本文主要探討的議題為台灣產險公司的產品多角化程度對公司風險之影響。為了達到研究目的,本文用投資風險,槓桿風險,承保風險和破產風險四個風險指標來定義風險,以赫芬達爾指數定義多角化程度,並以再保險比例、流動資產比率、資產增長率、凈保費比率、長尾業務比率和資產規模為控制變量。以台灣18家產險公司2011年至2015年的數據作為樣本,採用回歸模型並且控制了公司及年度的固定效果。實證結果發現台灣產險公司的產品多角化會減少公司的投資風險,但會增加公司的槓桿風險,並且顯著增加公司破產風險及承保風險。根據本文結果發現,產險公司應根據自身內部情況,所處階段及外部環境及政策適當增加或減少自己的產品多角化程度。
This article discusses the impact of Taiwan's property insurance company's product diversification of firm risk. In order to achieve the purpose of the study, this study uses investment risk, leverage risk, underwriting risk and bankruptcy risk to measure firm’s risk taking behavior and adopts Herfindahl Index to define firm’s product diversification, This study also uses reinsurance ratio, liquidity ratio, asset growth ratio, net premium ratio, and the ratio of long tail business assets as control variables. Based on the data of 18 non-life insurance companies in Taiwan from 2011 to 2015, this study shows that the company's product diversification reduces the company's investment risk, but increases leverage risk, bankruptcy risk, and underwriting risk. According to the results of this paper, the property-liability insurance companies should be considered their own internal situation, the stage, the external environment, and policy to increase or reduce their product diversification.