Analysis On Fund Operations Efficiency Of China's Insurance Asset Management Companies

Since 2012, a series of new asset management policies has been issued, which has broken the barriers to competition of the banks, trust companies, insurance companies, securities and funds. Meanwhile, in July 2013, the People's Bank of China announced a full liberalisation of financial institutions' lending interest rate and bill discount interest rate. In August 2013, the China Insurance Regulatory Commission announced to launch ordinary life insurance rate reform officially. And China's economy has turned into the "New Normal" economy gradually since the global financial crisis erupted in 2008. Under this background, it is of great significance for strengthening insurance groups'financial strength to improve steadily efficiency of fund operations of insurance asset management companies.The major research contents of this paper were as follows. At first, China's insurance asset management companies profile and basic efficiency evaluation theories were expounded in the first two chapters of this paper. And then through selecting reasonable input and output variables, DEA - Malmquist model was built in Chapter 3 to make both static and dynamic evaluation of fund operations efficiency of insurance asset management companies. Lastly, for the problems found in the study, some preliminary policy suggestions were put forward in the last chapter, in order to give some references to enhance fund operations efficiency of insurance asset management companies in China.The main innovation points of this paper were as follows.At the top of the list, the topic of this paper was relatively novel. DEA model and related theories have been widely used by scholars in diverse fields of efficiency evaluation. However, there wasn't any scholar who applied DEA model and related theories into targeted research of fund operations efficiency of insurance asset management companies in China.Secondly, there were diverse research perspectives in this paper. With regard to DEA-Malmquist model's empirical results, while basic indexes analysis was done in most of the relevant literatures, some descriptive classifications were made in this paper, which was popular and easy to understand and could produce further conclusions.At last, arguments were established by systematic induction or independent thinking. For instance, characteristics of insurance asset management companies were concluded through studying many relevant literatures; input variable "investment capital" was built according to actual situation of the insurance asset management companies; possible explanations of the empirical conclusions was made on the basis of practice.