保险公司多元化经营行为研究
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摘要
我国保险公司的鲜明特点是多元化经营,表现为产品多元化、地域多元化、纵向多元化等。多数保险公司的纵向扩张实质上是实现专业化经营的方式,尚不是严格意义上的多元化经营。绝大多数保险公司经营多个险种,所经营的险种少则三、五个,多则十余个,有的公司业务非常集中,有的则很分散,这些现象可归结为保险公司产品(业务)多元化经营差异。分析保险产品多元化经营行为的动机、原因及其对公司绩效和业务发展的影响,对我国保险公司多元化经营现象作出合理的解释,并探寻其中的规律性,具有积极的理论和现实意义。
本文正文共8章,各章主要内容如下。
第1章为导言,介绍论文的研究背景、对象、目的、思路、方法、意义及论文的创新和不足。
第2章,对企业多元化经营的研究现状进行回顾梳理,介绍了一般企业多元化经营的概念、分类、原因、衡量方法、与绩效的关系等,重点综述了与本文联系密切的相关多元化、行业内多元化,以及金融保险业多元化经营的有关研究。对市场结构行为绩效、多市场接触、资源基础观、协同效应、范围经济、内部市场、委托代理理论、共保效应等相关理论进行了综述。
第3章,从制度变迁和企业实践的角度,对我国保险业多元化经营的历史演变进行回顾,将保险公司多元化经营划分为1980-1995年保险业务恢复与全面经营、1996-2002年严格分业经营、2003-2012产寿险相互渗透等3个阶段,分析了每个阶段制度变化对保险公司多元化经营的影响。在此基础上,对保险公司产品多元化、区域多元化、纵向多元化经营进行比较分析,提出一直以来我国保险公司多元化经营重点是产品多元化,而跨行业多元化经营、产业链延伸的纵向多元化尚不具有研究意义。然后,分别从财产保险公司、人身保险公司、保险集团化公司的角度,以产品类别计数、赫芬达尔指数、熵等方法,对2002-2012年保险公司的产品多元化程度进行衡量和测算,进一步分析概括我国保险公司多元化行为特征。
第4章,对我国保险公司多元化经营的内在机制进行理论分析。提出保险险种内在关联度分析方法,测算比较了险种内在关联度和实际关联度,通过二者的比较,印证了险种内在联系是保险公司多元化经营基础的观点。针对我国保险业特点,提出基于险种相关性,在外部行业机会诱导与公司内在驱动的共同作用下,保险公司多元化经营的机制。在行业机会诱导方面,外部环境变化带来保险需求变化,影响险种行业规模、市场容量、竞争性和盈利性,引发保险机构调整业务经营策略,带来业务类型和结构变化,并表现为多元化行为和程度变化。在企业内在驱动方面,险种相关性为保险公司内部有形资源共享、无形资源的共享移植提供了基础,由此带来保险销售、运营、财务等方而的协同效应,并可能产生范围经济,从而提升企业经营绩效；同时险种的差异性带来风险分散效应,降低业务发展和绩效的波动性。
第5章,分别从财产保险公司、人身保险公司和保险集团公司三个视角,以2002-2012年我国100余家保险公司为样本,采用面板数据模型,系统地实证分析保险公司多元化经营的动机和影响因素。结果表明,保险公司多元化经营具有追求财务协同与盈利、销售协同与扩张、运营协同、风险分散等方面的动机,并且受到公司股权性质、结构等因素的影响,这些内在动因与公司所经营险种的行业集中度、市场容量、盈利性、成长性等行业特征相结合,共同作用和影响着保险公司的多元化经营行为,并带来多元化程度的变化。具体影响因素既有险种行业集中度、规模、增速、赔付率等行业因素,又有公司盈利状况、业务发展及其波动等经营因素,还有股权性质、结构等公司特征因素。
第6章,以2003-2012年我国98家、89家保险公司为样本,采用两阶段最小二乘法(2SLS)及混合回归、固定效应、随机效应等多种估计方法,对多元化与绩效关系进行实证分析。结果表明,我国保险公司产品多元化经营与绩效存在显著的正向关系,产品多元化经营及各险种业务均衡发展有利于提升公司绩效。但产品多元化与绩效的关系对绩效指标的选择具有敏感性,二者显著的正向关系是建立在以资产收益率(ROA)衡量经营绩效基础上的,当以净资产收益率(ROE)衡量绩效时,二者的关系不再显著。此外,保险公司资本结构、资产规模、保险资金运用率等变量与绩效存在显著的正向关系,而上市保险公司、中资保险公司等变量与绩效存在负向关系。区域多元化、集团化经营、公司费用管控等变量与绩效的关系不显著。
第7章,以健康保险、意外伤害保险两个经营最为广泛的险种为例,分别以我国100家左右保险公司2004年-2012年的数据,采用动态面板模型系统GMM估计方法,分析保险公司多元化经营对业务发展的影响。实证结果显示,在健康保险方面,保险公司产品多元化、主营业务等变量与健康保险业务增长存在显著正向关系,表明多元化经营有利于健康保险发展；虽然我国健康保险的专业水平不高,但提高专业水平能够促进其发展。在意外伤害保险方面,公司多元化状况、主营业务与意外伤害保险业务增长没有显著关系,表明意外伤害保险在保险公司多元化经营中的作用有限；意外伤害保险不需要很高的专业化水平,更适合财产保险公司经营。此外,研究发现,保险公司健康保险与意外伤害保险能够相互促进；健康保险和意外伤害保险均具有较强的延续性,受到上期发展状况的影响。
第8章,对主要结论进行综述,并根据理论分析和实证检验的结果,结合我国保险业发展阶段和未来方向,提出保险公司经营管理和监管的政策建议。同时,针对研究不足,指出进一步研究的可能性和方向。
