不同股权占比下的外资寿险公司增长效率研究

本文按照外资股权占比分别为100%、50%、低于50%将我国28家外资寿险公司分为一、二、三类,采用DEA-Malmquist指数模型测算三类公司在2010-2017年的全要素生产率并进行分解得到不同类型外资寿险公司增长效率的主导变动因素。研究发现:(1)从总体上看,一、二、三类外资寿险公司在2010-2017年的平均全要素生产率分别为5.5%、9.9%、-1.9%,表明外资股权占比一半及以上的寿险公司保持着较高效率的增长,而外资占比较低的公司增长缺乏效率;(2)从增长效率的分解来看,第二类公司的增长主要由技术进步推动;第三类公司的增长源泉从2010-2012年的技术效率过渡到2013-2017年的技术进步。(3)从技术效率的分解来看,第二、三类公司技术效率的变动主要受规模效率的影响,并主导技术效率大致呈现出W型变动路径。

In this paper,28 foreign life insurance companies in China are divided into three types ac⁃cording to the proportion of foreign equity which is 100%,50%and less than 50%respectively.The total fac⁃tor productivity of the three types of companies in 2010 to 2017 is calculated by using the DEA-Malmquist ex⁃ponential model,and the leading factors of the growth efficiency of different types of foreign life insurance companies are decomposed.The research finds that:(1)in general,the average total factor productivity of the first,second and third types of foreign life insurance companies from 2010 to 2017 was 5.5%,9.9%and-1.9%respectively,indicating that the life insurance companies with half or more of the foreign equity share maintained a high efficiency growth,while the companies with less of the foreign equity share lacked efficien⁃cy.(2)from the perspective of decomposition of growth efficiency,the growth of the second category of compa⁃nies is mainly driven by technological progress.The source of growth for the third group of companies has moved from technological efficiency in 2010-2012 to technological progress in 2013-2017.(3)from the per⁃spective of the decomposition of technical efficiency,the change of the second and third companies'technical efficiency is mainly affected by the scale efficiency,and the leading technical efficiency generally presents a W-shaped change path.