業的「全方位金融理財顧問」生涯規劃。 由於投資型保險商品具備保戶可自行執行帳戶價值投資策略之特性,對消費者而言帳戶價值相對於傳統壽險有更大的想像空間,年金型商品由初期著重於銀行定存利率連結概念之利率變動型年金發展至變額年金,兩類商品不約而同的取代了傳統壽險及儲蓄險,對於壽險公司長期經營而言也具有消弭了利差損的風險之營運價值,使得短短的6年之間(2000年-2006年) 傳統壽險,意外險,醫療險之首年度保費佔有率逐年降至40%(中華民國人壽保險公會保費速報 2006.07)。 而不論是投資型保險或年金型保險,在市場之行銷活動均強調資產累積與退休規劃,而在台灣市場兩類主力銷售商品亦存在重疊特質,如變動不保證利率之帳戶價值,帳戶價值提領之彈性,長期運用的理財工具,可單筆大額資金購買亦可分期繳納等特質,使得商品設計多樣化,行政費用收取方式各有不同,行銷訴求則是推陳出新,對消費者而言更不易辨析商品之費用、價格、功能之間所存在價值差異,本研究希望對變額壽險與變額年金兩種商品從消費者需求、商品特性價格與費用等三方面分析此兩種商品在退休規劃之優劣比較。
22

理財專員業績之影響因素分析—以T銀行為例 / Determinants of financial advisor' performance─evidence form T bank

李啟棟, Lee, Chi Tung Unknown Date (has links)
金融服務業乃一國經濟發展中重要樞紐,也是支持產業發展之經濟命脈。回顧台灣金融業近30年來的軌跡,可以說就是一部台灣經濟發展史的縮影。金融發展之於經濟成長,如同血液循環之於身體,一旦循環阻塞,健康立即出狀況。因此一旦金融機構資金中介角色不順暢,經濟成長肯定受到嚴重的打擊,同時產生不少社會問題。 2003年起,台灣各金控公司與銀行間,開始大力的拓展財富管理業務。T銀行則於2007年7月1日才正式開辦財富管理業務,在同業中是起步最晚。本研究旨就財富管理市場之經營特質,針對T銀行所屬全體理財專員,從各項人口統計變數中,探討對工作績效之影響,作為業者日後甄選理財專員、管理與培訓時建請卓參,俾利積極發展財富管理業務,超越同業,成為相關領域的巨擘。 本研究採用郵寄問卷調查法,對T銀行全體127位理財專員全面寄發,以Limdep 9.0統計軟體進行各項資料分析,並輔以實證模型分析來驗證各項假設,經研究後主要發現: T銀行的理財專員的教育程度、服務的地區、與顧客溝通使用的語言均與工作績效呈現顯著差異;而理財專員每日工作時數、擁有貴賓客戶數量,與工作績效呈現顯著正影響。理財專員擁有證照的張數,與工作績效呈現顯著負影響;理財專員在中、南部地區使用國語行銷則與工作績效呈現顯著負影響。 若採納研究建議,T銀行於財富管理業務上,當可獲致極大的進展。將於同業中取得優勢、營業績效蒸蒸日上,市占率將名列前矛。 / The financial services industry is one of the most important sectors for the economic growth and development of a country. It also functions as the lifeline supporting the development of business and industry of a nation. The business track for the past three decades of the financial services industry indeed reflects the overall big picture of Taiwan's economic development. Financial development to the growth of economy is just as the circulation of the blood to the body. Once the financial institutions fail the role of financial intermediaries, economic growth will undoubtedly have a grave impact resulting in a lot of social problems. Since 2003, Taiwanese financial holding companies and banks have been trying hard to develop wealth management business. T-Bank engaged in this business on July 1, 2007, which is the latest bank to start wealth management business in the industry. This study is to investigate the impact of demographic variables toward job performance, especially to the financial advisors in T-Bank, based on the operating characteristics of financial management market. The research results can provide valuable suggestions to T-Bank in terms of hiring, training and management of financial advisors, which can help to actively expand its wealth management business and make it a leading role in the industry. Using the mailed questionnaire method, 127 copies of questionnaire had been sent out to all the financial advisers of the T-Bank. All the data were analyzed by statistical software Limped 9.0. The empirical model was then utilized to verify all the hypotheses. The major findings of this study are as follows: There are significant differences between the work performance and the education level of the advisers, their serving area, the language they use when communicate with customers; their daily working hour and the number of VIP customers in individual account has significant positive influence to the work performance. The number of certificate each advisor possesses has significant negative influence to the work performance; conversing in Mandarin Chinese in central and southern Taiwan has significant negative influence to the work performance. T-bank will gain tremendous progress in wealth management business if it adopts the proposed suggestions in this study. It will also have strong competitive advantages among the industry. Its business will flourish and have the top rank in market shares.
23

