中國財產保險業多元化經營與財務績效之非線性關聯分析

An Analysis of the Nonlinear Relationship between Diversification and Financial Performance of Chinese Non-Life Insurance Industry

在經濟全球化及市場自由化之下，中國財產保險業近年來迅速成長，保險公司之財務績效、經營策略及經營風險等多方面受到關注。本研究以產品多元化、業務多元化、地區多角化及省市經營核准數做為多元化策略指標，研究發現多元化經營策略與中國財產保險公司財務績效之間存在U型之非線性關係，表示中國財產保險公司在初期經營多個險種時，需要投入大量成本，當公司發展不斷成熟，經營多種財產保險時，成本不斷降低且控制良好，同時透過增加營業部門及營業收入提高公司的財務績效，且中國財產保險公司之地區多角化策略會隨著經營範圍與市場範圍有所不同。此外，不同公司型態在產品多元化與業務多元化上對財務績效之影響存在顯著差異。

Chinese non-life insurance industry has rapid growth in recent years under economic globalization and market liberalization. The financial performance, business strategies and operational risks of insurance companies have drawn much attention in many aspects. This paper uses the product diversification, business diversification, geographic diversification, and number of province and city approvals as indicators of diversification. The results show that diversification has a U-shaped nonlinear relationship with financial performance. This indicates that Chinese non-life insurance companies need to invest much capital to operate multiple types of insurance products in the initial stage. When they mature and manage well, the cost control is good and continuously reduced, at the same time, the operation business and operating income increase to improve financial performance and the geographic diversification strategy of Chinese non-life insurance companies will vary with the business scope and market scope. In addition, there are significant differences in the impact of different equity types on financial performance in terms of product diversification and business diversification.