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臺灣保險業多元性服務之效率分析

Measuring the Efficiency of product diversification in the Taiwan Insurance Industry

Abstracts


自2001年後,臺灣除了核准設立金融控股公司,使金融機構得以經營銀行、證券、壽險及產險業務外;更於2001年,修正保險法第138條分別通過產險業得以主約或附約方式跨業經營傷害保險及健康保險,使得臺灣保險市場結構及運作模式發生重大的改變。由於保險市場整合已蔚為風潮,產壽險經營產品界線不再壁壘分明,為正確衡量產壽險公司之經營績效,本文以2005年~2011年全體臺灣保險業作為研究對象,以共同邊界資料包絡分析法分析產險業及壽險業之共同成本效率(MCE),並將其分解為共同純技術效率(MTEVRS)、共同規模效率(MSE)及共同配置效率(MAE);並估算成本缺口比率(CGR)、技術缺口比率(TGR)、規模缺口比率(SGR)及配置缺口比率(AGR)。另外,以Tobit迴歸檢視市場力量假說(market power hypothesis)、費用偏好假說(expense preference hypothesis)及多元經濟假說(conglomeration hypothesis)是否成立,以提供保險業擬定經營策略之參考。本文採用保費收入及投資收入作為保險公司之產出項,以員工人數、資金總額及資本總額作為投入項,計算保險公司各項共同效率。實證結果如下:差異性檢定結果,發現產險公司與壽險公司之MTEVRS、TGRVRS、SGR、MAE、MCE及CGR的確具有顯著差異;且受到次級房貸及金融海嘯肆虐影響,各項共同效率及缺口比率於2007年達到最低水準,後來有逐漸回升之趨勢。除共同配置效率配置缺口比率外,壽險公司之其他各項共同效率及各項缺口比率均高於產險公司,隱含壽險公司不論在經營技術、規模控制以及樽節成本能力均比產險公司強。實證結果並不支持市場力量假說;亦無足夠證據足以支持具集團背景的公司之經營績效較佳;而在多元經濟假說方面則認為,跨業經營之效益並無法立即顯現,導致健康險收入比重愈高的公司,其經營效率愈低(支持策略專注假說);而傷害險收入比重愈高的公司,其經營效率愈高(支持多元經濟假說)。

Parallel abstracts


In 2001, financial holding company structure, which allows banks to affiliate with securities firms and insurance companies under holding company roof started up in Taiwan market, Property/Casualty and Life/Health insurer concerns about their lines of business and accident/health insurance is the cross-section business for both P/C and L/H insurer since 2001. It is a crucial issue to investigate the performance of insurance companies with an integrated business as expected. This paper is to examine the market efficiency for Taiwan insurance industry by using the panel data from 2005 to 2011. The inputs and outputs determinate factors are net claims, market share of premiums, products diversity and company scale, capital, employee and asset. The Metafrontier analysis is applied to obtain technology gap and productivity difference (MTE, TGR, MAE, AGR, MCE and CGR). By using Tobit regression analysis, this study examines the market power hypothesis, expense preference hypothesis and conglomeration hypothesis. The empirical evidence indicates the following result: 1. There are significant differences in MTE, TGR, MAE, AGR, MCE and CGR for both P/C and L/H insurer. The subprime mortgage and Financial Tsunami are the key factors to influence the integration efficiency. 2. According to Metafrontier analysis, L/H insurers have better performance than P/C insurer in operational management, technical efficiency and cost efficiency. 3. The empirical result is not support market power hypothesis, means financial holding companies fails to show efficiency in the market share. And there is evidence shows conglomeration hypothesis, the ratio of cross-business in health insurance indicate low operational efficiency (support strategic focus hypothesis) and the ratio of crossbusiness in accident insurance indicate high operational efficiency (support conglomeration hypothesis)

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