承擔風險下之經營效率：以台灣地區壽險公司為例

Abstract

本篇研究應用Fried et al.(2002)提出三階段資料包絡法衡量2005至2009年間，臺灣地區人壽保險公司承擔風險下的效率分析，並探討環境因素對壽險公司的影響。研究結果發現，排除環境因素和統計噪音的影響後，台灣地區壽險公司在考量風險下經營效率良好，各家壽險公司之經營效率差異小，顯示壽險公司受到環境因素、統計噪音和公司風險影響大。成立年分可顯著的降低員工人數差額以及負債資本差額；保險公司規模對本研究三項投差額具有顯著的正向影響；市佔率會顯著增加負債資本差額；而金控集團背景則顯著增加權益資本差額。加入風險因素使得各壽險公司間的效率值差異顯著降低。

This paper applies a three-stage approach proposed by Fried et al. (2002) to analyze the efficiency of life insurance companies in the Taiwan areas from 2005 to 2009 and also to study the effect of environmental factors as well as statistical noises on efficiency. The efficiency scores under risk of life insurance companies significantly improve after eliminating the effects by both environmental factors and statistical noises. The ranking in efficiency scores is slightly different after input slack adjustment. Efficiency scores of life insurance companies are significantly affected by environmental factors, statistical noises, and risk. The years since establishment significantly decrease the employee and debt capital slacks. The firm size significantly increases three input slacks. The market share significantly increases the debt capital slack. The financial holding company type significantly increases equity capital slack. Incorporation of risk significantly reduces the efficiency difference among life insurance companies in Taiwan.