| The financial crisis caused by America Sub-prime Mortgage Crisis has evolved into the global financial crisis. With the spread of the financial crisis to the real economy, the global economy tends to apparent recession; the economic growth in China slows down obviously. While the financial storm make effects on the investment banks and commercial banks, the insurance industry has been shocked. The market fluctuation caused by the crisis has make heavy effects on the investment and insurance of the insurance industry. However, the financial crisis is also a chance for the insurance industry to recognize the situation, absorb the experience and lessons, change the management strategy, update the industry structure and adjust the strategic planning. If the industry could improve the core competence quickly during the reshuffle process, it will gain the competitive advantage in the future development.Our insurance industry have kept the nearly 30% growth speed for 30 years after the reform and open, but the growth period of our insurance industry is late, and most of the insurance corporations occupy the markets by scale, still in the extensive developing stage. This developing pattern is not good for dealing with the outer shock and improving the competence. Therefore, how to improve the technological level and competence, enlarge and promote the insurance market and realize the sound and sustainable development attracts the academia extensive attention.The efficiency is the standards of the soundness and sustainable development of the insurance industry. The role of the human capital on the insurance corporations' development couldn't be substituted; therefore, this paper investigates the important effects of the human capital on the efficiency. The existing researches reveal that the human capital has positive effects on the technological progress and the improvement of the efficiency; however, the present researches investigate the positive effects of the human capital on the technical efficiency mainly in the linear framework by using the cointegration test and multi-regression analysis. But nonlinearity is often the normality of the economy, and the low-level human capital and high-level human capital's promoting effects on the technical efficiency should be different; therefore, investigating the human capital's effects on the technical efficiency in nonlinear framework makes more realistic sense. This paper takes 21 property insurance corporations as research objects, and use the threshold test and threshold regression model to investigate the nonlinear relationship between the human capital and technical efficiency on the basis of measuring their technical efficiencies and human capitals. When measuring the technical efficiency, it should adopt the DEA methods because the products of the property insurance corporations and the management cycle of their inputs and outputs appear short-term features; when measuring the human capital, this paper adopts the methods of average educated years.This paper reveals that the human capital's effects on the technical efficiency exist double threshold effect by empirical research, and the threshold values are 15.151 and 16.55. According to the values, we can divide the effects of the human capital on the technical efficiency into three stages: low-level human capital stage, intermediate-level human capital stage and high-level human capital stage. In addition, this paper discovers that the threshold effect in the threshold value 15.151 is bigger than in 16.55. This reveals that the corporations with low-level human capital exceeding the human capital threshold will gain the improvement of technical efficiency by proper human capital investment. The values from the research may supply the reference standards for human capital strategy of property insurance corporations to make the human capital exert the maximum utility. |
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