| Since the People s Bank of China promulgated and implemented the Interim Measures for the Administration of Insurance Agencies in 1992,and began to define and standardize insurance agency companies,the Chinese insurance agency industry has undergone many changes and turning points.From the further opening up of the economy,to the improvement of insurance laws,the improvement of the regulatory system,and the further division of the insurance intermediary market,it is these opportunities that have made great progress in the Chinese insurance agency industry.With the increasingly obvious trend of separation of production and sales,insurance agents as an important part of the insurance intermediary market must have more professional management capabilities and higher quality service capabilities,that is,more output under certain circumstances.With the rapid development of digital technologies such as the Internet,traditional insurance companies began to lay out Internet insurance direct sales,and at the same time formed competition with insurance intermediaries.Under the increasingly strict supervision system of the insurance intermediary market and the"de-intermediation"of the Internet,insurance professional intermediaries,including insurance agencies,face severe challenges.How to obtain the space for survival and development in the environment of advanced technological advancement and highly developed digital technology is an urgent problem for insurance agencies.The most important way for insurance agents to improve their competitiveness is to improve its operational efficiency,it is of great practical significance to study the operational efficiency of insurance agency companies.The first part is an introduction.Firstly,it introduces the background,purpose and significance of the research on the operational efficiency of Chinese insurance agency companies.Then it reviews and reviews the related literatures on the measurement efficiency of insurance agency companies,the selection of input and output variables and the conclusion of operational efficiency.The research space of this paper;finally,the research content,research methods,innovations and deficiencies of this paper are expounded.The second part is the theoretical explanation of the operating efficiency of insurance agency companies.Firstly,based on the previous studies,the operating efficiency of insurance agency companies is defined from the theoretical perspective.Secondly,the insurance agent is combined with efficiency and technical efficiency theory,total factor productivity theory,principal-agent theory,scale economy theory and scope economic theory.The company s operating efficiency is analyzed in detail.According to the characteristics of the insurance agency,the evaluation method of the insurance agency s operating efficiency is selected,and the improved three-stage DEA method is used to measure the operating efficiency of the insurance agency;and the external environmental factors and the company s own factors To analyze the main factors affecting the operating efficiency of insurance agents,and select the Tobit regression model to measure the influencing factors.Key words:Insurance agency;Excess leverage;Total factor productivity;Three-stage SBM-Malmquist model;Tobit regression model.The third part is the development status of insurance agency companies.Firstly,it analyzes the policy environment,economic environment and consumption environment of insurance agency companies from a macro perspective,and finds that the policy environment is good,the economic environment is stable,and the consumption environment is gradually optimized.In a good environment,the development trend of Chinese insurance agency companies from the perspective of scale,the total registered capital has increased year by year,the number of insurance agency companies has fluctuated;from the perspective of business operations,insurance agents from 2012 to 2017 are In the case of agency property insurance business,the structure is relatively unbalanced;from the perspective of business changes,the operating income of insurance agency companies has steadily increased,but the net profit is fluctuating,mainly because the operating expenses are too high.Combined with the status quo,this section analyzes the various difficulties faced by insurance agencies.The fourth part is an empirical analysis of the operational efficiency of Chinese insurance agency companies,which is one of the focuses of this paper.This section selects the sample data of 77 insurance agents in China from 2012 to 2016,and adopts the non-radial SBM measurement method to correct the three-stage DEA-Malmquist index model,and calculates the technical efficiency of the insurance agency during the sample period.Pure technical efficiency,scale efficiency and Malmquist productivity index,and the Malmquist productivity index is decomposed.The second phase of the model uses the SFA model to eliminate the external environment and the possible bias caused by random errors,so the measured results are more convincing.Then,the relative efficiency of these insurance agencies is compared vertically and horizontally to reveal the differences between the efficiency of different types of insurance agencies and analyze the reasons.The fifth part is a comparative analysis of the operational efficiency of Chinese insurance agency companies,which is another focus of this paper.Firstly,the difference between the value of the insurance agency s operating efficiency before and after the adjustment through SFA is compared,and the impact of the excluded environmental factors on the efficiency value of the insurance agency is compared.The conclusion is that after removing the environmental factors,the efficiency value of the insurance agency is reduced.It shows that the overall environmental factors have a positive impact on efficiency;then compare the efficiency of insurance intermediary group sub-insurance agency companies with other insurance agency companies,and conclude that the insurance intermediary group s sub-insurance agency companies are technically efficient,purely technical in efficiency and scale.The efficiency is higher than other insurance agency companies,reflecting the advantages of insurance intermediary grouping;then comparing the efficiency of insurance agency companies with different business scopes,the conclusion is that national insurance agency companies are better than regional in technical efficiency and pure technical efficiency.Acting company,but inferior to the regional insurance agency in terms of scale efficiency,indicating that the overall operating efficiency level of the national insurance agency is relatively higher,but compared with the regional insurance agency,the resource allocation is unreasonable;Time insurance agency business efficiency In comparison,the conclusion is that mature insurance agents are superior to emerging insurance agencies in terms of technical efficiency and scale efficiency,but they are inferior to emerging insurance agencies in terms of pure technical efficiency,indicating that mature insurance agencies have more reasonable resource