多元化、竞争对我国财产保险业经营绩效的影响

The Effect of Diversification and Competition on Performance for Chinese Property-Liability Insurers

产品多元化和区域多元化是保险公司普遍采用的经营策略。本文利用2002～2011年我国财产保险业的数据，实证研究财产保险公司产品多元化策略和区域多元化策略及由此引致的竞争程度对经营绩效的影响。研究发现，产品多元化程度上升会导致经营绩效下降，而区域多元化和经营绩效无显著相关。公司面临的产品竞争程度和区域竞争程度越低，经营绩效越好。这表明，财险保险公司在考虑产品多元化时要谨慎从事，应在产品结构调整上多下功夫，通过产品创新和深耕细作，提高局部市场的竞争优势，提升经营绩效。

Property-liability insurers choose whether to diversify across multiple product lines to improve finan- cial performance, but the performance effects of this choice is unclear. Theory suggests that diversification is associ- ated with both costs and benefits, which form two alternative hypothesis regarding diversification＇ s effect, conglom- eration hypothesis and strategic focus hypothesis. Moreover, Pro-conglomeration arguments suggest that geographi- cally diversified firms are likely to have less volatile profits due to coinsurance effect, suggest a positive relation be- tween the degree of geographic diversification and risk-adjusted performance.