在經濟全球化及市場自由化之下，中國財產保險業近年來迅速成長，保險公司之財務績效、經營策略及經營風險等多方面受到關注。本研究以產品多元化、業務多元化、地區多角化及省市經營核准數做為多元化策略指標，研究發現多元化經營策略與中國財產保險公司財務績效之間存在U型之非線性關係，表示中國財產保險公司在初期經營多個險種時，需要投入大量成本，當公司發展不斷成熟，經營多種財產保險時，成本不斷降低且控制良好，同時透過增加營業部門及營業收入提高公司的財務績效，且中國財產保險公司之地區多角化策略會隨著經營範圍與市場範圍有所不同。此外，不同公司型態在產品多元化與業務多元化上對財務績效之影響存在顯著差異。

Chinese non-life insurance industry has rapid growth in recent years under economic globalization and market liberalization. The financial performance, business strategies and operational risks of insurance companies have drawn much attention in many aspects. This paper uses the product diversification, business diversification, geographic diversification, and number of province and city approvals as indicators of diversification. The results show that diversification has a U-shaped nonlinear relationship with financial performance. This indicates that Chinese non-life insurance companies need to invest much capital to operate multiple types of insurance products in the initial stage. When they mature and manage well, the cost control is good and continuously reduced, at the same time, the operation business and operating income increase to improve financial performance and the geographic diversification strategy of Chinese non-life insurance companies will vary with the business scope and market scope. In addition, there are significant differences in the impact of different equity types on financial performance in terms of product diversification and business diversification.

本文首次嘗試在中國通過《保險公司資訊揭露管理辦法》後，運用中國財產保險業公開揭露的資料，探討多元化經營對保險公司財務績效的影響，與過去研究有著不同之結論。研究發現無論是以代表產品多元化的修正赫氏指標(MHHI)、代表業務多元化的Entropy指數、地區多角化與省市經營核准數，皆證實多元化經營策略與公司財務績效之間存在U型之非線性關係，結合過去文獻在不同研究期間之結果與本研究結果比較後發現，此一管理策略上之意涵顯示中國財產保險公司在規模經濟效應存在之情況下，初期經營多個險種時，新產品的開發、上市及行銷推動會產生大量之費用，導致費用率增加，即在經營的前期需要投入大量成本，在核保理賠與風險管理方面的經驗也相對較弱，而當財產保險公司在監管體系下穩健發展，具備較成熟之多元化經營能力與經驗時，透過交叉行銷實現更多保費收入，在規模經濟下降低成本及費用率，同時增加營業部門及營業收入提高公司的財務績效。另一方面，地區多角化勢必需要設立分支機構並招募更多專業人才，初期亦會需要更多費用投入，直到熟悉不同地區之社會文化滿足市場需求後才開始提升公司績效。目前中國產險業在產品多元化策略上有較好的發展，但在業務多元化策略上還有發展的空間。 其次是本研究探討不同公司型態下多元化經營對財務績效之影響是存在差異，結果發現不同公司型態在產品多元化與業務多元化對財務績效之影響有顯著差異，中資公司在中國產險市場多元化經營之發展較外資容易，而在地區多角化與取得省市核准經營數對財務績效之影響無顯著差異。目前中國財產保險行業採取多元化經營方式，但由於還處於發展階段，可能產生滲透率不足、成本控制及經營管理技術欠缺等現象，因而制約了中國財產保險的發展。本研究結果期望能為管理者提供關於保險公司績效管理的重要信息，為保險決策者制定並改進適當的多元化經營業務結構策略。

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