理財專員之人格特質與工作績效關聯性之研究─以國內F銀行為例 / A Study on the Relationship between Personality Traits of Financial Advisors and Job Performance - the Case of Domestic F Bank

張啟峯 Unknown Date (has links)
近年來,金融環境的變遷,使金融業面臨很大的變化,金融業勢必提高非利息收入並發展不耗用資本的業務,因此財富管理業務成為銀行獲利來源重要的一環。理財專員是銀行財富管理業務的軸心,銀行理財專員的遴選便成為一項重要工作。 本研究採用五大人格特質理論的觀點,探討理財專員的人格特質與工作績效的關聯性。本研究以問卷調查方式,採用五大人格特質繁體中文量表,工作績效除了實際手續費收入之外,分為任務績效與脈絡績效,透過發放問卷由理財專員自評,問卷內容分為人口統計變項、五大人格特質量表及工作績效自評量表,研究對象為國內F銀行理財專員共183人,採用量化分析方法包括敘述性統計、皮爾森相關分析及迴歸分析,探討人格特質與工作績效的關聯性,實證結果發現: (1) 人格特質中的「經驗開放性」、「親和性」、「勤勉審慎性」及「外向性」與其工作績效是顯著有相關的,且皆屬於正相關。 (2) 「親和性」的人格特質對理財專員的「任務績效」及「脈絡績效」有正向的影響的。 (3) 「勤勉審慎性」的人格特質對理財專員的三項工作績效指標有正向的影響,而且該特質對於三項工作績效因素構面的影響力皆是最大的。 (4) 「經驗開放性」的人格特質對理財專員的三項工作績效指標有正向的影響。 (5) 「外向性」的人格特質對於理財專員的「脈絡績效」有正向的影響的。 本研究建議個案銀行日後在遴選理財專員時,可優先考慮選擇人格特質中具有「勤 勉審慎性」者,預期未來會有較佳的工作表現。 / In more recent years, changes in the financial environment are significant. Banks have to increase the profits from the non-interest income and develop the business not entailing Regulatory Capital. So the fee incomes from the Wealth Management Section become more important for banks. The financial advisor is the key factor of the Wealth Management Section. The selection of financial advisors is very important for the banks. The study is based on the view of the personality theory of Big-Five factor. The purpose of this study is to find the relationship between the personality traits of financial advisors and the job performance. The study involved a survey, comprised of three sets of questionnaires concerning demographics, Big-five personality and job performance. 183 financial advisors in the domestic F Bank participated in this study. The quantitative analysis of the questionnaires was conducted through descriptive statistics, Pearson correlation and regression analysis were used to indicate the direction and relationship between personality and job performance. The result of this study was showed as following: 1. Four of Big-Five factors including “Extraversion”, “Openness to Experience”, “Agreebleness” and “Conscientiousness” are positively correlated with job performance. 2. The factor “Agreebleness” has a positive effect on “task performance” and “contextual performance”. 3. The factor “Conscientiousness” has a positive effect on “task performance”, “contextual performance” and “fee income”. The factor “Conscientiousness” has the greatest effect on job performance among the Big-Five factors. 4. The factor “Openness to Experience” has a positive effect on “task performance”, “contextual performance” and “fee income”. 5. The factor “Extraversion” has a positive effect on “contextual performance”. Based on the results, the researcher recommends that F Bank select employees with personality trait “Conscientiousness” and “Conscientiousness” as the financial advisors. The researcher expects the financial advisors with personality trait “Conscientiousness” have better job performance.
24

