Research On The Efficiency And Influencing Factors Of The Funds Utilization In China Life Insuresrs

In recent years,China's domestic economic operation is generally stable,the life insurance industry continues to move towards high-quality development,but the uncertainty of the external environment has increased,bringing pressure and challenges to the the transformation and upgrading of the insurance industry in China.Although China's insurance industry has continued to achieve rapid growth in scale and development speed,the balance of funds utilization has increased significantly,and more favorable policies have further broadened the investment channels for insurance funds.Disadvantages such as inefficient of the use of insurance funds,reduced security of captical market,and insufficient management capabilities are increasingly exposed,which has brought difficulties to the utilization and supervision of the insurance funds in China.In order to further promote the development of the insurance industry and the economy,it is worth discussing how to change the mode of life insurance companies to continuously improve the efficiency of funds utilization and increase investment returns,which will be better promote the development of the real economy.This paper takes the 45 representative companies in China life insurers as the research object,and the financial data of these sample companies from 2011 to 2017 as sample data.Firstly,insurance funds,human capital and operating expenses are selected as inputs,investment income as output,and eatablishment time,market share,equity nature and asset managerment company as environmental variables.Secondly,the three-stage Data Envelopment Analysis(DEA)model is used to estimate the funds utilization efficiency after the impact of environmental variables are removed.Finally,from the perspective of internal and external factors,the asset allocation method,asset size,operating expense ratio and other independent variables are selected,and the funds utiliazation efficiency,pure technical efficiency and scale efficiency are taken as the dependent variables to construct the Tobit model.According to the research results,the overall level of insurance funds efficiency of Chinese life insurance industry is low,and the scale efficiency drags down the capital utilization efficiency.The efficiency of China life insurance companies is significantly higher than that of foreign life insurance companies,and less affected by environmental variables.After the adjustment,the scale efficiency changes more obviously,among which the scale efficiency of foreign-funded companies changed more.Based on the analysis of the current situation of the use of life insurance funds in China and the empirical research results,this paper proposes relevant policy suggestions:(1)Adhere to a fixed income-based and differentiated allocation strategy;(2)Improve the internal risk control ability of life insurance companies and maintain a prudent and stable investment strategy;(3)Establish a professional asset management company;(4)Strengthen talent team Build and train compound talents;(6)Establish and improve supervision and management mechanisms and implement differentiated supervision methods.