美國全國保險監理協會為了確保產險公司的清償能力，及當產險公司資本比率低於某一定比率時監理機關可以實施某些管制措施，而於1994於產險業實施風險基礎資本額(RBC)制度。但由於提供金融服務的功能性障礙逐漸降低，以及產險產業的競爭日趨激烈。因此，產險公司必須在清償能力和效率目標間找出一個平衡點，在符合成本效率的情況之下持有適切的非風險性資產並提高股東權益比率。因此，本研究主要在探討RBC之實施是否會對美國產險公司之成本效率帶來影響。
本研究以美國產險業的RBC實施年度，也就是1994年為分界，檢測372家美國產險公司在1990至1998年間成本效率之趨勢變化。
研究結果指出，在RBC實施之後，產險公司的成本效率及配置效率都有明顯的下降趨勢，但技術效率卻沒有太大的變動趨勢。此外研究結果也顯示產品集中程度與成本效率及配置效率呈顯著負向關係。市佔率與成本效率、技術效率以及配置效率呈現負相關。股份公司在成本效率與配置效率高於相互公司。另外，總資產規模與各項效率呈現顯著正相關，代表規模愈大的公司愈能有效率地經營。研究結論顯示RBC實施之後，產險公司為因應RBC之要求，可能會調整風險性之投資，但也導致產險業者成本效率及配置效率之降低。 / The risk-based capital (RBC) requirements developed by the National Association of Insurance Commissioners (NAIC) were intended to raise the safety net for insurers and to provide regulators with the authority to intervene when capital falls below a minimum standard of capital adequacy that is related to risk. Since the less functional barrier of financial service and the greater competition among the property-liability insurers which forced the property-liability insurers to find a balance between solvency and efficiency so that the insurers can have enough cost efficiency and keep maintaining adequate non risk assets as well as rising shareholders’ equity. Therefore, the purpose of this research is to examine the cost efficiency change after property-liability insurers applied RBC standards.
To do this, we examine 372 property-liability insurers’ data from 1990-1998 and compare the efficiency change before and after 1994, the RBC standards effective year. This study applies Data Envelopment Analysis and uses the grand frontier approach to measure the cost, allocative and technical efficiency.
The statistical results reveal that after applied RBC standards cost and allocative efficiency had significant decline, but no change in technical efficiency. The Tobit regression statistical results indicate that the product concentration has a negative effect on cost efficiency and allocative efficiency; and the market share has a negative relationship with cost efficiency, technical efficiency and allocative efficiency. Cost efficiency and allocative efficiency of incorporate companies are higher than that of mutual companies. Furthermore, the positive relationship between the firm size and efficiency suggested that the larger the size the better efficiency. Overall results imply property-liability insurers may be forced to adjust their investments risk, however, such adjustment might be contributed to less cost and allocative efficiency after applied to RBC standards requirements.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0923530291 |
| Creators | 胡家熀, HU,CHIA-HUANG |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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