中國產險公司產品多角化與經營績效

Product Diversification and Financial Performance: Evidence from Chinese Property-Liability Insurers

10.30137/IM.201206.0002

張簡永章(Iung-Jang Changchien)

產品多角化 ； 地區多角化 ； 財務績效 ； 複合式假說 ； 集中策略假說 ； product diversification ； geographic diversification ； financial performance ； conglomeration hypothesis ； strategic focus hypothesis

保險專刊

28卷1期（2012 / 06 / 01）

27 - 59

繁體中文

本文目的為運用中國產險公司2005年至2009年追蹤資料，檢驗產品多角化與公司績效之間是否相關。結果發現，產品多角化與公司財務績效呈顯著負相關，此意味相較於多角化策略，產品集中策略在中國產險市場更具優勢。易言之，中國產險保險人簽單業務集中程度愈高，專業化利益愈大，公司財務績效愈好。另方面，研究亦發現，地區多角化與公司績效呈顯著負相關，隱含支持集中策略假說。而且，營運地區愈集中，公司財務績效愈好。

For this study, we investigated the relationship between product diversification and firm performance using the panel data from 2005 to 2009 of property-liability insurers in China. The result indicated that product diversification is negatively related to the financial performance of property-liability insurers. This implies that product focus is a superior operating strategy for insurers. In other words, whereas insurers' product lines are more concentrated, a greater professional interest is indicative of greater financial performance of a company. Conversely, geographic diversification is also negatively related to the financial performance of property-liability insurers. This negative relation between geographic diversification and performance supports the strategic hypothesis. Moreover, while operating areas more concentrated, they improve a company's financial performance.

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