Abstract: This paper analyzes the influence factors of product diversification by 34 major property insurance company 2006-2012 panel data. The results show that diversification of insurance company has the motivation to pursue profit, scale, risk diversification, allocating capital, management control. ROA rather than market share, business growth has a significant influence on degree of diversification. Loss ratio, industry concentration, relative size, growth rate and other characteristics of the insurance business, and regional diversification, funds invest rate, own risk capacity, foreign company, conglomeration, firm size, set up time, state-owned company, ownership concentration and other factors also show significant impact.

摘要： 以我国34家主要财产保险公司2006-2012年面板数据进行实证分析，研究发现：保险公司产品多元化经营受到追求盈利、扩张规模、分散风险、内部资本配置、公司治理等方面因素的影响。总体上，追求盈利比扩张规模对多元化经营的影响更明显，但随着经营时间的延长，规模扩张的影响在增强。具体的，险种的赔付率、产业集中度、市场规模、业务增速等特征，以及公司的资产收益率、区域多元化、自担风险能力、中外资公司、集团公司、国有公司等因素的影响具有显著性。