An Efficiency Analysis of Life Insurance Companies in Korea with the Dynamic-Network DEA Model
0
조회
0
다운로드
3
인용
0
참고문헌
키워드
초록
The purpose of the study is to measure the efficiency of life insurance companies in Korea from 2004 to 2015 by employing the dynamic network slacks-based DEA model (DNSBM). Compared to the previous static models, our results demonstrate the more dynamic behavior of the efficiency for the life insurance companies. Our findings include the following: At the industry level, first, unlike the previous static models, the results from DNSBM display the greater fluctuations in the average efficiency during the examining period. The fluctuations are reflected by the external economic effects such as the subprime mortgage crisis that started in 2007 through 2009, and has recovered after 2010. Furthermore, within the Korean insurance market, structural adjustment and management innovations of the firms attributable to the pressure of the losses in net profit, and economic stimuli of the government might have caused the growth in efficiency after 2010. Based on the firm-specific analysis, first, in the first operation stage, DGB, KB, and Lina were selected as the best practiced – the most efficient companies. In the profitability stage, Samsung, Prudential, and Lina were the most efficient life insurance companies in Korea. Finally, when we break the overall efficiency scores into stages (divisions), there was a clear distinction between foreign and Korean firms: Our analysis illustrates that life insurance companies in Korea have a comparative advantage in the operation stage, while the foreign companies have a comparative advantage in the profitability stage.
Abstract
The purpose of the study is to measure the efficiency of life insurance companies in Korea from 2004 to 2015 by employing the dynamic network slacks-based DEA model (DNSBM). Compared to the previous static models, our results demonstrate the more dynamic behavior of the efficiency for the life insurance companies. Our findings include the following: At the industry level, first, unlike the previous static models, the results from DNSBM display the greater fluctuations in the average efficiency during the examining period. The fluctuations are reflected by the external economic effects such as the subprime mortgage crisis that started in 2007 through 2009, and has recovered after 2010. Furthermore, within the Korean insurance market, structural adjustment and management innovations of the firms attributable to the pressure of the losses in net profit, and economic stimuli of the government might have caused the growth in efficiency after 2010. Based on the firm-specific analysis, first, in the first operation stage, DGB, KB, and Lina were selected as the best practiced – the most efficient companies. In the profitability stage, Samsung, Prudential, and Lina were the most efficient life insurance companies in Korea. Finally, when we break the overall efficiency scores into stages (divisions), there was a clear distinction between foreign and Korean firms: Our analysis illustrates that life insurance companies in Korea have a comparative advantage in the operation stage, while the foreign companies have a comparative advantage in the profitability stage.
참고문헌 (35)
- 김미경, "자본시장법 시행 전·후 생명보험 산업의 상대적 효율성 및 생산성", 한국콘텐츠학회 논문지, 14(8), pp.394~405 (2014), 한국콘텐츠학회[DOI]
- 김재필, "한국생명보험산업의 생산성, 효율성과 구조조정", 한국산학기술학회논문지, 7(6), pp.1337~1347 (2006), 한국산학기술학회
- 김재현, "초효율성을 이용한 생명보험회사의 효율성 순위 연구", 보험학회지, (107), pp.143~166 (2016), 한국보험학회[DOI]
- 김희창, "생명보험회사의 자산포트폴리오 다각화와 수익성, 효율성 및 리스크에 관한 실증분석", 보험학회지, (97), pp.29~58 (2014), 한국보험학회
- 김희창, "은행산업의 효율성 및 결정요인에 관한 실증 분석: Network DEA 모형과 Censored Tobit 모형을 이용하여", 산업경제연구, 25(1), pp.365~386 (2012), 한국산업경제학회
- 배세영, "동태적 자료포락분석을 통한 우리나라 시·도별 R&D 투자의 효율성 분석", 한국지역경제연구, 8(3), pp.23~49 (2010), 한국지역경제학회
