An Empirical Study On The Impact Of Knowledge Capital On The Operating Efficiency Of China 's Life Insurance Enterprises

In modern society, intellectual capital is put on more and more importance in insurance and other financial industry. Today, intellectual capital is the main driving force for enterprise competitiveness. With more than thirty-year rapid development, China’s life insurance industry has covered diversified services and huge domestic and global market. However, in the face of the fierce competition in global financial market, Chinese life insurance industry is lack of innovation ability and insufficient in performance. Being affronted with such issues as how to improve innovation in product and service, and how to turn to mixed operation, asset securitization in order to do industry transformation and upgrading, strengthen competitiveness in global market. The key factor is the intellectual capital.Therefore, it is greatly significant to study the relationship between the intellectual capital and Chinese life insurance performance. It is great importance in both theory and practice.This paper uses two stage-model methods to analyze the relationship between Intellectual capital and Life Insurance Performance Efficiency in China. It is theory and empirical analysis.Then analysis the main intellectual capital factors which affects the technical efficiency. Finally, giving the policy choice. Mainly use normative analysis and empirical analysis, qualitative methods of quantitative analysis. Main content includes:first, on the basis of combing related literature at home and abroad, using the current international popular theory to analysis how the intellectual capital affect the mechanism of the enterprise competitiveness. From the aspects of intellectual capital formation respectively analyzes the influence on life insurance business efficiency, providing theoretical basis for this paper research hypothesis. Secondly, the paper uses the two stage-model methods and in the first stage, using the model of DEA to estimate the thirty life insurance companies operating efficiency changes during2006and2010in Chinese insurance market, in the second stage, using the truncated regression model with the bootstrap process inspection intellectual capital’s relationship with China life insurance business efficiency. Our research findings include:a. between2006and2010, the average efficiency of Chinese life insurance value is relatively stable; the average efficiency score is between0.905to0.973. b. By Wilcoxon signed rank test confirmed DSBM model is significant difference with the traditional DEA model in calculated results. P value is5.176. DSBM model is more in line with the present situation of the life insurance business. By comparing different regression model of regression results, confirmed that the two stage method, by adopting the method of truncated regression results are more reliable, d. The analysis of such intellectual as human capital, structural capital, as well as material capital of life insurance business efficiency has a significant positive impact. Finally, based on the empirical results, some policy options are suggested.