| Since 1996 property insurance and life insurance are separated,the development of Chinese insurance industry has obtained a blowout,especially the life insurance industry.With the continuous expansion of asset scale,the growing of insurance institutions,the expansion of marketing channels and the continuous enrichment of product categories,life insurance companies have become important institutional participants in the capital market with considerable premium income under the temptation of the capital market.However,for a long time,the operation model of life insurance companies in China has fallen into the error of “Premium matters most”.In order to seize market share,many insurance companies blindly expand investment insurance business regardless of the cost,resulting in serious imbalance in the structure of life insurance products and deviation from the protection function.Generally speaking,Life insurance companies under this mode are heavily dependent on the changeable capital market and eager to make up underwriting profits through return of investment,which is not conducive to the healthy and stable development of life insurance industry in long-term.Based on the existing research,this paper holds that the scale of premium is not the best standard to judge the quality of life insurance companies' operation,but the efficiency of resource allocation is the most scientific basis..The adjustment of product structure should aim at “improving quality and increasing efficiency”.Therefore,this paper studies the influence of product structure on life insurance companies' efficiency and the path of influence.This paper will combine the theoretical and empirical methods for related research.Firstly,theoretically analysing the influence of product structure on operating results and operating risks of life insurance companies,and introducing the evaluation methods of enterprise efficiency.Then,selecting 42 representative life insurance companies in China as the objects,collecting the national macroeconomic data and the operating data of the sample companies from 2015 to 2018,and using the three-stage panel DEA model to calculate the efficiency of sample companies,including pure technical efficiency,scale efficiency and comprehensive technical efficiency.Last,taking this three kinds of efficiency as the explained variables,studying the influence degree and influence path of the various life insurance products shares on the efficiency through the Tobit model,and to explore the internal reasons for the inefficiency of life insurance companies.Research findings are as follows: First,in general,the life insurance industry in China lost a lot in efficiency now,which is mainly caused by the scale efficiency loss.Second,the increase of traditional life insurance products' proportion can significantly promote the improvement of life insurance companies' efficiency,life insurance companies should strive to develop traditional life insurance.Third,the increase of investment insurance products' proportion will damage the life insurance companies' efficiency,but the significant level is low.The investment insurance products on the present market is not conducive to the healthy and stable development of insurance companies in long-term.Fourth,the increase of health insurance and accident insurance products' proportion adverse to the improvement of life insurance companies' efficiency,which indicates that the development of health insurance and accident insurance is still slow,and life insurance companies lack of power to operate health insurance.Finally,this paper puts forward relevant Suggestions on how to promote the adjustment of the product structure from three aspects: the demand side,the supply side and the regulator. |
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