| Since reforming and opening, Chinese life insurance industry developing at full speed has created a miracle. As an important component of social security system, the sustainability of life insurance industry is in close touch with people life. As one part of financial systems, life insurance industry is playing an important role in the market economy. The Chinese life insurance market has been ups and down since it fully opened in2005. It’s urgent to deepen re-constructing of product in life insurance industry. According to evaluate the efficiency of life insurance companies, studying on the feasibility method of improving the efficiency of Chinese life insurance, investigating the direction of both reform and overhauling in life insurance industry, they have the important theoretical significance and practical value to the development of Chinese life insurance industry.In the first of this paper, not only describing the historical origins and present status about Chinese life insurance market by carding the development of life insurance, but also mentioning the problem what it facing now. Then, evaluating the life insurance companies’TE (Technical Efficiency) by the model of efficiency theory. And putting forward with the political suggestion that further improving the whole of life insurance market’s running efficiency by contrasting the life insurance companies’efficiency form different organizational structures. Currently, majority of scholars adopt the traditional DEA (Data Envelopment Analysis) in many efficiency theory methods of measuring insurance industry. In this paper, via the three-stage DEA and Malmquist-DEA, evaluating the static and dynamic technical efficiency from2008to2012, which provided by thirteen life insurance companies those represent Chinese life insurance market. Synthesizing the information and giving some political suggestions in the end.From the empirical analysis’s result, the following conclusion were drawn:1. The different between companies’input-output indicators will cause influences on the availability of the traditional DEA. Via three-stage DEA, with considering classification indicators from environment indicators, it can restore the value of data, also being more convenient to analyze and understand.2. Chinese life insurance industry’s TE (Technical Efficiency) is ineffective, the average is0.4455. What cause that is PTE (Pure Technical Efficiency), the average is0.5012. The industry’s SE (Scale Efficiency) is higher than both of TE and PTE, the average is0.8347.3. The PTE of the foreign life insurance industry is improving yearly, and it overtakes the Chinese efficiency. The solidified efficiency of Chinese insurance companies’business model has barely changed during sample periods.4. With time effect, the effective way to improve life insurance industry efficiency is accumulating experience. It means that the longer life insurance companies operate, the higher both of PTE and SE.5. According to the comparison with effective estimate between dynamic and static, deeply dissecting the significance that choosing environment variables from the three-stage DEA.6. The result about’M index’estimate reveals that introducing foreign capital make a outstanding contribution in the way of improving life insurance industry’s SE.In conclusion, with above theoretical analysis and empirical analysis, Chinese life insurance industry need reform and develop by both of the regulators and main life insurance companies, in order to deepen re-constructing of product, and ensuring the ordered development of life insurance industry. |
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