多元化經營可提升績效嗎？－以台灣產物保險業為例

Abstract

本研究從獲利、成本與核保之角度探討多元化經營對台灣產險公司績效之影響。研究結果指出，不同公司形態之多元化經營與績效存在差異。其次，本研究發現，無論是代表產品多元化的修正赫氏指標，還是代表地區多角化的分支機構家數，皆檢驗出多元化經營策略與績效存在非線性關係。最後，本研究亦探討不同公司型態下多元化經營對績效之影響是否存在差異，結果發現本國產險公司處在透過產品多元化提升績效之階段且存在範疇經濟。成立過多的分支機構會使非金控體系產險公司增加成本侵蝕利潤，而外商產險公司在台灣之分支機構家數還有增加的空間，金控體系產險公司則因較具規模使分支機構之設立有效地創造核保利潤，亦提升了績效。

This study explores the impact of diversification on the performance of Taiwanese non-life insurers from the perspectives of profit, cost and underwriting. The results point out that there are differences in the diversified operation and performance of different corporate types. Secondly, this study finds that whether the modified Herfindahl-Hirschman index representing product diversification or the number of branches offices representing regional diversification, a non-linear relationship exists between diversified business strategies and performance. Finally, this study also explores whether there is a difference in the impact of diversified operations on performance under different corporate types. As a result, it is found that the domestic insurers are in the stage of improving performance through product diversification and have economics of scope. For non-financial holding non-life insurers, the over-establishing of branch offices will increase the cost to erode profits. For foreign non-life insurers, the number of branch offices still has room to increase. As the financial holding non-life insurers has a relatively large scale, the establishment of branch offices effectively creates underwriting profits and improves performance.