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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?
書刊名:藝見學刊
作者:張簡永章曾漢文陳惠萍
作者(外文):Chang-Chien, Iung-jangTzeng, Han-wenChen, Hung-ping
出版日期:2017
卷期:13
頁次:頁41-56
主題關鍵詞:多角化策略財務績效地區多角化代理成本股權結構Diversification strategyFinancial performanceGeographic diversificationAgency costShareholder structure
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(3) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:3
  • 共同引用共同引用:12
  • 點閱點閱:9
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。
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.
期刊論文
1.Regan, L.(1999)。Expense ratios across insurance distribution systems: An analysis by line of business。Risk Management and Insurance Review,2(2),44-59。  new window
2.張文武、林政緯(20070600)。壽險公司經營投資型保單對經營績效之影響。保險專刊,23(1),17-36。new window  延伸查詢new window
3.Knott, Anne Marie(2003)。Persistent heterogeneity and sustainable innovation。Strategic Management Journal,24(8),687-705。  new window
4.Ma, Y. L.、Elango, B.(2008)。When Do International Operations Lead to Improved Performance? An Analysis of Property-Liability Insurers。Risk Management and Insurance Review,11(1),141-155。  new window
5.Berger, A. N.、Hasan, I.、Zhou, M.(2010)。The effects of focus versus diversification on bank performance: Evidence from Chinese banks。Journal of Banking and Finance,34(7),1417-1435。  new window
6.Mcshane, M. K.、Cox, L. A.、Butler, R. J.(2010)。Regulatory competition and forbearance: Evidence from the life insurance industry。Journal of Banking and Finance,34,522-532。  new window
7.Lim, E. N.、Das, S. S.、Das, A.(2009)。Diversification Strategy, Capital Structure, and The Asian Financial Crisis(1997-1998): Evidence From Singapore Firms。Strategy Management Journal,30,577-594。  new window
8.Yao, S.、Han, Z.、Feng, G.(2007)。On Technical Efficiency of China's Industry after WTO Accession。China Economic Review,18,66-86。  new window
9.Cummins, J. D.、Venard, B.(2008)。Insurance Market Dynamics: Between Global Developments and Local Contingencies。Risk Management and Insurance Review,11(2),295-326。  new window
10.Gao, W.、Ng, L.、Wang, Q.(2008)。Does Geographic Dispersion Affect Firm Valuation?。Journal of Corporate Finance,14,674-687。  new window
11.Leung, M. K.、Young, T.(2002)。China's Entry to the WTO: Prospect and Managerial Implications for Foreign Life Insurance Companies。Asia Pacific Business Review,9(2),184-204。  new window
12.Luhnen, M.(2009)。Determinants of Efficiency and Productivity in German Property-Liability Insurance: Evidence for 1995-2006。The Geneva Papers on Risk and Insurance-Issues and Practice,34(3),483-505。  new window
13.Roberts, Peter W.、McEvily, Susan(2005)。Product-Line Expansions and Resource Cannibalization。Journal of Economic Behavior and Organization,57(1),49-70。  new window
14.Elango, B. Y.、Ma, L.、Pope, N.(2008)。An Investigation into The Diversification: Performance in The U. S. Property-Liability Insurance Industry。Journal of Risk and Insurance,75(3),567-591。  new window
15.Iskandar-Datta, M.、Mclaughlin, R.(2007)。Global Diversification: New Evidence from Corporate Performance。Corporate Ownership and Control,4,228-250。  new window
16.Wang, Y.、Ning, L.、Chen, J.(2014)。Product Diversification through Licensing: Empirical Evidence from Chinese Firm。European Management Journal,32,577-586。  new window
17.Berry-StÖlzle, T. R.、Liebenberg, A. P.、Ruhland, J. S.、Sommer, D. W.(2012)。Determinants of Corporate Diversification: Evidence from The Property-Liability Insurance Industry。The Journal of Risk and Insurance,79(2),381-413。  new window
18.Saghi-Zedek, N.(2016)。Product Diversification and Bank Performance: Does Ownership Structure Matter?。Journal of Banking & Finance,71,154-167。  new window
19.Zheng, E.(2011)。China's Property and Casualty Insurance Market Set to Take Of。China Business Review,2011(Apr./Jun.),40-44。  new window
20.Berger, A. N.、Cummins, J. D.、Weiss, M. A.、Zi, H.(2000)。Conglomeration versus strategic focus: Evidence from the insurance industry。Journal of Financial Intermediation,9(4),323-362。  new window
21.Colquitt, L. L.、Hoyt, R. E.(1997)。Determinants of Corporate Hedging Behavior: Evidence from the Life Insurance Industry。Journal of Risk and Insurance,64(4),649-671。  new window
22.Geringer, J. Michael、Beamish, Paul W.、da Costa, Richard C.(1989)。Diversification strategy and internationalization: Implications for MNE performance。Strategic Management Journal,10(2),109-119。  new window
23.Liebenberg, A. P.、Sommer, D. W.(2008)。Effects of corporate diversification: Evidence from the property-liability insurance industry。The Journal of Risk and Insurance,75(4),893-919。  new window
學位論文
1.黃玄齡(2010)。險種多角化與產險公司經營績效之關係(碩士論文)。國立中正大學。  延伸查詢new window
圖書
1.Grant, R. M.(2010)。Contemporary Strategy Analysis: Text and Cases。John Wiley & Sons。  new window
2.侯旭華(2005)。保險公司財務報表分析。上海:立信會計出版社。  延伸查詢new window
3.Kennedy, P.(2000)。A Guide to Econometrics。Massachusetts:Blackwell。  new window
4.許東敏、陳心虹(2010)。中國大陸保險法規彙編。臺北:臺灣金融研訓院。  延伸查詢new window
5.Greene, William H.(2003)。Econometric Analysis。Prentice-Hall, Inc.。  new window
 
 
 
 
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