譯文（字數 4709）：

一份關于美國保險業多元化發展與企業績效之間關系的調查報告

作者：B. Elango；Yu-Luen； Ma Nat Pope

實證結果

    表3顯示了來自建立在資產收益率(ROA)和風險調整資產收益率(RAROA)上的固定效應模型參數估計量。模型的熵測量和調整的赫芬代爾指數結果被記錄在了報告中。實證結果顯示產品多元化（PDIV）水平和企業績效之間存在非單調性關系，并且這種（非單調性的）關系同時在兩種產品多元化測量方法中被發現。不難發現，產品多元化(PDIV),地域多元化(GEODIV)以及這兩個變量的交互項在統計上看是具有統計顯著性的。這些結果表明,在產品多元化和地域多元化之間存在著一種相互作用關系。同時，在資產收益率（ROA）和風險調整資產收益率（RAROA）模型上研究得出的主要結論是一致的。同樣地,使用了凈資產收益率（ROE）和風險調整凈資產收益率（RAROE）替代指標績效評估標準的主要結論也基本支持資產收益率和風險調整資產收益率結論。尤其是就采用了多元化熵度量的模型而言，這個結論尤為準確。

外文原文（字符數 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.