我国非寿险业资本结构使用效率的实证研究

An Empirical Study on the Efficiency of the Capital Structure of Chinese Property-Liability Insurance Industry

本文研究的目的是论证我国非寿险业资本结构是否达到了最优,以及非最优的资本结构给产险公司效率带来的影响。本文运用了一种新的DEA模型(超效率模型)评估了样本数据中的产险公司在2001—2004年期间各年的超效率评分及最优资本结构,通过比较发现我国非寿险业各年的实际资本结构均高于最优资本结构,最后利用简单回归分析模型证明了实际资本结构与最优资本结构的差距越大,产险公司的效率越低,即非最优的资本结构产生了效率的损失。

The objective of this paper is to analyze whether the capital structure of Chinese property- liability insurance industry has reached it＇ s optimal level and what＇ s the influence of the non - optimal capital structure has on the firm＇ s efficiency. Using a new form of DEA （ Super - Efficiency Model）, we estimate the super efficiency scores and optimal capital structure from the sample of property- liability insurers over the period 2001 - 2004. By comparing the actual capital structure for the industry with it＇ s optimal capital structure, we can determine that the property- liability industry have over- utilized capital structure during the sample period. Regression analysis provides evidence that under- or over- utilization of capital structure is associated with lower efficiency, which means it leads to efficiency penalties.