集团化、专业化与保险企业的DEA效率——基于2002—2010年面板数据的分析

在保险公司纷纷通过集团化拓展业务范围和经营规模的背景下,采用2002—2010年33家保险公司(集团)的数据,运用数据包络分析法测算了我国保险企业的DEA技术效率。实证研究发现:我国保险业的技术效率处于较低水平,主要原因在于纯技术无效而非规模无效;保险集团的技术效率远远超过专业保险公司,这更多得益于其规模效率优势而非纯技术效率优势;纯技术无效均是制约保险集团和专业保险公司效率提升的主要因素。     

集团化、专业化与保险企业的DEA效率--基于2002-2010年面板数据的分析

在保险公司纷纷通过集团化拓展业务范围和经营规模的背景下,采用2002—2010年33家保险公司（集团）的数据,运用数据包络分析法测算了我国保险企业的DEA技术效率。实证研究发现：我国保险业的技术效率处于较低水平,主要原因在于纯技术无效而非规模无效;保险集团的技术效率远远超过专业保险公司,这更多得益于其规模效率优势而非纯技术效率优势;纯技术无效均是制约保险集团和专业保险公司效率提升的主要因素。     

基于DEA方法的中外(合)资保险公司效率比较

本文使用中国境内保险公司2002-2005年的经营数据,运用DEA方法分别对产险业和寿险业的中资与外(合)资保险公司的技术效率、规模效率和纯技术效率状况进行比较分析,并通过Malmquist指数考查我国整个保险业的全要素生产率水平。     

中国人身保险公司效率的实证研究

本文从我国人身保险公司盈利能力和实现社会职能的不同视角出发,运用投入导向型数据包络分析模型对我国8家人身保险公司2010年的规模效率、纯技术效率和技术效率进行了测度,结果发现,规模效率对我国人身保险公司技术效率的影响程度要高于纯技术效率对技术效率的影响,在不同的研究视角下测算出的效率值基本一致。最后,本文给出了提高我国人身保险公司效率的建议。     

中国人身保险公司效率的实证研究

本文从我国人身保险公司盈利能力和实现社会职能的不同视角出发,运用投入导向型数据包络分析模型对我国8家人身保险公司2010年的规模效率、纯技术效率和技术效率进行了测度,结果发现,规模效率对我国人身保险公司技术效率的影响程度要高于纯技术效率对技术效率的影响,在不同的研究视角下测算出的效率值基本一致。最后,本文给出了提高我国人身保险公司效率的建议。     

我国保险业的规模效率和规模经济估算

本文利用基于数据包络分析方法（DEA）的规模报酬不变模型（CRS）和规模报酬可变模型（VRS），对我国主要保险公司规模效率和规模经济进行了分析。研究结果表明，我国保险业存在着规模经济现象，但似乎不存在最佳规模点；保险业的规模效率逐年下降，保险公司之间的规模效率差异在拉大，已成为保险业效率下降的主要原因。     

保险公司效率的测算研究

本文运用数据包络分析方法对我国保险市场上的30家保险公司的效率进行测算，同时对所研究保险公司的效率进行排序和评价．并从新的视角对保险公司规模和效率之间的关系进行深入分析，最后给出改进我国保险公司效率的方向以及提高保险公司效率的建议。     

基于Bootstrapped Malmqusit指数的保险业效率变动分析

本文运用Bootstrapped Malmqusit指数方法,稳健估计了21家保险公司2002-2010年效率变动情况。研究表明:与传统方法相比,Bootstrapped Malmqusit方法更为稳健;经过纠偏的保险公司效率值低于未纠偏的效率值,各年各类保险公司的总体技术效率值均小于等于1,但从2007年开始趋于稳定提高。中资国有保险公司、合资保险公司、外资保险公司和中资股份保险公司2010年总体技术效率值分别比2006提高0.2888,0.2117、0.1863和0.1338。     

基于数据包络分析法的中国保险公司治理研究

本文采用数据包络分析法,使用LINGO和MATLAB两种软件对2003年～2007年中国主要保险公司样本做了技术效率的对比研究。两种方法的结果表明:资本属性对保险公司的治理效率有一定的影响;保险公司体制改革在2005年后开始有了一定效果显现;中资保险公司的股权治理机制还没有完全发挥作用。     