本文的主要创新点有以下几个方面。第一,从财产保险公司、人身保险公司、集团化公司的角度,对保险公司产品多元化经营程度进行了量化测算和比较分析。对保险险种内在关联度与实际关联度进行测算,提出并通过内在关联度与实际关联度匹配程度验证了险种内在联系是保险公司多元化经营基础的观点。第二,提出行业机会诱导与公司内部驱动共同作用促使保险公司多元化经营的机制。提出并分析了险种行业机会诱导保险公司多元化经营的因素,以及保险公司业务结构变动与多元化程度变化的关系。从内部驱动的角度,系统分析了基于险种相关性、资源共享的协同效应和基于险种差异性的风险分散效应,及其对多元化的影响。第三,从财产保险公司、人身保险公司、集团化公司三个视角,较为全面地实证分析了保险公司多元化经营的动机与影响因素；以较长时间和包括产寿险公司在内的广泛样本,采用能够较好地克服内生性问题的2SLS,对我国保险公司多元化与绩效关系进行了实证检验；以具有典型意义的健康保险、意外伤害保险为例,采用系统GMM模型方法,实证分析了多元化经营对保险业务发展的影响。
The distinctive characteristics of China's insurance companies are diversified business operations, exhibiting product diversification, geographic diversification and vertical diversification etc. For most insurance companies, the longitudinal expansion is to achieve professional management, rather than diversified business operation in a strict sense. The vast majority of insurance companies operate multiple types of insurance, ranging from three to five, as many as a dozen. Some companies are very focused on the business, while others are scattered. There are obvious variations in the degree of business diversification of different companies. It is of positive theoretical and practical significance to analyze insurance companies'product diversification motives, causes, and its impact on corporate performance and business development, to make a reasonable explanation for the phenomenon of diversification of China's insurance companies and to explore the regularity.
The paper consists of eight chapters, and the main contents of each chapter are as follows.
The first chapter is introduction. It introduces the research background, object, purpose, train of thought, methods, significance, innovation and deficiency of the paper.
The second chapter makes a review of enterprise diversification study, introduces the enterprise diversification classification, motivation, relation with performance, measurement methods and ways of realization, focusing on related diversification and Intra-industry diversification which are closely related to this paper, as well as diversification in financial and insurance industries. This chapter summarizes the market structure-conduct-performance theory, resource-based view, synergy effects, economies of scope, the internal market, agent theory, multi-market contacts, co-insurance and other major theories.
