我国寿险公司治理效率评价的实证研究

An Empirical Study on the Evaluation of the Governance Efficiency of China’s Life Insurance Companies

保险公司治理效率及其评价是一个重大的理论和实践课题,对于保险公司的健康经营、保险监管机制的完善和保险市场的可持续发展都具有重要的意义。本文构建了保险公司治理效率的评价指标体系,运用CCR-DEA模型、BCC-DEA模型、超效率SBM模型和Malmquist指数,以54家中国寿险公司为研究样本,对2016年~2018年我国寿险公司治理的技术效率、纯技术效率、规模效率以及全要素生产率进行了测算和评价。研究结果表明,一半以上样本寿险企业的公司治理技术效率出现了波动,主要原因是规模效率的差异,而纯技术效率则相对稳定;公司治理的Malmqusit指数下降主要源于相对技术效率的变化;外资寿险公司的治理效率总体上优于中资寿险公司。

Governance efficiency of insurance companies and its evaluation are important theoretical and practical issues,which are of great significance to the healthy operation of insurance companies,the improvement of insurance regulatory mechanisms and the sustainable development of insurance market.This study constructed an evaluation index system for the governance efficiency of insurance companies.Taking 54 Chinese life insurance companies as research samples,the technical efficiency,pure technical efficiency,scale efficiency and total factor production efficiency of corporate governance of Chinese life insurance companies from 2016 to 2018 were calculated and evaluated by using the CCR-DEA model,BCC-DEA model,SBM model and Malmquist index.The results show that the technical efficiency of corporate governance of more than 50% of the sample companies fluctuates,mainly because of the difference in scale efficiency,while the pure technical efficiency of the sample companies is relatively stable.The decline of Malmquist index of corporate governance is mainly due to the change of relative technical efficiency.The governance efficiency of foreign life insurance companies is better than that of Chinese life insurance companies.