Efficiency Evaluation And Factors Analysis Of The Fund Utilization In China's Life Insurance Enterprises

With the development of market economy and the improvement of people's living standards,the demand for insurance is increasing.Insurance industry especially life insurance industry will have a bright future.Since the resumption in 1982,China's life insurance industry has been rapid development.The premium income is rising sharply and the scale of insurance funds is expanding.But China's life insurance industry has been stay in a monopoly business position for a long time.The contradiction between the high growth of premium income and the inefficiency use of insurance funds is prominent.Since join the WTO,china's life insurance market is fully open.Life insurance market is becoming more competitive,with the foreign enterprises settle in.While the competition in the market becoming more intense,the life insurance enterprises must have to focus on the performance of the fund utilization.The core performance of the efficiency of life insurance enterprises is effectively allocating resource.Therefore,it is of great significance to study the efficiency of the fund Utilization,compare and analyze the efficiency between the China's life insurance enterprises and the foreign,and further explore the factors that affect the efficiency.On the basis of reviewing the relevant theories,the paper divides the process of life insurance funds into two stages: the stage of fund raising and the stage of investment.Then,calculate the fund utilization efficiency from 2009 to 2014 on the basis of the relational two-stage DEA model.Next,the tobit model is used to analyze the factors that affect the fund utilization efficiency.At last,find the path to improve the efficiency.The study found that: the fund utilization efficiency in china is lowly,especially the investment stage.Through comparison,we found that the efficiency of fund raising stage of the Chinese enterprises is higher than that of the foreign.The efficiency of investment stage of the foreign enterprises is higher than that of the Chinese.But the gap between them is narrowing over time.By further empirical studying,we found that: firm size,human capital,established time,ownership structure significantly affect the fund utilization efficiency.Among them,firm size,established time,ownership structure and market share have positive effect on the fund raising efficiency;Among them,Firm sizes,established time,human capital,and the asset management company have effect on the investment efficiency.