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題 名 | 多角化策略與財產保險人績效:股權結構重要嗎?=Diversification Strategy and Non-Life Insurer Performance: Does Ownership Structure Matter? |
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作 者 | 張簡永章; 曾漢文; 陳惠萍; | 書刊名 | 藝見學刊 |
卷 期 | 13 2017.04[民106.04] |
頁 次 | 頁41-56 |
分類號 | 563.727 |
關鍵詞 | 多角化策略; 財務績效; 地區多角化; 代理成本; 股權結構; Diversification strategy; Financial performance; Geographic diversification; Agency cost; Shareholder structure; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究主要目的為運用中國大陸產險公司2005年至2013年追蹤資料,檢驗多角化策略與保險人績效之關係是否會隨股東結構之不同而異。研究結果發現,產品多角化與公司財務績效呈顯著正相關,此意味相較於集中策略,產品多角化在中國產險市場可能更具優勢;同時,研究亦顯示地區多角化與公司財務績效呈顯著正相關,隱含支持複合式假說,而且,營運地區愈分散,公司財務績效愈好。最後,研究亦發現地區多角化與公司財務績效之關係隨股權結構而異。具體言之,本土公司進行地區多角化比外商公司更能提升公司財務績效。 |
英文摘要 | We examine whether the relationship between diversification strategy and performance of the insurer will vary with the shareholder structure using the panel data from 2005 to 2013 of non-life insurers in China. This result indicated that product diversification has positive influence on the financial performance for the non-life insurers. This implied that product diversification may be a superior operating strategy. Simultaneously, geographic diversification is also positively related to non-life insurers' financial performance. This positive relation between geographic diversification and performance supports the conglomeration hypothesis. Moreover, while operating areas more diversified, the better the company's financial performance is. Finally, the study also found that the relationship between geographic diversification and corporate financial performance varies with the ownership structure. In particular, local insurance companies can improve the financial performance of the company by geographic diversification. |
本系統中英文摘要資訊取自各篇刊載內容。