保险业多元化发展(外文翻译).doc

译文（字数 4709）：

一份关于美国保险业多元化发展与企业绩效之间关系的调查报告

作者：B. Elango；Yu-Luen； Ma Nat Pope

实证结果

    表3显示了来自建立在资产收益率(ROA)和风险调整资产收益率(RAROA)上的固定效应模型参数估计量。模型的熵测量和调整的赫芬代尔指数结果被记录在了报告中。实证结果显示产品多元化（PDIV）水平和企业绩效之间存在非单调性关系，并且这种（非单调性的）关系同时在两种产品多元化测量方法中被发现。不难发现，产品多元化(PDIV),地域多元化(GEODIV)以及这两个变量的交互项在统计上看是具有统计显著性的。这些结果表明,在产品多元化和地域多元化之间存在着一种相互作用关系。同时，在资产收益率（ROA）和风险调整资产收益率（RAROA）模型上研究得出的主要结论是一致的。同样地,使用了净资产收益率（ROE）和风险调整净资产收益率（RAROE）替代指标绩效评估标准的主要结论也基本支持资产收益率和风险调整资产收益率结论。尤其是就采用了多元化熵度量的模型而言，这个结论尤为准确。

外文原文（字符数 14141）：

An Investigation Into The Diversification-Performance Relationship In The U.S. Property-Liability Insurance Industry

B. Elango; Yu-Luen Ma; Nat Pope

EMPIRICAL RESULTS

    Table 3 shows estimations of the parameters from the fixed-effect models on both return on assets (ROA) and risk-adjusted return on asset (RAROA). Model specifications for both the Entropy Measure and the modified Herfindahl Index are reported. The empirical results show a nonmonotonic relationship between the level of product diversification (PDIV) and firm performance and evidence of this relationship was found in both versions of product diversification measurement. Product diversification (PDIV), geographic diversification (GEODIV), and the interaction terms of these two variables are found to be statistically. These results indicate that an interactive relationship exists between product diver -sification and geographic diversification .The main results for the ROA and RAROA models are consistent with each other. Similarly, the main results using the alternative performance measures of ROE and RAROE are generally supportive of the ROA and RAROA results. This is especially true with respect to the models using the Entropy Measure of diversification.