The third chapter reviews the historical evolution of China's insurance industry diversification from the perspective of system changes and business practices. The diversified business operations of insurance companies in our country are divided into3stages:1980-1995business recovery and comprehensive management,1996-2002strict separated operation, and2003-2012penetration of property and life insurance, and then the impact of system changes in each stage on the insurance company's diversified operations is analyzed. On this basis, this chapter analyzes product diversification, regional diversification and vertical diversification in China's insurance companies, and presents that the core of diversified business operations is product diversification and that vertical diversification of cross industries and industrial chain extension has no significance. Then using methods of product category counts, the Herfindahl Index and the Entropy Measure, respectively from the perspective of property insurance companies, life insurance companies and insurance group, we measure the degree of product diversification in China's insurance companies from2002to2012, and further summarize the behavior characteristics of diversified business of China's insurance companies.
The fourth chapter analyzes the internal mechanism of the diversification of China's insurance companies. This chapter proposes the analysis method of inherent insurance correlation, measures and compares the inherent insurance correlation and the actual correlation. Through the comparison, we confirm insurance correlation is the foundation of insurance companies'diversification. Then in view of China's insurance industry characteristics, based on the insurance categories correlation we propose the mechanism of the insurance company's diversification of under the joint action of external industry inducement and internal driving. In respect of the industry opportunity inducement, the external environment changes bring about insurance demand changes, affect the size of the insurance industry, market capacity, competitiveness and profitability, cause insurance institutions to adjust business strategy, and bring business types and structural changes, taking the form of the changes in the diversification behavior and diversification degree. In respect of the internal driving, insurance categories correlation provides the basis for the sharing of internal physical resources and the sharing and transplantation of internal intangible resources, which brings the synergy effect of insurance sales, operations, finance and so on, may generate economies of scope, and thereby enhances business performance. Meanwhile insurance categories differences bring about risk diversification and reduce the volatility of the business development and performance.
The fifth chapter uses panel data model to systematically and empirically analyze motives and influencing factors of with a sample of more than100insurance companies in China from2002to2012, respectively from the perspective of property insurance companies, life insurance companies and insurance groups. The results indicate that the insurance companies'diversified business operations have the motivation to pursue financial synergies and profitability, sales synergies and scale expansion, operational synergies, risk diversification and so on, and are affected by equity structure,ownership characteristics and other factors. These intrinsic motivations combined with the industrial characteristics of insurance operations such as industry concentration, market capacity, profitability and growth influence the diversification behavior of insurance companies and bring the changes of diversification degree. Specific factors include industry factors such as the concentration degree, size, growth rate, loss rate of insurance categories industry, operation factors such as company profitability, business growth and fluctuations, and company characteristic factors such as equity nature and structure.
The sixth chapter empirically analyzes the correlation among product diversification and performance by using the two stage least square method (2SLS) with pooled regression, fixed effect and random effect estimation, with the sample of98,89insurance companies in China from2003to2012. The results indicate that there is a significant positive relationship between product diversification and insurance companies'performance in China. The diversification and balanced development of insurance categories have positive impact on companies'performance. However, the correlation between product diversification and performance is sensitive to the selection performance indicators, which is significant positive by using return on assets(ROA) to measure performance while is not by using return on equity(ROE). Moreover, there is significant positive correlation among performance and capital structure, asset size, insurance fund application rate.While the correlation among listed insurance companies, Chinese-funded insurance companies and performance is significant negative. The correlation among geographic diversification, insurance group, company cost control and performance is not significant.
The seventh chapter uses system GMM estimation of dynamic panel model to analyze the impact of insurance diversification on business development with a sample of about100insurance companies in China from2004to2012, taking health insurance and casualty insurance for example, which are the two most widely operated insurance categories. The results indicate that diversified business operations can promote the development of health insurance, while casualty insurance plays a limited role in the diversification. The overall situation of diversification, especially the main business of the company, has no significant role in the casualty insurance development, but the main business can promote the health insurance development. Health insurance and casualty insurance can promote each other. Professional management can contribute to the health insurance development, but the professional level of China's health insurance is not high. Casualty insurance does not require very high professional management level and is more suitable for property insurance companies. Health insurance and casualty insurance both have a strong continuity affected by the development of the previous period.
