基于风险考虑的保险公司效率评价模型构建

本文通过运用随机前沿分析方法构建了基于风险考虑的保险公司效率评价模型，实证测度了承担不同经营风险的保险公司经过风险调整后的真实效率水平。研究发现，风险因素的考虑使得中国保险公司的成本效率和利润效率水平出现了不同程度的上调，表明风险因素很大程度上分担了对于保险公司成本支出和利润变动的解释，但随着整体风险管理水平的提高，这种解释力正在降低，我国保险公司存在巨大的提升盈利能力和压缩成本的潜能。

Risk-adjusted Efficiency Analysis Model of the Chinese Insurance Companies

The paper introduces a new measure of risk-adjusted efficiency by using a stochastic frontier approach to estimate the cost and profit efficiency of 28 insurance companies in China in the period of 1999-2006.The results show that if risk factors are not taken into account estimation of cost and profit efficiency of insurance companies tend to be underestimated,which implies that risk factors have mostly explained the cost and profit changes.And the risks have more impact on the profit efficiency than the cost efficiency.With the constant improvement of risk management,the insurance companies in China have great potential in increasing profit and reducing cost.