两阶段视角下中国寿险公司经营效率评价与改进——基于网络SBM模型与DEA窗口分析法

Operating Efficiency Evaluation and Improvement for China's Life Insurance Companies under the Two- stage Perspectivee——Based on network SBM model and DEA window analysis method

本文运用网络sBM模型和DEA窗口分析法，从承保和投资两阶段视角测算了2009-2013年中国寿险公司经营效率，揭示了效率损失根源并指明了改进方向。研究表明，样本期内寿险公司整体及两阶段效率都呈现U型特征，效率均值分别为0．435、0．456和0．421，相对而言，投资阶段效率提升潜力更大。从分阶段角度看，不同类型寿险公司经营效率损失的主要原因有所差别，或是承保阶段低效，或是投资阶段低效，亦或是两个阶段都低效。从资本性质角度看，中资公司整体效率高于外资公司，前者在保险产品销售方面具有明显优势，后者在保险资金运用方面具有一定优势。因此，寿险公司应根据其具体情况侧重提升相对较弱的环节。

This paper used the network SBM model and DEA window analysis methods to estimate operating effi- ciency of China＇ s life insurance companies between 2009 and 2013 from the perspective of underwriting and invest- ment, revealed the sources of efficiency loss, and pointed out the directionfor improvement. The research showed that during the sample period, both the overall efficiency and the two-stage efficiency presented a U shape, with av- erage efficiency ratios standing at 0. 435 ,0456 , and 0. 421. Comparatively speaking,the efficiency improvement po- tential was bigger at the investment stage than the underwriting stage. From the two-stage perspective, the main rea- sons for efficiency loss of different kind of companies were different, some showing lower efficiency at the underwrit- ing stage, some at the investment stage, and still others at both stages. From the ownership perspective, Chinese companies＇ efficiency was higher than foreign companies on the whole because the former had a conspicuous advan- tage in sales capability ,while the later had an advantage in investment. Insurance companies should improve their relatively weak aspect according to their own situation.