| With the promulgation of the 13th Five-Year Plan of the insurance industry,the diversified pattern of insurance funds has been initially formed.Regardless of the premium income or the balance of funds used,the development of the use of insurance funds in our country is gradually emerging,insurance companies are paying more attention to the use of insurance funds.The use of funds continues to deepen,and the investment share of other investment methods has increased year by year,even exceeding the number of time deposits.More and more new investment methods have sprung up.Dealing with the relationship between income and risk while facing more opportunities and challenges is something that insurance companies should pay much attention to.There are also many problems behind the development.The development of insurance funds in our country has a short time and narrow coverage,most companies are conservative in the use of insurance funds and still fail to get rid of the problem of investing major funds in fixed-income assets.As a result,the rate of return on capital utilization is significantly lower,and the investment method is also in a rigid stage.The expansion of new investment methods in the company of insurance only changes with the trend of policies,but there is no self-judgment,which is also the reason that the level of insurance funds application is not high.And because there is no research on the use of diversified funds in our nation,it is difficult to observe the impact of diversified investment pattern on the use of insurance funds,and it is impossible to explore the practicality of diversified fund application.Therefore,evaluating the efficiency of insurance funds,analyzing the diversified situation,and judging the impact of diversification on efficiency will help insurance companies to make rational use of diversified investment pattern to improve the current situation of poor capital utilization.And it will helpful to promote the revision and improvement of relevant laws and regulations.This article uses life insurance company panel data from 2010 to 2016,and uses the input-oriented DEA efficiency model to evaluate the technical efficiency,pure technical efficiency and scale efficiency of life insurance funds.In DEA model,the investment income is used as the output index,and the human capital investment,insurance capital investment and cost input are used as input indicators to calculate the efficiency value of each life insurance company and its changing trend.Subsequently,this paper uses the Theil Index to measure the diversified pattern.In the calculation of the Theil Index,the use of life insurance funds is divided into six channels:time deposits,other long-term securities investment,infrastructure and energy investment,medical pension investment,real estate investment and other investment methods.Through the measurement of the Theil index,observe the diversified development level and development trend of each life insurance company.Finally,use the efficiency measurement results and the results of the calculation of the Theil Index to conduct regression analysis to observe the impact of diversified capital use on efficiency.In the regression analysis,the asset size,market share,labor quality,comprehensive operating expense ratio and set-up period indicators are added to explore the impact of various micro-factors on the efficiency of capital utilization,so that the regression results are more convincing.The research results show that the technical efficiency of the use of life insurance funds is relatively low.Although pure technical efficiency and scale efficiency are higher than technical efficiency,there is still a big gap between the best efficiency and the optimal efficiency.Among them,scale efficiency is the main reason for the inefficiency of technology,so this paper mainly studies the scale efficiency.The diversified pattern of life insurance funds is more severe,but it is steadily advancing.The relationship between the diversified pattern and the efficiency of life insurance funds is "inverted U-shaped",indicating that the promotion of diversification can not maintain a permanent growth trend,that is,the degree of diversification is not as high as possible,but should be maintained in a stable region to maximize the efficiency of capital use.After dividing the life insurance company according to the size of the assets,it is found that the life value of the top 50%of the asset scale is higher,indicating that the main need to improve the scale efficiency is the life insurance company with the asset level below 50%.The former's diversified pattern is developing at a faster pace,showing an increasing trend year by year;the latter's diversification pattern is also advancing year by year,except for the decline in individual years.This shows that all life insurance companies have paid attention to the diversified pattern.The diversification pattern has a significant impact on the scale efficiency of the former,while the scale efficiency impact of the latter is more severely affected by other variables.It shows that among the various factors affecting the efficiency of the former,the diversified pattern is an indispensable part,while the latter puts more costs into other ways to improve the efficiency of capital use,so it ignores the role of diversification.Therefore,life insurance companies should continue to strengthen the emphasis on the use of diversified funds,and adjust the diversified allocation methods to promote efficiency.Based on the fact that there are few scholars have studied the impact of diversification on the efficiency of insurance funds.So this paper explores the diversification of the use of life insurance funds from a new perspective,analyzes how it affects the efficiency of fund utilization,and draws conclusions.This paper also has its shortcomings when it comes to innovation.Due to the limitation of data sources,the data of large-scale real estate investment and unlisted equity investment have not been disclosed by life insurance companies,this will lead to the bias of the analysis of the diversified forms.There is no official data on the rate of return on capital use of new investment methods,resulting in insufficient analysis of the diversified pattern.Thus it is hoped that defects in this aspect can be improved in future research,which will provide better suggestions for insurance companies to improve their capital utilization models and make effective contributions to improving policies and regulations. |
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