考虑赔付约束的我国寿险业效率及全要素生产率研究——基于SBM方向距离函数的分析

The Research on China′s Life Insurance Industry′s Efficiency and TFP under the Constraint of Claims——Based on the Dnalysis of SBM Directional Distance Function

运用SBM方向距离函数和Luenberger生产率指标测度2006年～2010年我国42家寿险公司的经营效率和全要素生产率变动,并对其进行了分解。研究结果发现:在考虑赔付支出的情况下,我国寿险业的平均无效率值为46.74%,其中,中资寿险公司的无效率值为33.47%,外资公司为60.01%。中资寿险公司的效率值优于外资公司;寿险产品的同质化及较强的投资性属性,使得在投资环境疲弱的环境下,投资收益的无效率成为制约寿险业经营效率提升的重要原因;寿险业平均全要素生产率为23.8%,其中,中资寿险公司为77.31%,外资公司为-29.72%,规模扩张增速放缓导致的规模效率变化为负是影响寿险业全要素生产率提升的重要原因之一。本文据此提出相关政策建议。

This paper applied SBM directional distance function and Luenberger productivity indicator to measure the life insurance industry＇s efficiency and TFP under the constraint of claims. The result showed ： China＇s life insur- ance industry＇s non-efficiency was 46.74% under the consideration of claims, in which Chinese companies＇ non-ef- ficiency was 33. 470/0 , and foreign companies＇ non-efficiency was 60.01%. Chinese companies＇ efficiency value was better than the foreign companies＇. The products＇ homogeneity and investment-oriented characteristics caused a rela- tively high non-efficiency of investment income. Therefore in a weak investment environment, the non-efficiency of investment income was the major factor affecting the operational efficiency of the life insurance industry. Life insur- ance＇s TFP was 23. 8%, in which Chinese companies＇ TFP was 77. 31% , and foreign companies＇ TFP was - 29.72%. The slowing down of business expansion and growth were the main reason which hampered the enhance- ment of TFP. The paper put forward some suggestions according to the analysis above.