我国寿险公司规模效率与内含价值的实证分析

Empirical Perspective on Scale Efficiency and Embedded Values of Chinese Life Insurance Companies

本文运用数据包络分析方法(DEA)研究各寿险公司的规模效率,使用截取回归模型(Tobit)分析影响效率的因素。研究发现,我国寿险业在快速发展的同时,没有明显表现出规模经济性；影响保险公司规模效率的主要因素是经营费用和保费收入,经营费用的负向影响作用大于保费收入的正向作用。寿险公司在扩大规模的同时,更应该注重提高效率和內含价值。

This paper studies the scale efficiency of each life insurance company using DEA and analyzes the factors affecting scale efficiency using Tobit model. It is found that the economy of scale is not clear in the course of life insurance industry development. The main affecting factors of scale efficiency of insurance are running expenses and premium. The negative effect of running expenses is larger than the positive effect of premium. Life in- surance companies should seek to improve scale efficiency and Embedded Values in the course of scale expanding.