我国寿险公司融资效率的测度及改进

Measurement and Improvement of Financing Efficiency for Life Insurers in China

本文中，融资效率的含义即资金使用效率，指寿险公司从内部、债务和权益三个融资渠道成功融资之后，充分使用这些资金创造社会价值和经济价值的效率。本文采用投入导向型广义三阶段DEA模型，对2007年～2011年间在中国境内经营的41家寿险公司的融资效率进行了测度和比较。同时，本文还考虑了环境变量对融资效率的影响，并分析了剔除环境变量影响之后的真实融资效率。分析结果表明，环境因素对寿险公司的融资效率具有明显影响，特别是上市情况、市场份额、人均GDP增长和金融深化程度的影响均较为显著。在剔除环境因素的影响之后，寿险公司的融资效率明显下降，但各年变动更为平稳。从资本属性的角度分析，外资寿险公司的融资效率受环境影响的程度更大，调整后的融资效率明显低于了中资寿险公司。同时，投影分析表明各家寿险公司的融资效率均存在投入冗余或产出不足的情况。除短期负债率之外，各项资金投入均具有不同程度的冗余。而在产出方面，寿险公司的保费收入还有较大的提升空间，但在净资产收益率方面已基本达到饱和。

In this article ,financing efficiency is the capital usage efficiency, referring to how effectively life insur- ance companies have used the capital generated from internal, debt and equity sources to create social value and e- conomic value. Using generalized three-stage DEA model, the paper studied financing efficiencies of 41 life insur- ance companies in China during the period of 2007-2011. The effects of environmental factors were also considered, and their real financing efficiencies were arrived at through showed that,most environment factors, such as public listing deepening financial reform, affected the financing efficiency of eliminating the environmental impacts. The results status, market share, per capita GDPgrowth rate and life insurance companies significantly. After elimina- ting the effects of environment factors, the financing efficiency decreased dramatically, but year on year fluctuation was more smoothed out. Foreign companies were more affected by external environment than Chinese companies. The financing efficiencies of Chinese companies after adjustment were better than that of foreign companies. Meanwhile, using projection analysis,we found out that all insurance companies had the problems of input redundancy and out- put shortage. Except short-term debt ratio, all financing inputs showed certain degrees of redundancy. While from the aspect of output,life insurers still had a large premium ration. growth potential, their net return on equity had reached satu-