The eighth chapter summarizes the main conclusions and proposes the policy recommendations for the business operation and regulation of insurance according to the theoretical analysis and empirical results, combined with the development stage and future direction of China's insurance industry. At the same time this chapter points out the possibilities and directions for further research in view of the defects of present research.
The main innovations of the paper include the following aspects. Firstly, this paper conducts a quantitative analysis of insurance companies'diversified business operations, measures the inherent insurance correlation and the actual correlation and confirms insurance correlation is the foundation of insurance companies' diversification through the comparison, respectively from the perspective of property insurance companies, life insurance companies and insurance group. Secondly, this paper proposes the mechanism of the insurance company's diversification under the joint action of industry opportunity inducement internal driving and analyzes factors of the industry opportunity inducement. Then we analyze synergies, risk diversification effect of the insurance company's diversified operations and their interaction mechanism. Thirdly, this paper empirically analyzes the motivations and factors of diversification respectively from the perspective of property insurance companies, life insurance companies and insurance groups.On the basis, this paper empirically analyzes the relationship between diversification and performance with the sample including property and life insurance companies.Then we analyze the impact of insurance diversification on business development, taking such typical insurance as health insurance and casualty insurance for example.
本文正文共8章,各章主要内容如下。
第1章为导言,介绍论文的研究背景、对象、目的、思路、方法、意义及论文的创新和不足。
第2章,对企业多元化经营的研究现状进行回顾梳理,介绍了一般企业多元化经营的概念、分类、原因、衡量方法、与绩效的关系等,重点综述了与本文联系密切的相关多元化、行业内多元化,以及金融保险业多元化经营的有关研究。对市场结构行为绩效、多市场接触、资源基础观、协同效应、范围经济、内部市场、委托代理理论、共保效应等相关理论进行了综述。
第3章,从制度变迁和企业实践的角度,对我国保险业多元化经营的历史演变进行回顾,将保险公司多元化经营划分为1980-1995年保险业务恢复与全面经营、1996-2002年严格分业经营、2003-2012产寿险相互渗透等3个阶段,分析了每个阶段制度变化对保险公司多元化经营的影响。在此基础上,对保险公司产品多元化、区域多元化、纵向多元化经营进行比较分析,提出一直以来我国保险公司多元化经营重点是产品多元化,而跨行业多元化经营、产业链延伸的纵向多元化尚不具有研究意义。然后,分别从财产保险公司、人身保险公司、保险集团化公司的角度,以产品类别计数、赫芬达尔指数、熵等方法,对2002-2012年保险公司的产品多元化程度进行衡量和测算,进一步分析概括我国保险公司多元化行为特征。
第4章,对我国保险公司多元化经营的内在机制进行理论分析。提出保险险种内在关联度分析方法,测算比较了险种内在关联度和实际关联度,通过二者的比较,印证了险种内在联系是保险公司多元化经营基础的观点。针对我国保险业特点,提出基于险种相关性,在外部行业机会诱导与公司内在驱动的共同作用下,保险公司多元化经营的机制。在行业机会诱导方面,外部环境变化带来保险需求变化,影响险种行业规模、市场容量、竞争性和盈利性,引发保险机构调整业务经营策略,带来业务类型和结构变化,并表现为多元化行为和程度变化。在企业内在驱动方面,险种相关性为保险公司内部有形资源共享、无形资源的共享移植提供了基础,由此带来保险销售、运营、财务等方而的协同效应,并可能产生范围经济,从而提升企业经营绩效；同时险种的差异性带来风险分散效应,降低业务发展和绩效的波动性。
