中國壽險公司產品多角化與經營績效Product Diversification and Financial Performance: Evidence from Chinese Life

摘要
　　本文目的為運用中國壽險公司2005年至2008年追蹤資料，檢驗產品多角化與公司績效之間是否相關。結果發現，產品多角化與公司財務績效呈顯著負相關，此意味相較於多角化策略，產品集中策略在中國壽險市場可能更具優勢。易言之，中國壽險保險人簽單業務集中程度愈高，專業化利益愈大，公司財務績效愈好。而且，研究亦發現，三大經濟地帶多角化衡量指標變數與公司績效呈顯著負相關，此也意喻中國壽險公司營運愈分散於東部、中部及西部三大經濟地帶，公司財務績效愈差。
關鍵詞：產品多角化、地區多角化、財務績效
Abstract
　　This paper aims to investigate the relationship between product diversification and firm performance using the panel data from 2005 to 2008 of life insurers in China. The results indicated that product diversification have negative influence on the financial performance for the life insurers. This implied that product focus may be a superior operating strategy for insurers. In other words, China’s life insurance business the higher the concentration, the greater professional interest, the better the company’s financial performance. Moreover, the results also indicated that three major geographic diversification have negative influence on the financial performance for the life insurers. This shows that the Chinese life insurance companies operating more dispersed in eastern, central and western three areas, the worse the company’s financial performance.
Keywords: production diversification, geographic diversification, financial performance