《保险研究》20200804-《财险公司业务多元化的驱动因素研究——基于公司特征的异质性分析》（陈华、邵瑜佳、王丽珍）

［摘   要］随着我国经济增长和保险市场的发展,我国保险市场上大多数财产保险公司选择进行业务多元化经营,但多元化方向存在一定差异。本文基于2000~2017年我国财险公司非平衡面板数据,采用动态面板模型研究了财险公司进行业务多元化经营的动机。从总体上看,我国财险公司进行业务多元化主要出于分散风险和获得内部市场的动机,而较少出于改善绩效和实现范围经济的目的,宏观经济和保险市场发展对财险公司业务多元化的影响不明显,这与我国财险市场不完善有关。公司性质、资产规模、地域多元化程度等特征不同的财险公司,业务多元化动机也有所差异。外资公司获得内部市场的动机更强烈,而地域多元化程度越高的公司分散风险的动机越强烈。

［关键词］财险公司；业务多元化；异质性分析

［基金项目］本文受国家自然科学基金项目(71974221)、国家社科基金项目(19CJL033)资助。

［作者简介］陈华,中央财经大学保险学院副教授,主要从事保险经济学研究；邵瑜佳,中央财经大学保险专业硕士生；王丽珍,中央财经大学保险学院副教授,主要从事保险经济学研究。

Business Diversification Motivations of P&C Insurers—Heterogeneity analysis based on corporate characteristics

CHEN Hua,SHAO Yu-jia,WANG Li-zhen

Abstract：With the China′s economic growth and the development of insurance market,the majority of P&C insurance companies choose to diversify their business lines,but their directions of business diversification differ to some extent.In this paper,unbalanced panel data of Chinese property insurance companies from 2000 to 2017 were used to analyze these insurers′ motivations of business diversification,under the systematic GMM model.It is found that,in general,their motivations mainly lie with the spread of risks and the acquisition of internal markets,and few are motivated to improve their performance or achieve economy of scope.The impact of the macroeconomic growth and development of the insurance markets on the P&C insurer′s diversification is not significant,which is related to the imperfection of the P&C insurance market in China.P&C insurance companies with different characteristics,asset size and geographical diversification have different motivations for business diversification.Foreign insurers′ motivation to obtain the internal market is stronger,while the more geographically diversified the company is,the stronger the motivation for spreading risks.In addition,the study also finds that independent directors of Chinese P&C insurance companies haven′t played their due role in monitoring operations.Their existence is merely for meeting the requirements of the Company Law.

Key words：P&C insurance company;business line diversification;heterogeneity analysis