中国寿险公司多元化经营的风险分析

选取新华、国寿、太平、泰康、平安等五家寿险集团公司从2001~2011年每年绩效指标中总资产收益率和净资产收益率的标准差作为度量公司风险的指标,将五家公司的业务线熵指数的均值作为多元化经营的指标进行实证分析。结果表明:多元化经营与寿险公司总资产收益率、净资产收益率的标准差之间存在一定的非线性关系,即多元化经营在一定范围内可以降低ROA和ROE的波动性,但在一定范围内又可能会增大这种波动性。

A Risk Analysis on Diversified operation of Life Insurance Company in China

This paper chooses the standard deviation of the return on assets and the return on equity of five life insurance groups, Xinhua, China Life Insurance, Taiping, Taikang and Pingan during 2001-2011 as the measure of firm-specific risk. The mean of the Lines Entropy Index of five life insurance groups is selected as the index of diversified operation. The paper takes them for empirical analysis. The results show that the diversified operation has a non-linear relationship with the standard deviation of the return on assets and the return on equity of the life insurance company. That is to say, the diversified operation can reduce the volatility of ROA and ROE to some extent. However,diversified operation may increase the volatility of ROA and ROE.