负值数据约束下产险公司全要素生产率变动及影响因素分析——基于Meta-RDM模型的实证研究

Analysis of the total factor productivity in Property Insurance Industry under the Constraint of Negative Data:An Empirical Research based on Model Meta Range Directional

本文采用能识别负值数据的Meta-RDM模型测度了我国36家财产保险公司2007-2010年的全要素生产率变动,并对影响产险公司全要素生产率的宏观经济因素进行实证分析。结果表明:我国产险公司全要素生产率在2007-2010年间基本保持稳定,但外资保险公司整体上趋于提升,技术进步是推动其全要素生产率进步的主要动力;中资保险公司全要素生产率整体上趋于下降,主要原因是技术退步较大。扩大市场份额和增加第三产业比重对产险业全要素生产率的影响为正但不显著;经济、金融发展水平的提高对产险公司全要素生产率的提升具有显著的正向效应,而政府监管中的核心资本充足率要求对产险公司全要素生产率的影响是负面的。

This paper applies the Meta Range Directional Model which can dispose negative data to measure the total factor productivity growth and its components in a sample of 36 property insurance companies over the period 2007 to 2010, and empirically examines macroeconomic factors of productivity changes. The results show that： The TFP of Property Insurance companies remained stable during 2007 -2010, but the Foreign capital company tends to increase, and the technical progress is the main driving force to promote the total factor productivity progress; China companies tend to decrease, mainly due to technical regress. Expanding market share and increasing the proportion of tertiary industry are positive but not significant to TFP of insurance companies; Raising the level of economic and financial development have a significant positive effect on the TFP, but the protection of the core capital adequacy ratio for government regulatory to TFP is negative.