我国寿险公司效率评价及其影响因素分析——基于修正的两阶段数据包络分析方法

The efficiency of China′s life insurance companies and an analysis on influencing factors——Based on modified two-stage DEA method

弥补国内已有研究对有效率寿险公司无法进行比较的不足,以及两阶段数据包络分析方法中第一阶段和第二阶段假设逻辑不一致的缺陷,本文采用2005年～2007年我国23家寿险公司的数据,引入数据包络分析的超效率模型分析23家寿险公司的效率状况,并分别采用截断Tobit回归模型和对称截断最小二乘模型寻找影响我国寿险公司效率的环境因素。研究表明,对称截断最小二乘模型下的参数估计比较稳健。成立年数和市场份额对寿险公司效率的影响相对显著,市场份额的扩大有助于寿险公司效率的提高,而公司规模和所有权形式对寿险公司效率的影响并不显著,仅靠产权改革不能提高寿险公司的效率。

Efficient life insurance companies are not comparable under the existing domestic studies, and the two- stage DEA method has the deficiency of inconsistent assumptions for the first and the second stage. To redress this situation, the paper introduced the super-efficiency model of the DEA method to analyze the data of 23 Chinese life insurers during the years of 2005 to 2007, and intended to find out external factors affecting the efficiency of Chi- nese life insurers through the application of truncated Tobit regression model and the symmetrically trimmed least square model. The study revealed that the parameter estimates obtained from the this model were quite stable. The number of years in operation and market share had relatively major impacts on efficiency of life insurers and expan- sion of market share was conducive for improvement of efficiency. Size of the company and ownership structure, however, had very minor impact on a life insurer＇s efficiency, therefore ownership reform couldn＇t improve a com- pany＇s efficiency.