管理评论

›› 2020, Vol. 32 ›› Issue (1): 68-79.

• 经济与金融管理 • 上一篇    下一篇

赔付率约束下的中国保险公司效率与全要素生产率研究

关蓉1, 陈钰2, 郑海涛3, 张文睿4, 魏瑶涵5   

  1. 1. 中央财经大学统计与数学学院, 北京 100081;
    2. 中央财经大学组织部, 北京 100081;
    3. 北京航空航天大学经济管理学院, 北京 100191;
    4. 易安财产保险股份有限公司, 北京 100191;
    5. 中核财务有限责任公司, 北京 100045
  • 收稿日期:2017-03-06 出版日期:2020-01-28 发布日期:2020-01-19
  • 通讯作者: 郑海涛(通讯作者),北京航空航天大学经济管理学院副教授,博士
  • 作者简介:关蓉,中央财经大学统计与数学学院讲师,博士;陈钰,中央财经大学组织部副研究员,博士;张文睿,易安财产保险股份有限公司精算师,硕士;魏瑶涵,中核财务有限责任公司风险管理专员,硕士。
  • 基金资助:

    国家自然科学基金项目（71401192；71371021；71333014）；教育部人文社会科学基金项目（17YJA790097）；中央高校基本科研业务费专项资金资助项目（QL18009）；中央财经大学科研创新团队支持计划（011650317002）。

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

Guan Rong1, Chen Yu2, Zheng Haitao3, Zhang Wenrui4, Wei Yaohan5   

  1. 1. School of Statistics and Mathematics, Central University of Finance and Economics, Beijing 100081;
    2. Organization Department, Central University of Finance and Economics, Beijing 100081;
    3. School of Economics and Management, Beihang University, Beijing 100191;
    4. E An Property & Casualty Insurance Co., Ltd., Beijing 100191;
    5. CNNC Finance Co., Ltd., Beijing 100045
  • Received:2017-03-06 Online:2020-01-28 Published:2020-01-19

PDF (PC)

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摘要：

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。

关键词: 保险公司, 效率, 赔付率, SBM方向性距离函数, Luenberger生产率指数

Abstract:

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 pro-vided 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 effi-ciency is significantly higher than that of the foreign-funded life insurance companies. As for middle-size or small-size life insurance com-panies and middle-size or small-size property insurance companies, the operating inefficiency is mainly caused by the inefficiency of in-vestment 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.

Key words: insurance company, operating efficiency, loss ratio, SBM directional distance function, Luenberger productivity index