我国财险公司多元化经营的最优边界研究——基于面板门限估计方法

A Study on the Optimal Diversification Level for China's Property Insurance Companies:Based on the Panel Threshold Model

根据现代管理学理论，任何企业均存在适度多元化规模，即企业的多元化扩张不可能无限制下去。同样保险公司险种多元化经营也应如此，在什么界限范围内经营会使企业达到最好的绩效是值得研究的问题。以我国主要财产保险公司2005～2014年数据为样本，测算赫芬达尔指数，并采用面板门限模型，探析险种多元化程度对企业绩效影响的最优边界。结果表明，多元化程度对绩效影响的门限效应显著，适度多元化能改善财险公司经营业绩，但随着多元化经营程度的提高，其所带来的边际效应是逐步递减的，因而“最优多元化水平”的理论假说对保险公司来说也是成立的。

According to the theory of modern management, every enterprise has an appropriate level of diversification, which means that their diversification cannot be unlimited, and there is an optimal boundary. The same is true for insurance companies. A meaningful question is under what boundary of diversification will make the insurance companies achieve the best performance. Using the 2005 -2014 data of China＇ s major property insurance compa- nies, this paper calculated the Herfindahl-Hirschman Index, and with the panel threshold model, analyzed the opti- mal diversification boundary for the insurer＇ s optimal performance. The results showed that the product diversification level of property insurance companies had a significant threshold impact on corporate performance. The appropriate diversification level can help the insurer to improve their performance, but the marginal effect declines as diversification level increases. Therefore, the hypothesis of optimal diversification level is also applicable to insurance companies.