企業以不同的營運方式產生出不同的樣貌，本研究參考Anthony and Ramesh (1992)與 Daft (2004)提出對企業生命週期的衡量區分五個指標，樣本選取台灣本國保險公司在 2006 到 2014
年共 9 年的財務資訊。本篇論文的研究方法透過吸收性馬可夫鏈(absorbing markov chain)的轉移矩陣(transition matrix)來計算保險公司的各經營階段。藉由實證保險公司營運階段分布情形與轉移機率之估算，區分企業為何種階段的比率與經營時間的長短，供投資人做決策的判斷，以減少投資時所產生的風險。
Back to 2008, there was an important event of bankruptcy of Lehman Brothers
from issuing low quality mortgage back security. This create a number of following issues which have been affected both global and foreign local financial market and economy including Taiwan. For Taiwan effect, it triggered American International Group (AIG) withdraw more than 95% stake in Nan Shan Life Insurance Company. However, from the event of Nan Shan Life Insurance, the insurance companies rise risk premium but capital gains and operating income of insurance companies is still relatively lower, not covered the higher risk. So, the company must be careful of operations.
In this study, we follow the point of view of investors to understand the insurance company’s operating condition and make analysis by applying absorbing Markov chain model to estimate transition matrix of different business operation (Anthony and Ramesh, 1992; Daft, 2014) to different life-cycle stages of financial activities during 2006-2014. This study will help investor and managers as reference for decision-making.
