| As China's insurance industry continues to deepen,the proportion of insurance investment income in insurance profits is increasing.As of 2015,the total assets of the insurance industry in China reached as high as 1.24 billion yuan,and the financial rate of return on the use of funds was 7.56%,which was the best since the international financial crisis.It is worth noting that a new pattern of diversified asset allocation has gradually emerged,and the rate of investment in insurance funds has gradually increased,but the inefficiency of the use of insurance funds has gradually become apparent,which will affect the company's solvency and the healthy development of the insurance industry.The healthy operation of the entire financial industry.The insurance industry is divided into two categories: life insurance and property insurance.The term of the property insurance funds is short,the amount is small,and the research is extensive.However,with the renewal and innovation of products,the use of life insurance funds is also increasingly important.The study on the utilization efficiency of life insurance funds helps to strengthen the depth of research on the use of insurance funds,improve the theoretical system of insurance fund utilization,and also provide a unified efficiency evaluation method for the life insurance research of the insurance industry,and provides a theory for improving the inefficiency of life insurance fund utilization.reference.In view of this,this paper starts from the a ngle of life insurance fund use,based on the DEA method and the Tobit model,empirically analyzes the efficiency of China's life insurance fund utilization,and combines the research results with targeted recommendations on how to improve life insurance fund utilization efficiency.Based on the analysis of the concept,connotation and efficiency evaluation methods of life insurance funds,this paper uses DEA method to measure the efficiency of China's life insurance funds,and uses the Tobit model to further analyze the potential factors that affect the efficiency of life insurance fund utilization and put forward corresponding policy recommendations.Firstly,select 45 life insurance companies and use DEA-based CCR model and BCC model to measure the efficiency under the condition of constant returns to scale and changes in scale of returns,so as to obtain the technical efficiency,pure technical efficiency,and scale efficiency of the overall capital utilization of the life insurance industry.,and furthe r analyze the differences in the efficiency of life insurance companies of different types and sizes;use the DE-based Malmquist index method to decompose and measure the dynamic evolution of total factor productivity in the life insurance industry from 2010 to 2015,and from the perspective of technology changes.The analysis of total factor productivity of the life insurance industry.Secondly,Tobit model is built to analyze the factors that affect the efficiency of life insurance fund utilization.The technical efficiency(TE),scale efficiency(SE),and pure technical efficiency(PTE)were used as explanatory variables to examine the size of the company,the market,the nature of the company(COR),and the quality of labor(labor),the proportion of fixed deposits(deposit),and other long-term securities investment(bond)and other variables affect the efficiency of capital use.Finally,the author puts forward the policy recommendations that are suitable for the utilization efficiency of life insurance funds in China.The efficiency measurement and comparison found that:(1)Overall,China's life insurance industry is less efficient in the use of funds,and technical efficiency(PE),scale efficiency(SE),and pure technical efficiency(PTE)have not reached an effective frontier,and technical efficiency.The results show that,on average,nearly 45% of the resources invested each year are ineffective;(2)According to the classification of Chinese and foreign companies,the efficiency level of Chinese-funded companies is higher than that of foreign-funded companies,but foreign-funded companies are better than foreign-owned companies in terms of management and technology.Although the purely technical efficiency level of Chinese-funded companies and foreign-funded companies is moderate,due to the lack of local advantages,the scale efficiency is lower than that of Chinese-funded companies.Therefore,the technical efficiency of foreign-funded companies is lower than that of Chinese-funded companies;(3)According to the comparison of company size,Chinese-funded large-and medium-sized companies have advantages in their management and technical levels because of their own advantages.Therefore,the efficiency of resource input is relatively higher than that of small-scale companies,so their pure technical efficiency is higher;The average pure technical efficiency of foreign companies and foreign small companies is higher than that of Chinese-funded small companies.The main reason is that large companies have their own advantages.The company has advanced management and technology levels;the scale efficiency of Chinese-funded medium-sized companies is lower than that of Chinese-funded large-scale enterprises;(4)It is known from the Malmquist index ana lysis of the annual sample of the entire sample that the average annual growth rate of total factor productivity from 2010 to 2015 At 4.7%,the average annual increase in technical efficiency reached 42.4%,but the technological progress index was only 0.735.The driving force for TFP growth was mainly attributed to the improvement of technical efficiency.Pure technical efficiency and scale efficiency jointly promoted the improvement of technical efficiency;According to the Malmquist index analysis of family life insurance companies by type,the average annual growth rate of total factor productivity from 2010 to 2015 is ranked as large(medium),medium(medium),small(outer)and small(middle).The growth rates were 15.8%,10%,9.7%,and 3.7% respectively.The total factor productivity of Chinese-funded large-scale life insurance companies surpassed that of the other three types of companies.The average technical efficiency index of all four types of life insurance companies is greater than 1,and the technology The mean value of the progressive index is less than one,and the change in technical efficiency is the combined effect of positive changes in purely technical efficiency and scale efficiency;(5)By calculating the technical progress of life insurance companies And de-term,we can see there are 20 life insurance companies rendering technology trends regress,and the DMU move outward,backward output technology,innovation activity is not conducive to technological progress.Through the construction of Tobit model to examine the factors affecting the life insurance company's efficiency,it is found that:(1)the size of the company has a significant positive effect on the technical efficiency of the company;the market share has a positive effect on the technical efficiency of the company.However,the effect is not significant;compared with foreign-funded enterprises,the level of technical efficiency of Chinese-funded enterprises is relatively high.The labor's quality has a significant positive effect on the technological efficiency of the company,which indicates that the higher the proportion of highly-educated people,the more it can promote the improvement of the technolo gical efficiency of the company.The effect of the virtual variable on the technical efficiency of the enterprise property(COR)is positive,that is,the technical efficiency of Chinese enterprises is higher t han that of foreign enterprises;(2)Size and market share of the company(market)It has a significant positive effect on the scale efficiency of the company,and its effect is greater than the effect on the technical efficiency;the labor quality has a positive effect on the scale efficiency of the company;other long-term securities investment ratios have an effect on the scale efficiency.(3)The size of the company has a negative effect on pure technical efficiency,but the increase in market share will lead to an increase in claims,which in turn will increase the requirements for corporate management and technology,especially big data analysis.And actuarial modeling capabilities,thereby enhancing the company's pure technical efficiency;laborer's quality(labor)has a significant positive effect on the pure technical efficiency of the company,indicating that the higher the proportion of highly educated persons,the more to promote the improvement of the level of corporate pure technological efficiency.Based on the analysis of empirical results and influencing factors,this paper proposes policy recommendations for further improving the efficiency of capital use in China's life insurance industry from four aspects: the diversification of fund allocation,the proceduralization of investment decisions,the specialization of talent construction,and the independence of investment operations. |
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