投資型保險商品對壽險業經營績效之影響 投資型保險商品對壽險業經營績效之影響－應用資料包絡分析法

Impact of Investment-Linked Insurance Products on Operating Performance of Life Insurance Industry－Application of DEA Model

林怡華(Lin, Yi-Hua)

指導教授 ： 徐芳霞

國立臺北大學/社會科學學院/經濟學系/碩士(2012年)

摘要

在政府的開放政策下，台灣的壽險市場已由以往的封閉型態轉變為開放競爭的局面，加上近年來的低利環境使得壽險公司面臨利差損的問題，這些因素都對壽險業的經營造成了一定程度的衝擊。壽險業者為了因應這種不利的趨勢，開始朝向推出新型保險商品的方向前進，而投資型保險商品即為其中之一。台灣在2002年開放壽險公司經營投資型保險商品後，投資型保險商品的市佔率一路攀升，至2008年才因金融海嘯的關係出現反轉性的下滑，投資型保險商品對壽險業的實際營運之影響究竟如何？本文的研究目的即為探討投資型保險商品對壽險業經營績效的影響。
　　以往探討投資型保險商品對壽險業經營績效之影響的相關文獻都是以迴歸分析法進行衡量，如：羅悅萍(2006)以1999年至2004年間國內25家人壽保險公司為研究對象，利用複迴歸法探討投資型保險商品對公司經營績效的影響。而本研究擬以資料包絡分析法加上Tobit迴歸模型對此議題進行探討。
　　本文研究期間為2003年至2010年，首先以資料包絡分析法(DEA)對22家壽險公司進行績效之評估，再將效率值做為應變數，以Tobit迴歸模型探討市佔率、投資型比重、公營私營及財務收入比重等因素對效率值的影響。研究結果顯示，市佔率對技術效率值的影響為正向，意即市佔率的提高對壽險公司的經營績效是有正面幫助的；投資型比重對技術效率值的影響為負向，顯示投資型保單保費收入佔總保費收入之比重愈多，反而會對壽險公司的效率造成負面影響；公營機構對技術效率值的影響為正向；財務收入比重對技術效率值的影響為正向，顯示壽險公司的財務收入佔總收入的比重愈大對績效表現也有正面助益，表示財務收入對壽險業而言確實為很重要的一環。

關鍵字

投資型保險商品,Tobit迴歸模型,DEA模型

並列摘要

Due to the government's open-door policy, the life insurance market in Taiwan has been transformed from completely closed market to open competition. Besides, over the past few years, caused by the low interest rate environment, the life insurance companies are confronted with the spread damages problems. These have affected the operations of life insurance companies to a certain degree. In order to respond to the trend of disadvantage, the life insurance companies begin to introduce new insurance products, and investment-linked insurance product is one of them. After Taiwan allows the life insurance companies to sell the investment-linked insurance in 2002, the market share of investment-linked insurance products is going up. Until 2008, the market share of investment-linked insurance products starts to decline due to the financial tsunami. What is the impact of investment-linked insurance products on the operating performance of life insurance industry? This motivation propels the development of this thesis.
In the literature of the impact of the investment-linked insurance products on the operating performance of life insurance industry, regression analysis is a widely used method. Yue-ping Luo (2006) uses 25 domestic life insurance companies from 1999 to 2004 as sample, and uses multiple regression method to conduct the analysis. This thesis applies data envelopment analysis method together with the Tobit regression model to explore this issue.
The study period of this thesis is from 2003 to 2010. First, we use data envelopment analysis (DEA) to evaluate the performance of 22 life insurance companies. Second, we use the value of efficiency as the dependent variable, and then employ Tobit regression model to explore the impact of market share, investment-type proportion, public sector and private sector, and the proportion of financial income on the value of efficiency.
The results show that the impact of market share on the value of technical efficiency is positive, which means that increasing the market share could improve the operating performance of the life insurance companies. The impact of investment-type proportion on the value of technical efficiency is negative, which indicates that the higher the investment-type proportion will lead to a negative impact on efficiency performance. The impact of public sector on the value of technical efficiency is positive. The impact of the proportion of financial income on the value of technical efficiency is positive, which means that financial income is indeed a very important factor to the life insurance industry.

並列關鍵字

Investment-Linked Insurance Products, Tobit Regression Model, DEA Model

參考文獻

13.黃台心、高棟梁、姜麗智、梁嘉惠(2010)，「我國壽險業考慮準固定投入後的效率與生產力變動分析」，東吳經濟商學學報，第六十八期。

4.李忠翰(2011)，「多角化與收入結構對銀行經營效率的影響」，國立台北大學經濟學系研究所碩士論文。

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