銷售與顧客關係管理之研究:以財富管理商品為例 / The Sales and Customer Relationship Management Research of Wealth Management Business

林冠廷 Unknown Date (has links)
隨著全球經濟發展及國際化之時代來臨,國民從事貿易及投資日趨頻繁,對金融服務之需求亦越來越高,多年下來,我國之金融業成長迅速,許多銀行紛紛成立,此外,亦吸引外國銀行前來設點。截至民國104年6月,本國銀行與外國、大陸銀行在台分行的總家數共有70家,超過3,000家的分行,若加計郵局的分支機構則有近5,000家的據點來提供金融服務,導致金融業競爭激烈,產生Overbanking的狀況,銀行最終淪為價格競爭,利差縮水,只剩下1.4%左右。有鑑於傳統之存放款業務已無法滿足客戶的需求,且利差過低,各家銀行無不透過創新,提供客戶更完善的金融服務,以創造新利基,而財富管理成為銀行業近年最重要的業務之一。 本研究旨在透過個案訪談的研究方式,探討資深理財專員、分行經理過去特別之經驗,將其撰寫為個案,並以策略行銷4C架構與銷售管理八大流程進行分析,歸納成功的關鍵原因如下: 一、外顯單位效益成本 1、提供金融商品價格、手續費優惠及合理之投資報酬率 2、以客為尊,提供親切、有人情味、完善之服務與照顧(達到心理層面) 3、簡化投資建議之報告與說明,降低投資人學習與時間成本 二、內隱交換成本 1、透過高素質理專與專業諮詢,建立投資人信任感與忠誠度 2、透過有錢人介紹有錢人之方式,有效降低新客戶之資訊搜尋成本、道德危機成本,提高專屬陷入成本
25

銀行業於雲端金融服務之研究 / The Research of the Cloud Financial Services in the Bank.

蔡育呈 Unknown Date (has links)
網際網路的應用發展與創新技科的迅速演進,早已經觸動傳統銀行產業的變革,我們現在所面臨的局面,其實就是一場現代科技與傳統金融業之間的大競賽,誰能跑得比較快,誰就能取得領先地位。 傳統的銀行產業已經無法招架滾滾而來的科技洪流,必須跟隨時代的脈絡與進步才能發展出創新思維與作法。從另一個角度審視,科技的發展確實能夠從客戶的角度慢慢削弱傳統金融服務業的供應鏈,所以銀行產業勢必要正視目前趨勢,與時俱進,否則,不斷精進的高科技變革將有可能會對傳統金融業帶來毀滅性的衝擊。 本論文主要研究的就是銀行業面對雲端科技對於消費性金融服務之影響,從眾多的文獻資料與研究報告中發現,雲端科技將會徹底改變我們的生活型態,另一方面,雲端科技所帶來的商機也將會是無止盡的。 「雲端」是一種新型態的科技,會慢慢地影響民眾的生活方式,因為高科技的進步會讓生活更加的便利與舒適,民眾只要透過任一行動終端裝置設備,如智慧型手機、平板電腦等,就能隨時隨地享受科技所帶來的便捷性與驚喜感,這也將代表著無所不在的雲端服務已從冰冷的金融交易中擴散到日常生活中。 然而,雲端科技發展之速、影響之深,將為這世界帶來極大的改變,由於研究者本身服務於銀行產業,深深感受到科技創新帶給銀行業之衝擊與蛻變無遠弗屆,不僅改變了銀行本業之經營計畫、行銷策略、財務結構、系統開發、支付金流與服務品質,更引導銀行業發展出許多的創新金融服務與商品。 研究者從本研究一開始的文獻探討與論述,甚至於構思創新金融服務的發展與結論引導,在在顯示著面對雲端科技的發展,對於銀行業雖然造成了無比的衝擊,但是,也因應雲端運算的強大功能,伴隨而來的龐大市場商機,身為銀行業者必須立即把握這難得的機會,開疆闢土,當個先行者,搶建創新業務,發展新型資訊,以擴大市場占有率。 有鑑於此,研究者仍進一步探討面對雲端科技所衍生的安全問題顧慮,評估銀行業在開拓業務的情勢下,還需考慮哪些內外因素與限制。畢竟在雲端的時代中,消費者只要一台端末設備就可以蒐集與使用相當多的資訊,更快速地執行所有的業務與交易,然後慢慢將行銷與商品帶進遊戲化趨勢,好讓即時互動與驚喜趣味快速成為未來的行銷主流。 此外,銀行業長久以來所運作的各項金融服務、經營策略與營運模式,是否會帶來不一樣的轉變與影響,而這些轉變與影響又將會促使銀行業帶來何種變革刺激,或是引進哪些創新開拓的機會,這些都是值得深究探討的。 本研究論文是從銀行業的角度發展,去構思創新的金融服務計畫,於是,研究者提出了「雲端生活理財」以及「未來銀行」的理念與做法,同時也整理出七個研究結論供銀行業者參考運用。 最後,為求後續之研究,研究者更是提出了以下四大建議或議題:1.雲端環境錯綜複雜,穩定性及交易資料安全性仍待考驗;2.尚無明確的法令規範,且實際效益難以量化;3.將技術挑戰變成商機,改變經營模式增加創新機會;4.走在資訊前端,積極開拓金融服務平台。 因應雲端科技的發展,傳統的銀行業將面臨非金融業者的挑戰以及轉型為未來銀行之趨勢,畢竟科技與競爭環環相扣、相輔相成,銀行業唯有進步改變才能在未來科技領域中佔有一席之地,進而順勢發展創新金融業務。因為,未來銀行有其無比創新的潛力、未來銀行有其寬廣遠大的想像空間、未來銀行有著引導社會進步的強烈動力。 未來,客戶在哪裡,銀行就在哪裡;客戶在哪裡,科技就在那裡;客戶在哪裡,便利就在哪裡;客戶在哪裡,驚奇就在哪裡;未來在哪裡,科技就在哪裡。
26