第5章,分别从财产保险公司、人身保险公司和保险集团公司三个视角,以2002-2012年我国100余家保险公司为样本,采用面板数据模型,系统地实证分析保险公司多元化经营的动机和影响因素。结果表明,保险公司多元化经营具有追求财务协同与盈利、销售协同与扩张、运营协同、风险分散等方面的动机,并且受到公司股权性质、结构等因素的影响,这些内在动因与公司所经营险种的行业集中度、市场容量、盈利性、成长性等行业特征相结合,共同作用和影响着保险公司的多元化经营行为,并带来多元化程度的变化。具体影响因素既有险种行业集中度、规模、增速、赔付率等行业因素,又有公司盈利状况、业务发展及其波动等经营因素,还有股权性质、结构等公司特征因素。
第6章,以2003-2012年我国98家、89家保险公司为样本,采用两阶段最小二乘法(2SLS)及混合回归、固定效应、随机效应等多种估计方法,对多元化与绩效关系进行实证分析。结果表明,我国保险公司产品多元化经营与绩效存在显著的正向关系,产品多元化经营及各险种业务均衡发展有利于提升公司绩效。但产品多元化与绩效的关系对绩效指标的选择具有敏感性,二者显著的正向关系是建立在以资产收益率(ROA)衡量经营绩效基础上的,当以净资产收益率(ROE)衡量绩效时,二者的关系不再显著。此外,保险公司资本结构、资产规模、保险资金运用率等变量与绩效存在显著的正向关系,而上市保险公司、中资保险公司等变量与绩效存在负向关系。区域多元化、集团化经营、公司费用管控等变量与绩效的关系不显著。
第7章,以健康保险、意外伤害保险两个经营最为广泛的险种为例,分别以我国100家左右保险公司2004年-2012年的数据,采用动态面板模型系统GMM估计方法,分析保险公司多元化经营对业务发展的影响。实证结果显示,在健康保险方面,保险公司产品多元化、主营业务等变量与健康保险业务增长存在显著正向关系,表明多元化经营有利于健康保险发展；虽然我国健康保险的专业水平不高,但提高专业水平能够促进其发展。在意外伤害保险方面,公司多元化状况、主营业务与意外伤害保险业务增长没有显著关系,表明意外伤害保险在保险公司多元化经营中的作用有限；意外伤害保险不需要很高的专业化水平,更适合财产保险公司经营。此外,研究发现,保险公司健康保险与意外伤害保险能够相互促进；健康保险和意外伤害保险均具有较强的延续性,受到上期发展状况的影响。
第8章,对主要结论进行综述,并根据理论分析和实证检验的结果,结合我国保险业发展阶段和未来方向,提出保险公司经营管理和监管的政策建议。同时,针对研究不足,指出进一步研究的可能性和方向。
本文的主要创新点有以下几个方面。第一,从财产保险公司、人身保险公司、集团化公司的角度,对保险公司产品多元化经营程度进行了量化测算和比较分析。对保险险种内在关联度与实际关联度进行测算,提出并通过内在关联度与实际关联度匹配程度验证了险种内在联系是保险公司多元化经营基础的观点。第二,提出行业机会诱导与公司内部驱动共同作用促使保险公司多元化经营的机制。提出并分析了险种行业机会诱导保险公司多元化经营的因素,以及保险公司业务结构变动与多元化程度变化的关系。从内部驱动的角度,系统分析了基于险种相关性、资源共享的协同效应和基于险种差异性的风险分散效应,及其对多元化的影响。第三,从财产保险公司、人身保险公司、集团化公司三个视角,较为全面地实证分析了保险公司多元化经营的动机与影响因素；以较长时间和包括产寿险公司在内的广泛样本,采用能够较好地克服内生性问题的2SLS,对我国保险公司多元化与绩效关系进行了实证检验；以具有典型意义的健康保险、意外伤害保险为例,采用系统GMM模型方法,实证分析了多元化经营对保险业务发展的影响。
The distinctive characteristics of China's insurance companies are diversified business operations, exhibiting product diversification, geographic diversification and vertical diversification etc. For most insurance companies, the longitudinal expansion is to achieve professional management, rather than diversified business operation in a strict sense. The vast majority of insurance companies operate multiple types of insurance, ranging from three to five, as many as a dozen. Some companies are very focused on the business, while others are scattered. There are obvious variations in the degree of business diversification of different companies. It is of positive theoretical and practical significance to analyze insurance companies'product diversification motives, causes, and its impact on corporate performance and business development, to make a reasonable explanation for the phenomenon of diversification of China's insurance companies and to explore the regularity.
The paper consists of eight chapters, and the main contents of each chapter are as follows.
The first chapter is introduction. It introduces the research background, object, purpose, train of thought, methods, significance, innovation and deficiency of the paper.
