| As China has entered a new era and economic reforms are in full swing,the insurance industry,as an important part of the market economy,also needs to develop and change.This requires the joint efforts of insurance companies,and what and how to work toward the goal is the problem that needs to be solved by corporate strategy.However,there are relatively few studies on insurance corporate strategy,which mainly focus on one aspect of strategy and concentrate on theoretical studies and case studies.Therefore,this paper takes property insurance companies as the research object,constructs strategic measurement indexes,and explores the relationship between corporate strategy and business performance through empirical analysis,so as to provide some theoretical support and practical reference for the strategy selection and management of different types of property insurance companies.This paper firstly compares the relevant researches in the fields of "corporate strategy" and "business performance" to lay the theoretical foundation for the subsequent research.Secondly,the concepts,connotations and measurement methods of both are determined,including the connotation of corporate strategy,the classification of insurance company strategies,the construction of strategic measurement indicators of property insurance companies,and the connotation of the concept of business performance,the measurement methods of business performance and the selection of measurement indicators.On this basis,a research design is conducted,focusing on the discussion of proposing the research hypothesis of this paper and constructing a regression model.Then,the empirical analysis is conducted,which includes descriptive statistics,main regression analysis,heterogeneity analysis,and robustness test.Among them,the heterogeneity analysis groups property insurance companies according to their size,whether they are statecontrolled or not,and whether they are foreign(joint)capital companies,and obtains the relationship between strategy and business performance of different types of Analysis Based on Property Insurance Company Data property insurance companies.Finally,the paper concludes that the degree of strategic aggressiveness of property insurance companies is negatively correlated with profitability and underwriting profitability,and positively correlated with investment profitability and growth capability.The regression results show that:(1)the degree of strategic aggressiveness and profitability are negatively correlated among small and medium-sized,large,non-state-controlled,non-foreign,and foreign-owned property insurance companies,and there is no significant correlation among state-controlled property insurance companies.(2)The degree of strategic aggressiveness and underwriting profitability are negatively correlated among small and medium-sized,non-state-controlled,state-controlled,non-foreign,and foreignowned property insurance companies;among large property insurance companies,there is no significant correlation.(3)The relationship between the degree of strategic aggressiveness and investment profitability is positive for large,non-statecontrolled,and non-foreign-owned property insurance companies;there is no significant relationship among small and medium-sized,state-controlled,and foreign-owned property insurance companies.(4)The degree of strategic aggressiveness and growth capability are positively correlated among small and medium-sized,large,non-state-controlled,state-controlled,and non-foreign-owned property insurance companies,and are not significantly correlated among foreignowned property insurance companies.There is no best strategy,only the most appropriate one.Based on the research findings,this paper presents theoretical recommendations on strategy selection and management for different types of property insurance companies.First,Chinese property insurance companies with huge company size,as well as those with large company size and state-controlled ownership are more suitable to implement offensive strategies.On the one hand,they should use developing new insurance products,developing new business,introducing technology and attracting talents to take advantage of offensive strategies,and on the other hand,they should suppress the negative effects brought by offensive strategies,focus on controlling risks and improving operational efficiency,and increase their focus on investment business.attention to investment business.Second,smaller companies with non-statecontrolled ownership and smaller companies with foreign investment are more suitable to choose defensive strategies.While playing the advantages of defensive strategy such as efficient operation and risk control,they also need to pay attention to the timing of new product sales and give incentives to agents and channel parties in sales,and tilt resources and rewards to investment business appropriately.Finally,property insurance companies that are larger but not state-controlled,as well as those that are smaller but state-controlled,are better suited to choose an analytic strategy.Further based on their own strengths in capital,brand,technology,channels,and investment,they focus on investing resources in the strengths dimension,but maintain a more balanced level of aggressiveness overall. |