台灣地區保全業風險管理暨保險相關問題之研究

楊重正, Yang, Chung-Chang Unknown Date (has links)
企業之興衰可概分為導入期、成長期、成熟期、衰退期。本研究發現,台灣地區保全業目前處於「成熟期」。隨著微利時代之來臨,保全之傳統服務業勢必將面臨極大之挑戰,若無長遠規劃及有效興革,日後將被跨國性大保全公司所併購之可能,最後從而步入「衰退期」。因此,保全業必須重視研發與管理,方能因應市場之快速變遷與挑戰。 由於社會大眾對保全業之運作缺乏正確觀念,總以為安排保全後即無須另行安排保險保障,因此時常有保障缺漏之產生。就現況而言,保全業者素質良莠不齊,常因業務競爭而忽視風險管理之重要性,且普遍未能落實損害防阻之工作,造成保全重大事故時有所聞,甚至引發社會各界之非難與抨擊。再者,法令要求保全業必須利用保險以分散風險。然而因為認知上之差距,時常發生理賠責任界定之糾紛,造成消費者不諒解、保險業不願繼續承保之困窘,影響保全業之形象與聲譽甚鉅。 本研究主要探討台灣地區保全業風險管理與保險之相關問題,架構上係以風險管理原理為基礎,輔以實務運作現況,以求有系統地分析保全業經營管理之相關風險,並藉此歸納保全業風險管理之核心原則。其次,本研究亦針對保全業運用產物保險(保全業責任保險、銀行業綜合保險、員工誠實信用保證保險)時所衍生紛爭,以案例研究方式解析其爭議所在,期能界定消費者、保全業、保險業三方之權利義務關係。最後,根據發現與結論,本研究提出若干建議供相關單位參考,期能全面提升保全業風險管理與保險運用之水平。 / In terms of the life cycle, an enterprise may experience the following stages: introduction stage, growth stage, maturity stage and decline stage. It is observed that the security industry in Taiwan is currently situated in the maturity stage. Due to severe market competition and narrow margin of profits, the security industry is forced to meet the magnificent challenge, locally or internationally. Without a long-term planning and efficient reform, it is likely to see many security companies merged by multi-national security companies in the future. Under such a scenario, the security industry in Taiwan will eventually step into the decline stage. Misunderstanding the operation of security industry, many people ignore the necessity of insurance coverage after security protection is arranged. It leads to the leakage in protection and coverage. In practice, many security companies also take less care of risk management and loss prevention due to business competition. In addition, a security company is required to transfer its risks through insurance. Because of the perceptional gap, many claim disputes arise among the security industry, the insurance industry and the clients. Under such circumstances, all of the above have deteriorated the reputation of security industry and result in many criticisms from the general public. The main theme of this research is to explore the issues related to risk management and insurance of the security industry in Taiwan. Based on the fundamental theories of risk management and market practices, the relevant risks are systematically analyzed and core risk management principles for the industry are developed. In addition, it undertakes several case studies to examine the controversial issues of certain insurance products often associated with the security business. It is hoped to clarify these issues and define the rights and obligations among different players. In the final part, the conclusion and recommendation is submitted to relevant institutions to upgrade and enhance the risk management and insurance arrangement of the security industry.
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中國大陸結構型理財產品之評價---以追蹤能源類股掛鉤型及每日計息雙區間可贖回理財產品為例

