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运用SBM方向距离函数和Luenberger生产率指标测度2006年～2010年我国42家寿险公司的经营效率和全要素生产率变动,并对其进行了分解。研究结果发现:在考虑赔付支出的情况下,我国寿险业的平均无效率值为46.74%,其中,中资寿险公司的无效率值为33.47%,外资公司为60.01%。中资寿险公司的效率值优于外资公司;寿险产品的同质化及较强的投资性属性,使得在投资环境疲弱的环境下,投资收益的无效率成为制约寿险业经营效率提升的重要原因;寿险业平均全要素生产率为23.8%,其中,中资寿险公司为77.31%,外资公司为-29.72%,规模扩张增速放缓导致的规模效率变化为负是影响寿险业全要素生产率提升的重要原因之一。本文据此提出相关政策建议。
Using SBM direction distance function and Luenberger productivity index to measure the changes of the operating efficiency and total factor productivity of 42 life insurance companies in China from 2006 to 2010, the paper decomposed them. The result shows that the average value of inefficiency of China’s life insurance industry is 46.74% considering the payment of compensation. Among them, the inefficiency of Chinese life insurance companies is 33.47% and that of foreign-funded ones is 60.01%. The efficiency of Chinese-funded life insurers is superior to that of foreign-invested companies. The homogeneity of life insurance products and strong investment attributes make the inefficiency of investment returns an important factor constraining the operating efficiency of life insurance industry in an environment of weak investment environment. . The average TFP of life insurance industry was 23.8%, of which 77.31% for Chinese-funded life insurers and -29.72% for foreign-funded ones. Negative changes in the scale efficiency caused by the slowdown of scale expansion are the factors that affect TFP’s overall factor productivity One of the important reasons. This paper proposes relevant policy recommendations accordingly.