중국 생명보험회사의 효율성․생산성 및 비효율성 원인 분석

This study examines efficiency, productivity and inefficiency of life insurance companies in China, exploring the fundamental causes of their competitiveness in the market. To achieve the research goals, we first measured productivity, pure technology efficiency, and scale efficiency through the DEA-CCR and DEA-BCC model. Next, the productivity changes were investigated via the non-parametric Malmquist index. Further, using the Tobit model, we analyzed the causes of inefficiency in Chinese life insurance companies. The analysis results are as follows. First, the total inefficiency of the Chinese life insurance companies is found to be 37.7% during the analysis period. For Chinese life insurance companies, inefficiency in the pure technology has been increasing larger than that in the size. On the other hand, for joint venture life insurance companies in China, inefficiency in the size has been growing greater than that in the pure technology. Second, the results also show that productivity, technology, and pure technical efficiency are improved for most of life insurance companies investigated, while both technical efficiency and scale efficiency deteriorate during analysis period. Third, as a result of analyzing the determinants related to the efficiency of Chinese life insurance companies, we observed that market share, insurance payment rate, and human capital increase in all efficiencies. Conversely, the business ratio, underwriting profit margin, and personal injury insurance decrease in all efficiencies. This research result suggests that growth in firm’s size increases in technology efficiency and scale efficiency, but decreases in pure technology efficiency.