洪慧珊 Unknown Date (has links)
目前中國大陸金融市場伴隨著經濟體日趨成熟與影響力的情形之下,已逐漸開放,結構型理財產品多元化發展,使中國大陸的衍生性商品市場越趨活躍,相繼陸續開放承作各類型的金融商品,金融市場更加完備。不論是發行商或是投資人,皆應更深入了解結構型理財產品,才有助於中國大陸衍生性商品市場的拓展。 本文針對中國大陸金融市場上已發行的股票掛鈎型與利率掛鈎型的結構型理財產品進行個案評價與風險分析,第一個評價個案為「追蹤能源類股股權掛鈎結構型理財產品」,以封閉解作為評價基礎,並採用蒙地卡羅法模擬本商品的提前到期機率;第二個評價個案為「每日計息雙區間可贖回結構型理財產品」,採用BGM模型進行評價,並利用最小平方蒙地卡羅模擬法,考慮發行商提前贖回條款並計算每一期的配息;分別對兩個個案進行評價,針對評價結果分析發行商的利潤與避險策略,並給予投資人投資與避險的建議。
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發行海外可轉換債個案之研究 / Study of European exchangeable bonds

吳玲綾, Wu, Doris Unknown Date (has links)
本文主要目的擬以台灣某上市司所發行海外可轉換交換債為例,探討海外可轉換交換債作為我國上市公司財務工具的可行性、作業、管理及其成本效益。海外可轉換交換債,是現代財務衍生的一項籌資工具,在台灣尚不算極普及的財務工具應用。國際企業身處在一個整合和變動的世界經濟活動中,如何利用台灣上市公司的企業利基,運用海外可轉換交換債取得國際資金和資金成本效益。本研究選擇以探討海外可轉換交換債作為我國上市公司財務工具的可行性,並且深入了解其必需具備的各項企業條件及選擇可轉換標的決策考量,探討發行海外可轉換交換債的各項法規限制及發行海外可轉換交換債的國際金融環境,以研究發行海外可轉換交換債的應用及其成本效益,了解組織財務管理及發行海外可轉換交換債的各項作業與決策管理,並透過海外可轉換交換債與其它財務工具的成本效益比較海外可轉換交換債此項財務工具的實質效益。 / The main purpose of this thesis is to discuss the possibilities, operation, management and cost-effectiveness of European Exchangeable Bonds by using a Taiwanese listed company as an example. European Exchangeable Bonds is a modern financing tool that it’s still not a popular application in Taiwan. However, international corporations are in integrated and dynamic world economic activities. We’d like to discuss how to use the advantages of the Taiwanese listed company to make use of European Exchangeable Bonds to get international funds and make profit on cost of capital. The research would choose a company as instance to discuss in deep about the feasibility of European Exchangeable Bonds and the considerations of issuing European Exchangeable Bonds. We will research the restrictions of issuing process and the international financing environment and to discover the application and operation cost effectiveness of European Exchangeable Bonds, and then compare practical benefits between European Exchangeable Bonds and other financing tools.
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中國智能投顧業行業分析、未來發展模式及監管方式之探究 / The analysis of robo-advisors in China and the research of development model and ways of supervision

