赔付率约束下的中国保险公司效率与全要素生产率研究

运用SBM(slack-based measure)方向性距离函数分别计算了赔付率约束下的2006-2016年中国境内的财产保险公司、人身保险公司的经营无效率值,并对无效率值的来源进行分解。在此基础上运用Luenberger生产率指数计算出全要素生产率及其分解项,对中资、外资保险公司的经营效率、全要素生产率及其分解项进行了对比分析。结果表明:财险业的中资大型公司经营效率最高,人身险业的中资公司经营效率明显高于外资公司;投资收益无效率是造成中小型人身险公司和中小型财产险公司无效率的最主要原因;财险业大型公司的全要素生产率低于中小型公司,而人身险业外资公司的全要素生产率明显高于中资公司。

Efficiency and Total Factor Productivity of China’s Insurance Companies under Loss Ratio Constraint

SBM(Slack-based Measure)directional distance function is adopted to estimate operating inefficiency of property insurance companies and life insurance companies in China under the constraint of loss ratio from 2006 to 2016.Luenberger productivity index is then used to measure the total factor productivity.The decomposition of operating inefficiency and Luenberger productivity index are provided successively.Accordingly,a comparison is conducted between Chinese-funded companies and foreign-funded companies in terms of operating inefficiency,Luenberger productivity index,and their decompositions respectively.The results show that large state-owned property insurance companies perform best in operating efficiency,and that the Chinese-funded life insurance companies’operating efficiency is significantly higher than that of the foreign-funded life insurance companies.As for middle-size or small-size life insurance companies and middle-size or small-size property insurance companies,the operating inefficiency is mainly caused by the inefficiency of investment returns.Concerning total factor productivity,large-size property insurance companies perform better than middle-size or small-size companies,while foreign-funded companies stand out from life insurance companies.