台灣產險業多元化經營與獲利能力之關聯性分析

本研究以台灣產物保險市場為對象衡量多元化經營對獲利能力之影響是否會因公司型態而有所不同。實證結果發現，非金控體系公司之產品多元化與分公司家數對獲利能力具負向影響，而通訊處家數對業主權益報酬率與自留費用率有顯著負向影響，對資產報酬率與自留綜合率無顯著影響。金控體系公司之產品多元化與通訊處家數對獲利能力同樣具負向影響，而分公司家數僅對自留綜合率有顯著正向影響。外商公司之產品多元化僅對資產報酬率有顯著負向影響，但分公司家數與通訊處家數對獲利能力有正向影響，整體而言，台灣產險業在多元化經營策略上支持集中策略假說。

關鍵字

產物保險；獲利能力；多元化經營；集中策略假說

並列摘要

This study takes Taiwanese non-life insurance market as a target to measure whether the impact of diversification on profitability will vary depending on different types of companies. The empirical results show that the product diversification and the number of branch offices of non-financial holding system companies have a negative impact on profitability, while the number of liaison offices has a significant negative impact on the return on equity (ROE) and expense ratio (ER), but has no significant impact on the return on asset (ROA) and combined ratio (CR). The product diversification and the number of liaison offices of financial holding system companies have a negative impact on profitability, while the number of branch offices only has a significant positive impact on CR. The diversification of products of foreign companies only has a significant negative impact on ROA. However, the number of branch offices and the number of liaison offices have a positive impact on profitability. Overall, the diversified operation of Taiwanese non-life insurance industry supports the strategic focus hypothesis.