The second chapter makes a review of enterprise diversification study, introduces the enterprise diversification classification, motivation, relation with performance, measurement methods and ways of realization, focusing on related diversification and Intra-industry diversification which are closely related to this paper, as well as diversification in financial and insurance industries. This chapter summarizes the market structure-conduct-performance theory, resource-based view, synergy effects, economies of scope, the internal market, agent theory, multi-market contacts, co-insurance and other major theories.
The third chapter reviews the historical evolution of China's insurance industry diversification from the perspective of system changes and business practices. The diversified business operations of insurance companies in our country are divided into3stages:1980-1995business recovery and comprehensive management,1996-2002strict separated operation, and2003-2012penetration of property and life insurance, and then the impact of system changes in each stage on the insurance company's diversified operations is analyzed. On this basis, this chapter analyzes product diversification, regional diversification and vertical diversification in China's insurance companies, and presents that the core of diversified business operations is product diversification and that vertical diversification of cross industries and industrial chain extension has no significance. Then using methods of product category counts, the Herfindahl Index and the Entropy Measure, respectively from the perspective of property insurance companies, life insurance companies and insurance group, we measure the degree of product diversification in China's insurance companies from2002to2012, and further summarize the behavior characteristics of diversified business of China's insurance companies.
The fourth chapter analyzes the internal mechanism of the diversification of China's insurance companies. This chapter proposes the analysis method of inherent insurance correlation, measures and compares the inherent insurance correlation and the actual correlation. Through the comparison, we confirm insurance correlation is the foundation of insurance companies'diversification. Then in view of China's insurance industry characteristics, based on the insurance categories correlation we propose the mechanism of the insurance company's diversification of under the joint action of external industry inducement and internal driving. In respect of the industry opportunity inducement, the external environment changes bring about insurance demand changes, affect the size of the insurance industry, market capacity, competitiveness and profitability, cause insurance institutions to adjust business strategy, and bring business types and structural changes, taking the form of the changes in the diversification behavior and diversification degree. In respect of the internal driving, insurance categories correlation provides the basis for the sharing of internal physical resources and the sharing and transplantation of internal intangible resources, which brings the synergy effect of insurance sales, operations, finance and so on, may generate economies of scope, and thereby enhances business performance. Meanwhile insurance categories differences bring about risk diversification and reduce the volatility of the business development and performance.
The fifth chapter uses panel data model to systematically and empirically analyze motives and influencing factors of with a sample of more than100insurance companies in China from2002to2012, respectively from the perspective of property insurance companies, life insurance companies and insurance groups. The results indicate that the insurance companies'diversified business operations have the motivation to pursue financial synergies and profitability, sales synergies and scale expansion, operational synergies, risk diversification and so on, and are affected by equity structure,ownership characteristics and other factors. These intrinsic motivations combined with the industrial characteristics of insurance operations such as industry concentration, market capacity, profitability and growth influence the diversification behavior of insurance companies and bring the changes of diversification degree. Specific factors include industry factors such as the concentration degree, size, growth rate, loss rate of insurance categories industry, operation factors such as company profitability, business growth and fluctuations, and company characteristic factors such as equity nature and structure.
The sixth chapter empirically analyzes the correlation among product diversification and performance by using the two stage least square method (2SLS) with pooled regression, fixed effect and random effect estimation, with the sample of98,89insurance companies in China from2003to2012. The results indicate that there is a significant positive relationship between product diversification and insurance companies'performance in China. The diversification and balanced development of insurance categories have positive impact on companies'performance. However, the correlation between product diversification and performance is sensitive to the selection performance indicators, which is significant positive by using return on assets(ROA) to measure performance while is not by using return on equity(ROE). Moreover, there is significant positive correlation among performance and capital structure, asset size, insurance fund application rate.While the correlation among listed insurance companies, Chinese-funded insurance companies and performance is significant negative. The correlation among geographic diversification, insurance group, company cost control and performance is not significant.
