DEA 방법을 이용한 한국과 중국 생명보험회사의 자산운용 효율성 분석 = DEA-based Comparative Analysis on the Efficiency of Asset Management of Life Insurance Companies in Korea and China

다국어 초록 (Multilingual Abstract)

At present, the world’s capital market is in a depressed state, which caused many crisis problems in the insurance industry. On one hand, insurance companies perform the functions of insurance company, but on the other hand, they will carry out the functions of the financial asset management companies to have huge financial assets. The insurance companies have become important institutional investors in the capital markets because of large-scale operating insurance funds. The characteristics of insurance fund, such as huge, stable and long term have provided the safeguard for the sources of funding, such as infrastructure construction, national debt launch and enterprise financing, which is helpful to promote the long-term stable development of the social and economic life. In the process, life insurance companies are also able to make a profit. The investment business contributes more and more to the profit.
South Korea and China are as the two fastest-growing countries in the Asian insurance market. The rapidly development of insurance market provides sufficient insurance assets for insurance companies in both countries. The effective use of this part of funds will play a vital role in promoting the development of the insurance industry of the two countries.
Under this background, the thesis will compare the efficiency of insurance funds between the two countries and analyze whether the insurance funds of the two countries are effectively utilized. Therefore, the thesis adopts DEA method and Malmquist productivity index to determine the relative efficiency and variation of the capital application of life insurance enterprises in Korea and China. This study take the data of 28 of the life insurance companies of China and 22 insurance companies of South Korea from 2010 to 2015 years as sample, and use DEA method to measure the technological efficiency, pure technological efficiency and scale efficiency of these enterprises. Then the productivity index is used to measure the change of these efficiencies and the change of productivity.
Therefore, the thesis adopts DEA method and Malmquist productivity index to determine the relative efficiency and variation of the capital application of life insurance enterprises in Korea and China. This study take the data of 28 of the life insurance companies of China and 22 insurance companies of South Korea from 2010 to 2015 years as sample, and use DEA method to measure the technological efficiency, pure technological efficiency and scale efficiency of these enterprises. Then the productivity index is used to measure the change of these efficiencies and the change of productivity.
The conclusion is that from 2010 to 2015, the average annual technological efficiency, pure technological efficiency and scale efficiency of Korean life insurance enterprises’ funds are higher than China. The analysis result of the productivity index shows that South Korea and China’s annual average productivity is higher than 1, indicating an upward trend. Most of the South Korean enterprises and the majority of Chinese enterprises are in a state of relatively high competitiveness and high growth rate. The development level of China is constantly close to the development level of South Korea.

국문 초록 (Abstract)

본 연구는 한국과 중국 생명보험회사를 대상으로 자산운용 효율성을 추정하였고, Malmquist 생산성지수를 사용하여 효율성 변화를 추정하였다. 본 연구의 분석 결과를 요약하면 다음과 같다.
첫째, 한국 생명보험회사의 자산운용은 중국보다 기술효율성, 순수기술효율성, 규모효율성이 상대적으로 높게 나타났다. 또한 자산운용이 효율적인 생명보험회사의 수는 한국이 중국보다 더 많았으며, 이는 한국 생명보험회사가 중국 생명보험회사보다 보험자산을 효율적으로 운용하고 있음을 의미한다.
둘째, Malmquist 생산성지수 분석 결과에 의하면 한국 생명보험회사는 1.053으로 생산성이 연평균 5.3% 상승하였고, 중국 생명보험회사는 1.245로 생산성이 연평균 24.5% 상승한 것으로 나타났다. 생산성지수의 변화 요인을 살펴보면 한국의 경우 생산성은 주로 기술효율성에 의해 촉진되었고, 중국의 경우 기술진보의 제고가 생산성을 촉진한 것으로 나타났다.
셋째, 포트폴리오 분석기법을 활용하여 생명보험 자산운용의 기술효율성과 생산성지수를 생명보험회사별로 비교한 결과 대부분의 한국 생명보험회사와 절반 이상의 중국 생명보험회사가 자산운용에서 높은 경쟁력과 고성장의 패턴을 보였다.

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