本文旨在探討微型保險對保險公司財務績效的影響。隨著經濟的成長造成許多環境與社會問題，根據主計處調查台灣低收與中低收入戶人口已於 2013 年突破 70 萬人，可見貧窮問題的嚴重，顯然政府政策未能解決且各社會保險制度皆面臨破產的問題。微型保險是以公部門與私人保險公司合作，協助政府建構健全的社會安全網，以達到社會永續發展。微型保險的特性可能加劇保險公司逆選擇的問題，但台灣越來越多的保險公司仍願意參與微型保險市場，因此發展微型保險對公司財務的影響，即是本文所探討的核心重點。
近年來，永續發展為各國發展重點，因此企業社會責任逐漸受到重視，微型保險是綠色保險的一種，是保險公司從事 CSR 主要的方式，過去文獻探討 CSR對公司財務績效的影響，不論理論或實證皆無一致的結論。可能原因為探討涵蓋多項產業與對 CSR 認定的模糊，將導致利害關係人和企業的關係與 CSR 對公司績效影響皆不明確。其次，過往探討微型保險對保險公司的影響，只探討保費收入，未考慮其他財務績效指標。
本研究使用 2009 年至2018 年 14 家產險與16家壽險進行實證。結果顯示，不論是產險業或壽險業，有參與微型保險市場對保險公司資產報酬率有正向影響，以業主權益報酬率做為驗證，不論是產險業或壽險業，有參與微型保險市場也是正向影響，實證結果說明了微型保險對保險公司財務績效有正向的影響。
針對保險公司而言，過去研究中，微型保險對保險公司收入為負相關，但保險公司從事企業社會責任將產生價格溢酬、減緩負面事件衝擊與吸引投資等好處將壓過保險公司發展微型保險營運上的負面因素，因此保險公司有誘因參與微型保險市場。針對政府而言，微型保險間接解決了社會保險不足的部分與降低可能破產的風險，但是否真正解決貧窮問題仍有待後續研究。

As development of economic, a lot of environmental and social problems have come to pass. According to the survey of Directorate-General of Accounting and Statistics, the number of people living in poverty in Taiwan has exceeded 700,000 in 2013. It is obvious that government policies have not worked. Besides, social insurance systems are facing bankruptcy problem. For sustainable development, micro-insurance builds a sound social safety net by public-private partnership. The feature of micro-insurance may aggravate adverse selection for insurance company. However, more and more insurance companies in Taiwan are still willing to participate in the micro-insurance market. Therefore, the goal of this study is to explore the effect of micro-insurance on the financial performance of insurance companies in Taiwan.

In recent years, sustainable development has become the major project for all countries, so people have gradually paid their attention to corporate social responsibility. Micro-insurance is not only a kind of green insurance but also the main way for insurance companies to achieve CSR. The literature is to explore the impact of corporate social responsibility on the financial performance of companies. Regardless of theorey or empirical, there is no consistent conclusion. The possible reason is that the literature include in too many industries. It cause the impact of CSR on the financial performance of companies is not clear. Secondly, the literature is to explore the effect of micro-insurance on insurance companies. The research only explores premium income and does not consider financial performance indicators.

In this study, we use data about 14 property insurance companies and 16 life insurance companies from 2009 to 2018. Our empirical results indicate that insurance companies which participate in the micro-insurance market have a positive impact on ROA. Likewise, there is consistent conclusion in ROE. The empirical results reveal that insurance companies can benefit from participating in the micro-insurance market.

The conclusions reached in the literature indicate that insurance companies which participate in the micro-insurance market have a nagative impact on premium income.
However, the benefits of insurance companies engaging in CSR, such as price premiums and reputation effect, would overwhelm the negative factors in operation micro-insurance. Therefore, insurance companies have incentives to participate in the micro-insurance market.

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