Research On The Efficiency Of Chinese Life Insurance Enterprises Based On Sequence Reference Generalized DEA

As an important part of the insurance industry,the life insurance industry plays an important role in the development of the entire financial system and the national economic system.In order to explore the efficiency and its' influencing factors of China's life insurance companies and to make relevant suggestions for promoting industry reform,this paper mainly carried out some research work:(1)Constructing sequence reference generalized DEA model.Aimed at the efficiency paradox of generalized DEA,the root of its generation is analyzed and a new generalized DEA model,the sequence reference generalized DEA model,is proposed.On this basis,the meaning and measurement methods of the generalized DEA validity are given.(2)Measuring the efficiency of Chinese life insurance companies.Selecting the operational data of 42 life insurance companies in China from 2011 to 2017,setting a reasonable input-output index system,using the sequence reference generalized DEA model to calculate and analyze the comprehensive efficiency and technical efficiency of 294 decision-making units,and based on this,the scale efficiency of a decision unit is further discussed.Apply projection to analyze the improved values of individual input and output indicators.(3)Analysing the influencing factors of the efficiency of life insurance companies.Through literature analysis and theoretical analysis,the assumptions about the influencing factors are made,and the main factors affecting the efficiency of Chinese life insurance companies are verified by the Tobit regression analysis model.Based on the results of regression analysis,corresponding suggestions are put forward.The research results are summarized in the end.And based on this,policy recommendations for the efficiency improvement of Chinese life insurance companies are proposed.Combined with the shortcomings in the research,the future research is proposed.The research results show that:(1)There is a certain gap in the efficiency of different kind of life insurance companies.Overall,the economic efficiency of China's life insurance companies is slightly low.Chinese-funded life insurance companies are more efficient than foreign-invested enterprises,and state-owned holding companies are the most efficient.The main reason for the ineffectiveness of Chinese life insurance company DEA is that the scale is invalid,and the main reason for the low economic efficiency of foreign life insurance companies is the low technical efficiency.2)From the time point of view,the efficiency of China's life insurance companies has shown a downward trend in 2011-2017.,The promulgation of the “New Ten Articles” policy of the insurance industry peopoesd in 2014 does not have a strong impact on the operation of life insurance companies.(3)As for the analysis of influencing factors,there is no significant influence on the type of ownership of enterprises and the operating efficiency of life insurance companies.There is a strong correlation between company size,capital structure,age and enterprise efficiency.