我国财产保险公司经营效率改善潜力来源—基于非参数共同前沿分析框架

考虑到财产保险公司之间存在生产技术异质性,采用共同前沿函数和非径向DEA方法构建非参数共同前沿分析框架,对2006~2013年我国31家财产保险公司的经营效率进行实证测度,分析效率损失原因并揭示效率改善的潜力来源。研究发现：共同前沿下的经营效率水平,低于组别前沿下的情况,但显示了最佳技术条件下财险保险公司经营效率的最大改善潜力;我国财产保险公司总体经营效率较高,中资公司效率高于外资公司,表明外资公司存在更大的效率改善空间;管理无效和技术无效是导致经营效率损失的两大来源,其中外资公司经营效率损失主要由技术无效造成,中资公司经营效率损失的原因则具有多样性;前者效率改善的策略是提高生产技术水平,而后者应根据效率损失来源的关键方面提出有针对的设计策略。     

Short-sale refinancing and price adjustment speed to bad news: Evidence from a quasi-natural experiment in China

Short selling may accelerate stock price adjustment to negative news. However, the literature provides mixed evidence for this prediction. Using short-sale refinancing and a staggered difference-in-differences (DID) model, this paper explores the effect of short selling on stock price adjustment. Our results show that (1) short-sale refinancing improves the speed of stock price adjustment to negative news. This result holds after we control for endogeneity. (2) The positive relationship between short-sale refinancing and stock price adjustment speed is significant in subsamples of stocks with higher earnings management or lower accuracy of analyst forecasts, indicating that firms with more opaque information are more likely to be targeted by short sellers. In subsamples of stocks with a higher ownership concentration or lower ownership by institutional investors, short selling is more likely to increase the speed of stock price adjustment, indicating that ownership structure may influence negative news mining. (3) As short-sale refinancing exacerbates the absorption of bad news by stock prices, it increases crash risk. This study enriches the research on the economic consequences of short selling and provides empirical evidence supporting regulations on short selling in China.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:     

The China puzzle: Opportunities for accounting research

How can China achieve phenomenal economic growth despite what is considered as 'weak' institutions in market-based economies? Xu(2011) provides a framework to u...     

Aims and Scope

<正>The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to...     

Income smoothing and the cost of debt

The literature on income smoothing focuses on the effect of earnings smoothing on the equity market.This paper investigates the effect of income smoothing on th...     

The case for management history

This article defines the case for treating management history as a discrete subject area, although one closely related to business, accounting, labour, and industrial history. It seeks to concentrate on the nature, process, and practice of management as an activity within the organization, and to argue that it is important that modern British managers understand the intellectual and cultural roots of their profession, since without these they will tend to be swayed by short-term management 'fads'. Within the broad topic there are several identifiable sub-areas for potential exploration, including the comparative historical development of management between different countries, management institutions, managerial careers and labour markets, management structures, management skills, and management thought and theory.     

The life and career of John Spence Ogilvy (1805-71), the first chartered accountant to emigrate to Australia

So far as the available evidence allows, this paper examines the life and career of John Spence Ogilvy, foundation member of the Society of Accountants in Edinburgh in 1854, who emigrated to Melbourne in 1856, but did not play a part in the development of an organized accounting profession in Australia. The paper also attempts to explain the gap of thirty-two years between the formation of the first accounting bodies in Edinburgh and Melbourne.     

Female CFOs and loan contracting: Financial conservatism or gender discrimination? – An empirical test based on collateral clauses

Based on signaling and gender discrimination theory, we examine whether chief financial officer(CFO) gender matters to bank–firm relationships and the designing...     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

<正>The China Journal of Accounting Research‘‘CJAR’’(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditin...     

The Impact of IFRS Adoption on an Agribusiness Company's Financial Statements

This fictional case is based on a Canadian public company that produces greenhouse vegetables. Focusing on the differences between International Financial Reporting Standards (IFRS) and Canadian Accounting Standards for Private Enterprises (ASPE), this case provides students an opportunity to (1) apply IFRS in a real world setting; (2) prepare and reconcile financial statements under ASPE and IFRS; (3) analyze the impact of IFRS adoption on key financial ratios; and (4) detect and explain differences in financial statements under ASPE and IFRS through common size analysis.