臺灣博碩士論文加值系統

本研究以中國壽險業為研究對象探討產品與通路策略對公司績效之影響，以公司型態作為調節變數觀察中外資壽險公司產品策略與通路策略對績效之影響是否存在差異。實證結果發現，個人行銷通路與公司直銷通路支持產品多元化策略，而保險代理、保險經紀、銀行郵政行銷通路支持產品集中策略。中國壽險業產品集中度與公司績效具U型之非線性關係。中資壽險公司過度依賴保險代理、保險經紀、銀行郵政行銷通路將會降低公司績效，而外資壽險公司則可透過提高個人行銷通路與公司直銷通路之占比來提升財務績效。

This study investigates the impact of product and channel strategies on the performance of Chinese life insurance companies and explores whether there are
differences in the effects of product and channel strategies on performance between
local and foreign life insurance companies with the company type as a moderator. The
empirical results show that individual agent channels and company-direct channels
support product diversification strategy, while insurance agent, insurance broker, and bank postal agent channels support product concentration strategy. There is a U-shaped nonlinear relationship between product concentration and company performance in Chinese life insurance industry. Local life insurance companies that excessively rely on insurance agent, insurance broker, and bank postal agent channels will reduce company performance. In contrast, foreign life insurance companies can improve financial performance by increasing the individual agent channels and company-direct channels.

目次
摘要 i
英文摘要 ii
目次 iii
表目次 iv
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機及目的 3
第三節 研究架構 5
第二章 文獻回顧與假說 7
第一節 產品策略與績效之影響 7
第二節 通路策略與績效之關聯 8
第三節 公司型態之調節效果 10
第三章 研究方法 11
第一節 資料來源 11
第二節 研究變數設定 12
第三節 模型設定 15
第四章 實證結果與分析 16
第一節 描述性統計分析 16
第二節 產品策略對公司績效之影響 18
第三節 通路策略對公司績效之影響 19
第五章 結論與建議 21
第一節 結論 21
第二節 建議 21
參考文獻 23

表目次
表1 2011-2021年中、外資保險公司保費收入及市占率 2
表2 2021年全球主要保險市場保險深度和保險密度 3
表3 2020年壽險銷售管道之保費收入與市占率 4
表4 2019-2021年人身保險業保費收入 4
表5 中國中資壽險公司之成立年份與資本額 11
表6 中國外資壽險公司之成立年份與資本額 12
表7 描述性統計表 17
表8 不同公司型態產品集中策略對公司績效影響之參數估計表 19
表9 不同公司型態直接行銷通比率對公司績效影響之參數估計表 20
表10 不同公司型態間接行銷通比率對公司績效影響之參數估計表 20

