中文摘要：

中国财产保险业（简称产险业）的经营状况存在明显的空间分异性,且近些年中国产险公司进行了较快速的地理扩张,那么,地理扩张如何影响了公司的盈利能力？本文基于2006-2015年中国64家产险公司的面板数据,采用地理加权方法估计了每家公司的利润效率,并基于多个地理扩张指标进行了回归分析。研究发现：（1）地理扩张与盈利能力呈显著正相关,六成以上的正相关来自于有更强盈利能力的产险公司更会去实施地理扩张。（2）地理扩张对产险公司的盈利能力仍然产生了一定程度的正向影响,其他条件不变时,如果产险公司经营的省区市数目增加10家、产险公司来自于非总部所在的省区市的保费收入份额增加10个百分点、产险公司在各省区市的保费收入的集中度降低单位标准差、产险公司总部与分部的平均距离增加1%,那么,产险公司的盈利能力将分别提高样本中单位标准差的2%、1%、2%、1%。（3）采用基于普通方法估计的利润效率时,难以得到地理扩张影响产险公司的盈利能力的结论。

英文摘要：

There is significant spatial stratified heterogeneity in the operating conditions of property insurance industry in China.What is more,China＇s property insurers have carried out a rapid geographic expansion in recent years,then,how does the geographic expansion affect the profit of property insurers？ On the basis of the panel data of China＇s 64 property insurers during the period from 2006 to 2015,this paper estimates the the profit efficiency for each property insurer using the geographically-weighted method.Moreover,through the regression analysis with five geographical expansion measures,we draw the following conclusions.（1）Geographical expansion is significantly and positively related to the profitability and more than 60% of the positive correlation attribute to the larger possibilities of higher profitability insurers to carry out geographical expansion.（2） Geographical expansion also plays a positive role in property insurers＇ profitability to some extent.Other things being equal,the number of the provincial-level regions where an insurer operates increases by 10,the premium income share from the provincial-level regions other than its headquarters-located region increases by10 percentage points,the concentration ratio of the premium income across provincial-level regions decreases by a unit of standard deviation,and the average distance between the headquarters and its branches increases by 1%,the profitability of the property insurer will increase by 2%,1%,2% and 1% of a unit of standard deviation in the sample,respectively.（3）It is difficult to reach a conclusion on the positive impact of geographical expansion on profitabilitywhen the profit efficiency is estimated by ordinary methods.