allocation,but Can’t keep up with emerging companies in technological innovation.Then,the Malmquist index analysis of total factor productivity is carried out.From the Malmquist index,it can be seen that the total factor productivity is not high overall,showing a slow downward trend,while the technical efficiency wave is changing drastically,which is affected by the pure technical efficiency and the scale efficiency change is relatively stable.It is gradually increasing.Therefore,insurance agents need to improve from technological advancement and effective allocation of resources.The sixth part is the analysis of the influencing factors of the efficiency of Chinese insurance agency companies.Firstly,according to the analysis of the fourth section of the first chapter,combined with the actual situation of the insurance agency and the availability of the data,determine the influencing factors for the company size,human capital,operating time,business scope,market share,and finally through the Tobit regression model.Comprehensive consideration and analysis of the main factors affecting the efficiency of Chinese insurance companies,the conclusion is that total assets,number of employees,operating hours,business scope,market share are significantly positively correlated with the technical efficiency of insurance companies,indicating that the larger the total assets,the greater the number of employees More,longer operating hours,greater market share,and greater business scope(national)will promote efficiency.The seventh part is the research conclusions and policy recommendations.According to the previous analysis,this part gives five aspects of policy recommendations,namely,market-based restructurnng of insurance agency companies,mergers and acquisitions,development towards grouping;innovation of business model,development of insurance e-commerce;adjustment of insurance professional agency business structure to achieve equilibrium Development;strengthen the training of employees,improve the construction of the insurance professional agent team;improve the internal control mechanism and corporate culture.Through the above research,this paper draws the following main conclusions:First,from the comparative analysis before and after the adjustment of static operating efficiency,it is found that the technical efficiency,pure technical efficiency and scale efficiency of Chinese insurance agency companies have been reduced after adjustment.The operating years,market share and operating areas have played a positive role in the operation efficiency of insurance agency companies.From the comparative analysis before and after the dynamic operation efficiency adjustment,it is found that the overall efficiency improvement of China s insurance agency companies after adjustment is reduced,mainly due to the decline of pure technical efficiency growth;from the perspective of the development trend of operational efficiency,through the absolute β convergence test,The technical efficiency,pure technical efficiency and scale efficiency of insurance agents are absolutely convergent.Since the absolute values of the regression coefficients are relatively small,the convergence speed will be slower,which means the efficiency value of each insurance agency in a long time.The gap still exists.Second,the regression of the factors affecting the operational efficiency of the adjusted Chinese insurance agency company,the conclusion is that there are four factors that have a significant positive impact on the technical efficiency of insurance agency companies:operating years,operating areas,business models and economic development levels.The most significant negative impact on technical efficiency is the direct selling factor of Internet insurance.The significant positive impact is on asset size and human capital.The relatively negative impact is on operating expenses.The industry s purely technical efficiency has a very significant positive impact on the operating area,market share and business model.There is a significant negative impact on human capital and operating years.There is a significant positive impact on Internet insurance direct sales..The significant positive impact on the scale efficiency of insurance agents is asset size,human capital,operating years,market share,business model and economic development level.The most significant negative impact is on operating areas and Internet insurance direct sales.Thirdly,it classifies and compares the operating efficiency of Chinese insurance agency companies with different operating regions,years of operation,business model and economic development level.It is concluded that the national insurance agency company has better operating efficiency than regional insurance agency companies and has a longer operating period.The insurance company s operating efficiency is better than that of a company with a short period of time.The insurance intermediaries’subsidiaries have better operating efficiency than non-group subsidiaries,and the eastern regional insurance agencies are better than the central insurance agencies in the western region.The innovation of this paper lies in three aspects:First,the innovation in the research field:the research object of this paper is the operating efficiency of Chinese insurance agency companies.The literature on research is very rare.The sample of Chinese insurance agency companies selected in this paper has been extensive.The selection,and including many types,enriched the field of research on operational efficiency;the second is the innovation of research perspective:this paper studies the operational efficiency of Chinese insurance agency from three perspectives,namely static angle,dynamic angle and development The trend angle,in order to comprehensively evaluate the operational efficiency of China’s insurance agency;Third,the correction of the quantitative model:This paper uses the modified DEA model,that is,the non-radial three-stage SBM model to measure the efficiency of insurance agents.This plays a particularly crucial role in the accuracy of the conclusions of the article.The fourth is the innovation in the use of the convergence method:the economic convergence method was originally used for the analysis of regional economic convergence,and there is little literature on the convergence analysis of enterprise technical efficiency.This paper creatively uses the convergence test for the operation of Chinese insurance agency companies.The convergence analysis of efficiency growth,combined with the SBM and Malmquist methods,forms a complete empirical analysis system for operational efficiency.The shortcoming of this paper is that due to the small number of operational data sources of Chinese insurance agency companies,some research factors cannot be included,such as the ownership structure and business nature,which have certain impact on the insurance agency business efficiency industry,but The data is not available.In addition,secondly,the operating data of Chinese insurance agency companies have been missing for many years,so the samples that can be selected are limited. |
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