保险公司多元化经营对绩效的影响
Effects of diversification on performance in China insurance industry

多元化经营是中国保险业发展的重要趋势，但多元化能否给保险企业经营绩效带来益处是值得探究的问题。以中国40家主要财产保险公司2007-2012年面板数据的实证分析表明，保险公司的产品多元化对经营绩效有负效应，而地区多化化对公司绩效的影响不显著；各险种的产业集中度对公司盈利影响不显著，但对盈利波动有一定影响；公司规模、保险资金投资运用率、负债率对公司业绩有明显正效应。为此，保险公司应积极推进专业化经营，并强化以盈利为导向，同时，在政策上应加快保险市场化改革，支持保险公司做大做强。
Diversification is the important trend for the development of China’s insurance industry, but whether it could benefit the insurance company’s performance is a question worth exploring. The paper analyzes effects of corporate diversification on its performance using from Chinese forty insurance companies’ panel data during the period 2007-2012. The analysis shows that China’s property insurance company’s product diversification has a negative impact on performance, while geographic diversification’s impact on firm performance is not significant. The industry concentration effect on corporate earnings is not significant, but has a certain impact on the earnings volatility. The company size and investment ratio of insurance funds have positive impact on performance, while the equity capital ratio has significantly negative effects on earnings.