臺灣地區人壽保險公司的效率分析：兩階段資料包絡分析方法之應用

Abstract

本研究應用Seiford and Zhu (1999) 提出之兩階段資料包絡分析程序，進行2005至2009年間28家臺灣地區人壽保險公司的效率分析，並以Tobit迴歸模式探討各階段的效率差異因素。我們並依循Lovell and Pastor (1995) 的方式進行投入或產出項的負值調整。實證結果發現：在本研究期間內，外商壽險公司的總合效率值均較本國壽險公司高。Tobit迴歸模式顯示，第一階段中，具金控背景公司效率表現較佳，成立年數對效率值有顯著的負向影響，外勤人員比率對效率值有顯著的負向影響，本國與外商壽險公司效率不具顯著差異；第二階段中，外商壽險公司效率表現較佳，市占率對效率值有顯著的負向影響；而總合階段中，外商壽險公司效率表現較佳，市占率對效率值有顯著的負向影響。

This thesis employs the two-production-stage data envelopment analysis (DEA) proposed by Seiford and Zhu (1999) to evaluate the efficiency of twenty-eight life insurance companies in Taiwan from 2005 to 2009. The Tobit regression is applied to analyze the differences in efficiency of life insurance companies. The approach for adjusting negative inputs or outputs proposed by Lovell and Pastor (1995) is also adopted. In the first production stage (sales stage), companies with financial holding background perform better and efficiency scores worse as years of companies and field personnel ratios increase. There is no significant difference in the efficiency scores between domestic and foreign life insurance companies in the first production stage. In the second production stage (profits stage), foreign life insurance companies perform better and efficiency scores worse as market shares increase. In the aggregation of these two stages, foreign life insurance companies perform better and efficiency scores worse as market shares increase.