摘要
本文以我国34家主要财产保险公司2006-2012年面板数据进行实证分析,研究发现:保险公司产品多元化经营受到追求盈利、扩张规模、分散风险、内部资本配置、公司治理等方面因素的影响。总体上,多元化经营主要受盈利驱动,但随着经营时间的延长,规模扩张的影响在增强。具体的,险种的赔付率、产业集中度、市场规模、业务增速等特征,以及公司的资产收益率、区域多元化、自担风险能力、中外资公司、集团公司、国有公司等因素的影响具有显著性。
With the 2006-2012 panel data of 34 major property insurance companies , this paper analyzes the influence factors of business diversification .The results show that the diversification degree of insurance companies is influenced by such factors as profit pursuit, scale expansion, risk diversification, capital allocation, and management control.Generally, ROA rather than market share and business growth has a significant influence on degree of diversification .Specifically, features like loss ratio, industry concentration , relative size, and growth rate of the insurance business , and factors like regional diversifica-tion, funds investment rate, risk-handling capacity, foreign company, conglomeration, firm size, set up time, state-owned company, ownership concentration and others show significant impact on the diversification of insurance companies .
出处
《财经论丛》
CSSCI
北大核心
2014年第5期37-44,共8页
Collected Essays on Finance and Economics
关键词
财产保险
多元化
动机
盈利
规模扩张
property insurance
diversification
motivation
pursuing profit
scale expansion
