台灣地區產物保險業經營績效之分析─ 隨機邊界分析法之應用

An Analysis of the Performances of Taiwan's Property Insurance Industry-Application of Stochastic Frontier Analysis

陳迺慧(Nai-Hui Chen)

指導教授 ： 郝充仁

共同指導教授 ： 陳亞為

淡江大學/商學院/保險學系保險經營碩士班/碩士(2005年)

https://doi.org/10.6846/TKU.2005.00737

摘要

1987年開放外商公司進入市場以來，產險業競爭激烈，時聞以惡性殺價及不當保險資源浪費方式競爭者，實際上產險公司應著重本身體質，了解經營缺失，本文欲探討我國產險公司的技術效率值及找出對於自留保費及投資收入最有影響的變數。以隨機邊界分析法之產出面為研究方法，使用Battese and Coelli分別在1992年及1995年提出的模型，兩者的差別在於後者有加入外生變數的考量，且利用自留保費及投資收入為產出變數分別進行實證分析。研究對象為本國產險公司共16家，觀察期間為1997年至2003年，共計110個觀察值。研究結果為(一)模型一中，無論是以自留保費或投資收入為產出變數，均以經營費用為最顯著之變數，模型二中，產出為自留保費時，經營費用及分支機構數皆為最顯著之投入變數，而成立時間長度與虛擬變數(NEW)此二外生變數，亦對技術效率值有顯著影響；產出為投資收入時，經營費用為最顯著之變數，且外生變數之資金運用率對技術效率值亦有明顯的影響，(二)在技術效率值排名上，中國產物在模型一及模型二中均為表現良好的產險公司，1993年成立的國泰世紀產物亦有不錯的表現，(三)以自留保費為產出時，技術效率值差距不大，且排名較無變動；以投資收入為產出時，可清楚發現技術效率值差距大，且排名變動也大，顯示投資收入為產出時，對模型敏感度較高。

關鍵字

產險業 ； 隨機邊界法 ； 技術效率

並列摘要

This paper to discuss the technical efficiency of property insurance company in Taiwan, and finds out the variable which influences Premiums Retained and Investment Income. This paper employs stochastic frontier production function, by using Battese and Coelli (1992, 1995) model. This model is applied to unbalanced panel of 16 local property insurance companies over the period 1997 to 2003, for a total of 110 observations.
The main conclusions are: Firstly, in model 1, whether or not we use Premiums Retained or Investment Income as the output variable, it is Business & Administrative Expenses that has the most significant influence on technical efficiencies of the property insurance company. In model 2, when we use Premiums Retained as the output variable, Business & Administrative Expenses and Number of Branch and Representative have the most significant influence on technical efficiencies of the property insurance company; the two exogenous variables duration of the existence of the company and dummy variable (new) also have significant influence on technical efficiencies of the property insurance company. When we use Investment Income as the output variable, Business & Administrative Expenses has the most significant influence on technical efficiencies of the property insurance company, and Capital Investment Rate also has significant influence on technical efficiencies. Secondly, in the ranking of technical efficiency, model 1 and model 2 indicate that China property insurance company shows good performance; Cathay Century Insurance, established in 1993, also has pretty good performance. Thirdly, when we use Premiums Retained as the output variable, the difference in technical efficiency is not much, and the ranking doesn’t change very much either; however, when we use Investment Income as the output variable, we clearly find out that the difference in technical efficiency is very obvious, and the ranking also changes significantly. It shows that when we use Investment Income as the output variable, sensitivity to the model is more obvious.

並列關鍵字

Property Insurance Industry ； SFA ； Technical Efficiency

參考文獻

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