王儷玲、彭金隆、張義宏 (2006)。我國壽險業銀行保險業務參與度與經營效率分
析。臺大管理論叢，17(1)，59-90。
朱銘來、李新平(2012)。外資保險公司的經營效率研究。江西財經大學學報，1，67
72。
江朝峰、鄭鎮樑、張邦茹 (2015)。產險業行銷通路決定因素之研究。風險管理學
報，17(1)，5-28。
姜麗智、范姜肱、陳世岳 (2018)。保險行銷概要。保險事業發展中心。
崔惠賢 (2013)。集團化、多元化對金融服務產業組織的影響-以保險產業為例。產
業經濟研究，2，74-85。
張邦茹、林惠芳、林宜蓁 (2011)。壽險業行銷通路決定因素之研究。風險管理學
報，13(1)，3-23。
張簡永章 (2012)。中國產險公司產品多角化與經營績效。保險專刊，28(1)，27-59。
張簡永章、吳明哲、王惠正 (2011)。中國壽險公司產品多角化與經營績效。保險專
刊，27(1)，37-66。
張簡永章、曾漢文、陳惠萍 (2017)。多角化策略與財產保險人績效：股權結構重要
嗎？藝見學刊，4(13)，41-56。
陳冠志 (2021)。多元化經營可提升績效嗎？－以台灣產物保險業為例。管理與系
統，28(1)，89-114。
陳冠志(2022)。台灣產險業績效與市場競爭力之動態追蹤資料分析。中山管理評論，
30(3)，555-592。
陳冠志、張瑞益、李七花 (2020)。中國財產保險業多元化經營與財務績效之非線性
關聯分析。中山管理評論，28 (3)，507-545。
彭金隆、陳麗如、劉文彬 (2014)。壽險公司銀行保險通路合作策略與效率分析。經
濟論文，42(2)，235-269。
彭金隆、魏筱昀、陳彥志(2017)。壽險公司銀行保險通路策略會不會受到競爭者行
為的影響：動態競爭觀點之探討。臺大管理論叢，27(2S)，149-176。
蔣才芳、陳收(2014)。中國人壽保險公司經營績效的 DEA 有效性分析。財經理論
與實踐，190，27-32。
鄭士卿、汪琪玲、蕭維萱(2017)。保險業集中度及效率對市場競爭程度之影響：以
日本產險業為例。臺大管理論叢，27(2S)，289-318。
賴宏誌、張邦茹、蘇方盈 (2014)。壽險業通路與產品策略對財務績效之影響。管理
學報，31(4)，319-341。
韓珂、陳寶峰(2014)。基於 DEA-Malmquist 的中國財產保險公司經營效率實證研
究。運籌與管理，1，196-203。
Alouane, N., Kahloul, I., & Grira, J. (2021). The trilogy of ownership, income
diversification, and performance nexus: empirical evidence from Tunisian banks.
Finance Research Letters, Article 102180.
Andreou, P. C., Louca, C., & Petrou, A. P. (2016). Organizational learning and corporate
diversification performance. Journal of Business Research, 69(9), 3270-3284.
Baranoff, E., & Sager, T. (2003). The relations among organizational and distribution
forms and capital and asset risk structures in the life insurance industry. Etti Baranoff
and Thomas Sager, 70(3), 375-400.
Barrese, J., & Nelson, J. M. (1992). Independent and exclusive agency insurers: a
reexamination of the cost differential. Journal of Risk and Insurance, 59(3), 375
397.
Barrese, J., Doerpinghaus, H. I., & Nelson, J. M. (1995). Do independent agent insurers
provide superior service? the insurance marketing puzzle. The Journal of Risk and
Insurance, 62(2), 297-308.
Benali, N., & Feki, R. (2017). The impact of natural disasters on insurers’ profitability:
evidence from property/casualty insurance company in United States. Research in
International Business and Finance, 42, 1394-1400.
Berger, A. N., Cummins, J. D., & Weiss, M. A. (1997). The coexistence of multiple
distribution systems for financial services: the case of property-liability insurance.
Journal of Business, 70(4), 515-546.
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, 1417-1435.
Berry-StÖlzle, T. R., Hoyt, R. E., & Wende, S. (2010). Successful business strategies for
insurers entering and growing in emerging markets. The Geneva Papers on Risk and
Insurance, 35(1), 110-128.
Browne, M. J., Carson, J. M. & Hoyt, R. E. (2001). Dynamic financial models of life
insurers. North American Actuarial Journal, 5(1), 11-26.
Chang, P. R., Peng, J. L., & Fan, C. K. (2011). A comparison of bancassurance and
traditional insurer sales channels. The Geneva Papers on Risk and Insurance, 36(1),
76-93.
Che, X., & Liebenberg, A. P. (2017). Effects of business diversification on asset risk
taking: evidence from the U.S. property-liability insurance industry. Journal of
Banking & Finance, 77, 122-136.
Chen, G. C., Hsiung, L. Y., & Lai, H. J. (2021). A dynamic analysis of research and
development performance and market competitiveness of Taiwanese life insurance
industry. Journal of Insurance Issues, 44(2), 45-64.
Chen, Y, B., Wei, X, H., Zhang, L, L., & Shi, Y. (2013). Sectorial diversification and the
banks’ return and risk: evidence from Chinese listed commercial banks. Procedia
Computer Science, 18, 1737-1746.
Cummins, J.D., Weiss, M.A., & Xie, X., Zi, H. (2010). Economies of scope in financial
services: A DEA efficiency analysis of the US insurance industry. Journal of Banking
and Finance, 34, 1525–1539.
Elango, B., Ma Y. L., & Pope. N. (2008). An investigation into the diversification:
