Research On The Impact Of Chinese Life Insurance Companies' Fund Utilization Efficiency On Solvency Based On The Three-stage DEA Model

With the gradual increase in the number of insured persons in China,the amount of funds injected into the insurance industry has also reached a new height.Insurance companies can use more resources to open up new markets and create greater value.However,the overall level of capital utilization efficiency of Chinese insurance companies is not high,and the ratio of input and output in the insurance investment link is unbalanced.In the long run,the drawbacks brought about by the investment problem will affect whether the insurance company's capital can compensate and pay the insured in full,that is,it will affect the sufficient level of solvency and ultimately harm the interests of the insured.There are many factors influencing solvency.This article takes the second generation of solvency as the research background,and mainly discusses the impact of the efficiency of fund utilization of life insurance companies on solvency.This article consists of six parts: the research background,research content and significance are described in the introduction of chapter one,and the research literature on solvency and capital utilization efficiency at home and abroad is sorted out.In the theoretical analysis part of the second chapter,a series of theoretical knowledge about efficiency,insurance fund utilization and solvency are introduced in detail,and three internal factors and six external factors that affect solvency are analyzed.The efficiency and insurance are distinguished and clarified.The concept and classification of capital utilization and insurance capital utilization efficiency;from the efficiency evaluation method,the input-oriented three-stage DEA method is selected to measure the utilization efficiency of insurance capital.In the analysis of the status quo and problems in Chapter3,this article finds that the scale of China's insurance fund utilization continues to grow,but the growth rate is not high,and the fluctuations are large.Insurance investment channels and scope continue to expand,but the investment period and structure are still unreasonable.The rate of return on the use of insurance funds is low and the stability is poor.In terms of solvency,the current compensation fund reserves of the entire insurance industry are sufficient and stable.The situation.The fourth chapter measures the efficiency of fund utilization of Chinese life insurance companies.The three-stage DEA model in the data envelopment analysis method is used to calculate the efficiency of capital utilization of 60 life insurance companies from 2015 to 2018,and the results after the impact of environmental variables are stripped are calculated.The efficiency value,and then the overall discussion and the discussion of the nature of the capital based on the measurement results,the analysis found that the use of insurance funds by life insurance companies is simple and inefficient;Chinese-funded life insurance companies are more efficient than foreign life insurance companies in the use of funds.Chapter 5empirically analyzes the impact of insurance fund utilization efficiency on solvency.The efficiency value measured in Chapter 4 is used as the independent variable,and the corresponding solvency is used as the dependent variable.Panel data is collected and the method of fixed effects analysis is adopted.Explain how the efficiency of the use of insurance funds affects solvency.Afterwards,it is concluded that the efficiency of insurance funds utilization is a significant positive factor that affects solvency;there are significant differences in the impact of capital utilization efficiency on solvency of life insurance companies with different capital properties.At the end of the article,this article gives relevant suggestions based on the results of the research and analysis.Mainly improve the efficiency of the use of insurance funds in the following four aspects,thereby improving the solvency of insurance companies: improving the level of asset and liability management,optimizing the investment structure of insurance funds,cultivating high-level professional investment talents,and improving the regulatory environment for the use of life insurance funds.