- 배세영, "An Analysis of Measuring & Explaining the Efficiency for Korean Savings Banks by Using Network DEA", 산업경제연구, 26(5), pp.2167~2190 (2013), 한국산업경제학회
- 서수덕, "우리나라 생명보험 산업의 효율성 및 생산성 변화", 국제회계연구, (53), pp.372~392 (2014), 한국국제회계학회
- 신종각, "생명보험회사의 설립형태 및 규모별 생산성 변화추이 분석", 보험금융연구, 17(1), pp.3~34 (2006), 보험연구원
- 심태섭, "보험회사 특별계정의 성격에 대한 검토－변액보험을 중심으로－", 세무학연구, 32(2), pp.69~108 (2015), 한국세무학회
- 방카슈랑스제도 시행에 따른 생명보험사의 비용절감(가격인하) 효과: DEA 비용효율성 분석을 중심으로, "Lee, S. H", 한국금융연구원, ~ (2013)
- 이형석, "DEA", Window 모형을 이용한 국내 생명보험산업의 상대적 효율성 분석, 2008, pp.8(5), 192~206[DOI]
- 정세창, "잠재고객 선호분석을 통한 지역별 및 상품별판매전략", 리스크관리연구, 15(1), pp.33~62 (2004), 한국리스크관리학회
- 정중영, "손해보험회사의 효율성 및 생산성에 관한 연구", 리스크관리연구, 17(1), pp.79~107 (2006), 한국리스크관리학회
- 지홍민, "부트스태랩을 이용한 손해보험산업의 효율성 측정", 금융연구, 15(2), pp.115~137 (2001)
- Avkiran, N. K., "An Illustration of Dynamic Network DEA in Commercial Banking Including Robustness Tests", Omega, 55, pp.141~150 (2015)
- Banker, R., "Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis", Management Science, 30, pp.1078~1092 (1991)
- Biener, C., "The Determinants of Efficiency and Productivity in the Swiss Insurance Industry", European Journal of Operational Research, 248(2), pp.703~714 (2016)
- Charnes, A., "Measuring the Efficiency of Decision Making Units", European Journal of Operational Research, 2(6), pp.429~444 (1978)
- Cummins, J., "‘Efficiency and Productivity in the US Property-Liability Insurance Industry: Ownership Structure, Product and Distribution Strategies’ in Data Envelopment Analysis", International Series in Operations Research & Management Science, 238, pp.113~163 (2016)
- Cummins, J., "The Effect of Organizational Structure on Efficiency: Evidence for the Spanish Insurance Industry", Journal of Banking & Finance, 28(12), pp.3113~3150 (2004)
- Cummins, J., "Economies of Scope in Financial Services: A DEA Efficiency Analysis of the US Insurance Industry", Journal of Banking and Finance, 34, pp.1525~1539 (2010)
- Eling, M., "Efficiency in the International Insurance Industry: A Cross-country Comparison", Journal of Banking & Finance, 34, pp.1497~1509 (2010)
- Ertugrul, I., "Efficiency Analysis of Non-life Insurance Companies in Terms of Underwriting Process with Data Envelopment Analysis", European Scientific Journal, (special edition), pp.71~83 (2016)
- Fukuyama, H., "Investigating Productive Efficiency and Productivity Changes of Japanese Life Insurance Companies", Pacific-basin Finance Journal, 5, pp.481~509 (1997)
- Fukuyama, H., "Measuring Japanese Bank Performance: A Dynamic Network DEA Approach", Journal of Productivity Analysis, 44, pp.249~264 (2015)
- Hashimoto, A., "Dynamic Network DEA and An Application to Japanese Prefectures", Workshop on DNDEA, pp.39~46 (2013)
- Huang, W., "An Efficiency Comparison of the Non-life Insurance Industry in the BRIC Countries", European Journal of Operational Research, 226(3), pp.577~591 (2013)
- Kao, C., "Efficiency Decomposition in Two-stage Data Envelopment Analysis: An Application to Non-life Insurance Companies in Taiwan", European Journal of Operation Research, 185(1), pp.418~429 (2008)
- Nandi, J., "Relative Efficiency Analysis of Selected Life Insurers in India using Data Envelopment Analysis", Pacific Business Review International, 6(8), pp.69~76 (2014)
- Tone, K., "Dynamic DEA with Network Structure: A Slacks-based Measure Approach", Omega, 42, pp.124~131 (2014)
- Tone, K., "Dynamic DEA: A Slacks-based Measure Approach", Omega, 38, pp.145~156 (2010)
- Tone, K., "Network DEA: A Slacks-based Measure Approach", European Journal of Operation Research, 197, pp.243~252 (2009)
- Wu, D., "Simultaneous Analysis of Production and Investment Performance of Canadian Life and Health Insurance Companies Using Data Envelopment Analysis", Computers & Operations Research, 34(1), pp.180~198 (2007)
- Yang, Z., "A Two-stage DEA Model to Evaluate the Overall Performance of Canadian Life and Health Insurance Companies", Mathematical and Computer Modelling, 43, pp.910~919 (2006)