performance relationship in the U.S. property-liability insurance industry. The
Journal of Risk and Insurance, 75(3), 567-591.
Felício, J. A., & Rodrigues, R. (2015). Organizational factors and customers' motivation
effect on insurance companies' performance. Journal of Business Research, 68(7),
1622-1629.
Fiegenbaum, A., & Thomas, H. (1990). Strategic groups and performance: the U.S.
insurance industry, 1970-84. Strategic Management Journal, 11(3), 197-215.
Fiordelisi, F., & Ricci, O. (2011). Bancassurance efficiency gains: evidence from the
Italian banking and insurance industries. The European Journal of Finance, 17(9
10), 789-810.
Hoyt, R. E., & Trieschmann, J. S. (1991). Risk/return relationships for life-health,
property-liability, and diversified insurers. Journal of Risk and Insurance, 58(2),
322-330.
Hsieh, M. F., Lee, C. C., & Yang, S. J. (2015). The impact of diversification on
performance in the insurance industry: the roles of globalisation, financial reforms
and global crisis. The Geneva Papers on Risk and Insurance, 40, 585-631.
Hwang, T., & Gao, S. (2005). An empirical study of cost efficiency in the Irish life
insurance industry. Accounting, Auditing and Performance Evaluation, 2(3), 264
280.
Jouida, S., Bouzgarrou, H., & Hellara, S. (2017). The effects of activity and geographic
diversification on performance: evidence from French financial institutions.
Research in International Business and Finance, 39, 920-939.
Kim, W. J., Mayers, D., & Smith, Jr. C. (1996). On the choice of insurance distribution
systems. Journal of Risk and Insurance, 63(2), 207-227.
Leverty, J. T., Lin, Y., & Zhou, H. (2009). WTO and the Chinese industry. The Geneva
Papers on Risk and Insurance. Issues and Practice, 34, 440-465.
Liebenberg, A.P., & Sommer, D. W. (2008). Effects of corporate diversification: evidence
from the property-liability insurance industry. Journal of Risk and Insurance, 75(4),
893-919.
Luhnen, M. (2009). Determinants of efficiency and productivity in german propertyliability insurance: evidence for 1995-2006. The Geneva Papers on Risk and
Insurance, 34(3), 483-505.
Marvel, H. (1982). Exclusive dealing. The Journal of Law & Economics, 25(1), 1-25.
Mayer, M. & Whittington, R. (2003). Diversification in context: a cross national and cross
temporal extension. Strategic Management Journal, 24(8), 773-781.
Nath, P., Nachiappan, S., & Ramanathan, R. (2010). The impact of marketing capability,
operations capability and diversification strategy on performance: a resource-based
view. Industrial Marketing Management, 39(2), 317-329.
Peng, J. L., Chen, L. R., Wang, J. L., & Tzeng, L. Y. (2017). Diversification versus
strategic focus: evidence from insurance intermediaries in Taiwan. The Geneva
Papers on Risk and Insurance, 42(3), 530-333.
Pennathur, A. K., Subrahmanyam, V., & Vishwasrao, S. (2012). Income diversification
and risk: does ownership matter? an empirical examination of Indian banks. Journal
of Banking and Finance, 36, 2203-2215.
Regan, L. (1997). Vertical integration in the property-liability insurance industry: a
transaction cost approach. The Journal of Risk and Insurance, 64(1), 41-62.
Regan, L., & Tennyson, S. (1996). Agent discretion and the choice of insurance marketing
system. The Journal of Law & Economics, 39(2), 637-666.
Shim, J. (2011). Mergers & Acquisitions, Diversification and performance in the US
property-liability insurance industry. Journal of Financial Services Research, 39 (3),
119-144.
Trigo-Gamarra, L. (2008). Reasons for the coexistence of different distribution channels:
an empirical test for the German insurance market. The Geneva Papers on Risk and
Insurance, 33(3), 389-407.
Trigo-Gamarra, L., & Growitsch, C. (2010). Comparing single- and multi-channel
distribution strategies in the German life insurance market: an analysis of cost and
profit efficiency. Schmalenbach Business Review, 62, 401-417.