肖航 Unknown Date (has links)
近幾年來金融科技快速發展,傳統金融業被破壞式創新顛覆, 智能投顧的興起改變了資產管理行業的傳統模式,填補了一般大 眾理財市場的空缺。隨著互聯網理財模式在中國得到大眾認可, 智能投顧平台在中國開始萌芽,處於探索階段。在這樣的背景下, 本研究以中國智能投顧市場為研究對象,採用歸納法和對比分析 法,探究中國智能投顧業發展趨勢之相關實務。 本文根據前人的研究,對智能投顧的概念、特徵以及類型進 行了總結,歸納全球各國智能投顧業發展現況;根據中國財富管 理市場成熟程度來分析中國智能投顧業發展前景;參考美國智能 投顧發展模式和中國 P2P 網路借貸平台發展模式,歸納出適合中 國發展智能投顧業的經驗:1)讓傳統金融業者成為行業領導者, 2)明確服務範疇,規範從業證照,3)對算法進行嚴格監管,4) 發展被動型基金,財富管理市場產品多樣化,5)儘早建立完善 的風控體系;此外還根據各國智能投顧業之監管措施,對中國監 管機關􏰀出宏觀的監管建議,並希望此研究報告對之後想要進一 步研究智能投顧的學者􏰀供參考。
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Risk Management & Strategy: A Study of Feasibility of Protected Cell Company-The Case of Taiwan Non-Life Insurance Industry

陳祈嘉, CHEN,CHI-CHIA Unknown Date (has links)
台灣產險公司正面臨日趨多樣的核保風險,新興風險的不確定性促使保險公司經理人高度的依賴再保險機制。既然保險公司高度的依賴再保險機制,或許有人會質疑,再保險機制是否為最適的風險管理策略? 隔離資產型風險防護公司(Protected Cell Company, PCC)之運用,乃是近年來企業風險理財的重大變革之一,本文之目的即是要探討PCC之架構以及分析PCC運用於台灣產險業之可行性。 本文將分析重點放在PCC運用在租賃性專屬保險(rent-a-captive)的可行性分析上,藉由分析其風險成本,來探討PCC作為租賃性專屬保險時,是否比商業再保更具有成本效益。 藉由實證分析結果,本文發現除了巨災風險、尖端風險(peak risks)及其他具高損失幅度可能性之業務外,PCC作為租賃性專屬保險時,PCC會比商業再保更適合於產險公司。本文亦發現PCC運作的時間愈長,愈能節省其風險成本。此外,本分析亦指出在PCC為純粹專屬保險的前題下,符合監理機關的最低設立資本要求會是PCC之最適設立資本。 / Because Taiwan’s non-life insurance companies now face an increasing array of underwriting-risks, the high uncertainty may cause insurance company managers highly depend on reinsurance mechanism. One may doubt that whether reinsurance mechanism is the optimal risk management strategy although it is the most frequently utilized approach. The purpose of this paper is to explore the structure of PCC and analysis the feasibility of PCC for Taiwan’s non-life insurance industry because the use of Protected Cell Company(PCC)structure is one of the most significant developments in the world of corporate finance and risk management during the recent years. This paper will focus on the feasibility of PCC when it is used as Rent-A-Captive, based on the analysis of cost of risks, to study whether PCC has better cost efficiency than reinsurance mechanism. The finding of this research shows that PCC as rent-a-captive is more suitable than commercial reinsurance for non-life insurance company except catastrophe risks, peak risks, and high loss severity business. It also finds the longer we use PCC as rent-a-captive, the more we can save its cost of risks. Besides, the analysis indicates that paid-up capital of PCC which just meets the minimum capital required by the regulation will be optimal in case PCC is a pure captive.

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