An Empirical Analysis for Efficiency of Capital Utilization and Its Impact on the Performance of Property-Liability Insurance Industry
使用数据包络分析估计非寿险公司2002-2007年的资本利用效率，发现资本过度利用对收入效率和ROE有显著负向影响，而资本利用不足则无显著影响。
One of important objectives of capital management is to improve the efficiency of capital utilization. The paper estimates the operating efficiency for a sample of non-life insurers over the period of 2002-2007 using data envelopment analysis, investigates the determinants of capital utilization and analyzes the effects on firm's performance for capital utilization. The results End that the input, including operating expense and capital are over-utilized for non-life insurers, where the over-utilization of capital in the year of 2006 and 2007 is somewhat decreasing. Product concentration and size have significant positive effects on capital utilization, premium growth and leverage have significant negative effect on capital utilization. The capital over-utilization has signifi- cant negative effect on revenue efficiency ROE, but capital under-utilization have no significant effect on operat- ing performance, which indicates, though non-life insurers increase capital in last few years, because of the in- efficiency in capital utilization, the capital increase have significantly negative effects on ROE and revenue effi- ciency , reflecting the demand of market for improving solvency. Therefore, after increasing capital to meet the solvency requirement, the non-life insurers must make great efforts to increase the capital utilization to improve the operating performance.