兩岸人壽保險公司之經營效率分析

Abstract

本文採用Fried et al.（2002）提出的三階段DEA方法，經由資料包絡分析法獲得各投入項之差額變數，再透過隨機邊界法對各投入差額變數進行調整並分析比較兩岸壽險業經營效率。 實證結果發現：（1）壽險業是一個受環境因素及統計噪音影響極大的產業，在剔除環境因素與統計噪音影響後，壽險業的平均效率值下降幅度達72.17%；（2）相較於臺灣之壽險產業，大陸各壽險企業間的效率差異更大。且在經過環境因素與統計噪音後，大陸壽險企業效率值不到0.1的企業高達整體的78.3%，而臺灣壽險企業效率值不到0.1的為25.71%；（3）增加負債資本對壽險企業效率之提升有顯著的正向貢獻能力，表明擴張市場佔有率及提高財務杠杆率對提升壽險企業經營效率極為有利。（4）各類股權性質的壽險企業在不同資源投入效率上各具優勢，（5）本研究發現企業成立年數對壽險公司之經營效率並具有顯著影響，表明較年輕的壽險企業在開放的市場環境下與其它本國或外來企業展開競爭時，自身條件並不處於劣勢。

This paper applies the three-stage approach proposed by Fried et al. (2002) to analyze the efficiency of life insurance companies in the Mainland and Taiwan areas. This approach adjusts the input slacks obtained by data envelopment analysis (DEA) via the stochastic frontier analysis (SFA). Our major empirical findings are as follows: (1) Efficiency scores of life insurance companies in both areas are significantly affected by both environmental factors and statistical noises. After input slack adjustments, the average efficiency score drops for 72.17%. (2) Compared to those companies in the Taiwan area, the life companies in the Mainland area have a large diversion in efficiency scores which range from less than 10% to 78.3%. (3) Debt equity has a significant effect to increase efficiency, indicating that increases in the market share and financial leverage ratio help promote efficiency. (4) Ownership types have different advantageous effects on different inputs. (5) The years since establishment have no significant effects on efficiency, indicating that the younger Mainland life insurance companies do not have disadvantages because of it in an open and competitive market environment.