The seventh chapter uses system GMM estimation of dynamic panel model to analyze the impact of insurance diversification on business development with a sample of about100insurance companies in China from2004to2012, taking health insurance and casualty insurance for example, which are the two most widely operated insurance categories. The results indicate that diversified business operations can promote the development of health insurance, while casualty insurance plays a limited role in the diversification. The overall situation of diversification, especially the main business of the company, has no significant role in the casualty insurance development, but the main business can promote the health insurance development. Health insurance and casualty insurance can promote each other. Professional management can contribute to the health insurance development, but the professional level of China's health insurance is not high. Casualty insurance does not require very high professional management level and is more suitable for property insurance companies. Health insurance and casualty insurance both have a strong continuity affected by the development of the previous period.
The eighth chapter summarizes the main conclusions and proposes the policy recommendations for the business operation and regulation of insurance according to the theoretical analysis and empirical results, combined with the development stage and future direction of China's insurance industry. At the same time this chapter points out the possibilities and directions for further research in view of the defects of present research.
The main innovations of the paper include the following aspects. Firstly, this paper conducts a quantitative analysis of insurance companies'diversified business operations, measures the inherent insurance correlation and the actual correlation and confirms insurance correlation is the foundation of insurance companies' diversification through the comparison, respectively from the perspective of property insurance companies, life insurance companies and insurance group. Secondly, this paper proposes the mechanism of the insurance company's diversification under the joint action of industry opportunity inducement internal driving and analyzes factors of the industry opportunity inducement. Then we analyze synergies, risk diversification effect of the insurance company's diversified operations and their interaction mechanism. Thirdly, this paper empirically analyzes the motivations and factors of diversification respectively from the perspective of property insurance companies, life insurance companies and insurance groups.On the basis, this paper empirically analyzes the relationship between diversification and performance with the sample including property and life insurance companies.Then we analyze the impact of insurance diversification on business development, taking such typical insurance as health insurance and casualty insurance for example.
引文
1 1940年以前美国的保险监管规定同一保险公司不得同时经营财产责任险和人寿险(Regan和Tennyson, 2007)
1 参1995年《中华人民共和国保险法》第91条。
22 2000年该公司更名为新疆兵团财产保险公司,2002年更名为中华联合财产保险公司,直到2003年该公司才不再经营寿险业务。
23 根据监管规定,民安、美业、友邦等外资公司在中国大陆多个地区分别设立了独立的分公司,在中国加入世界贸易组织而调整有关监管政策后,这些公司逐步改组为同一的子公司,本文中自始至终将这些公司的分公司视作同一家公司。
24 参保监会《关于财产保险公司经营短期健康保险和意外伤害保险的通知》(保监发[2002]133号)
38 有的按照标的将保险业务分为三类：财产保险、人身保险、责任保险(曾卫,2010)。
39 按照保障范围,人身保险可分为人寿保险、意外伤害保险、年金保险、健康保险(刘冬姣,2010),而健康保险在广义上也可包含意外伤害保险(许谨良,2011)。
40 严格说应属于生产经营性单位投保,也可能是个体经营者投保。
41 参中国保监会《关于印发<中国保险统计信息系统对接标准>的通知》(保监发[2004]48号)
53 2009年修订的《中华人民共和国保险法》第一百零二条。
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1 参1995年《中华人民共和国保险法》第91条。
22 2000年该公司更名为新疆兵团财产保险公司,2002年更名为中华联合财产保险公司,直到2003年该公司才不再经营寿险业务。
23 根据监管规定,民安、美业、友邦等外资公司在中国大陆多个地区分别设立了独立的分公司,在中国加入世界贸易组织而调整有关监管政策后,这些公司逐步改组为同一的子公司,本文中自始至终将这些公司的分公司视作同一家公司。
24 参保监会《关于财产保险公司经营短期健康保险和意外伤害保险的通知》(保监发[2002]133号)
38 有的按照标的将保险业务分为三类：财产保险、人身保险、责任保险(曾卫,2010)。
39 按照保障范围,人身保险可分为人寿保险、意外伤害保险、年金保险、健康保险(刘冬姣,2010),而健康保险在广义上也可包含意外伤害保险(许谨良,2011)。
40 严格说应属于生产经营性单位投保,也可能是个体经营者投保。
41 参中国保监会《关于印发<中国保险统计信息系统对接标准>的通知》(保监发[2004]48号)
53 2009年修订的《中华人民共和国保险法》第一百零二条。
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