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題名 保險產業經營績效與生產力分析
EFFICIENCY PERFORMANCE AND PRODUCTIVITY ANALYSIS IN THE INSURANCE INDUSTRY
作者 陳麗如
貢獻者 王儷玲
陳麗如
關鍵詞 產物與責任保險公司
多元經濟
非專業化生產
去股份化
隨機邊界分析
資料包絡分析
效率
Property-Liability Insurers
Economies of Scope
Nonspecialized Strategy
Demutualization
Stochastic Frontier Analysis
Data Envelopment Analysis
Efficiency Performance
日期 2008
上傳時間 2009-09-18
摘要 To date there is little evidence on the effect of property-liability (P-L) insurer`s business strategy and organizational structure change on their frontier efficiency performance and productivity change. This issue is important since traditional theory assumes firms that minimizes cost and maximizes profit with more efficient strategy will survive in the long run. The main goal of this dissertation is to examine the efficiency performance in the U.S. P-L insurance industry using frontier efficiency and productivity methods. This dissertation consists of three essays on the efficiency studies. The first essay uses the data envelopment analysis to examine the efficiency performance and economies of scope for nonspecialists and specialists in the U.S. P-L insurance industry. The empirical evidence suggests that nonspecialists (specialists) dominate specialists (nonspecialists) in producing nonspecialists (specialists) input–output vectors and provide evidence for the coexistence of economies of scope and diseconomies of scope in the U.S. P-L insurance industry. Our second essay uses the stochastic frontier analysis to examine whether nonspecialized strategy dominates specialized strategy in the U.S. P-L insurance industry. The empirical evidence supports that both the nonspecialized hypothesis and the specialized hypothesis hold for different types of P-L insurers. Our third essay investigates whether the conversion of U.S. P-L insurers improves their efficiency performance before and after conversion. The empirical evidences of the value-added approach and the financial intermediary approach indicate that converting insurers experience improvement in their efficiency relative to mutual counter samples after the conversion, supporting the efficiency hypothesis proposed by Mayers and Smith (1986). Overall, the evidence of this dissertation shows that P-L insurer`s diversification strategy and organizational structure change has significant impact on their frontier efficiency performance and productivity change.
參考文獻 Berger, A.N., Cummins, J.D. and Weiss, M.A., 1997, The Coexistence of Multiple Distribution Systems for Financial Services: The Case of Property-Liability Insurance, The Journal of Business, 70(4): 515-546.
Berger, A.N., Cummins, J.D. and Weiss, M.A., and Zi, H., 2000, Conglomeration versus strategic focus: evidence from the insurance industry, Journal of Financial Intermediation, 9:323–362.
Berger, A.N. and Humphrey, D.B., 1992, Measurement and Efficiency Issues in Commercial Banking in Zvi Griliches, ed. Output Measurement in the Service Sectors, University of Chicago Press, Chicago, IL.
Berger, A. N., and Mester, L. J., 1997, Inside the black box: what explains differences in the efficiencies of financial institutions, Journal of Banking Finance, 21,:895–947.
Brockett, P. L., Cooper, W. W., Golden, L. L., Rousseau, J., and Wang, Y., 2004, Evaluating Solvency versus Efficiency Performance and Dif ferent Forms of Organization and Marketing in US Property-Liability Insurance Companies, European Journal of Operational Research, 154:492-514.
Brockett, P. L., Cooper, W. W., Golden, L. L., Rousseau, J., and Wang, Y., 2005, Financial Intermediary Versus Production Approach to Efficiency of Marketing Distribution Systems and Organizational Structure of Insurance Companies, Journal of Risk and Insurance, 72, 393-412.
Cagle, J., Lippert, R. L. and Moore, W. T., 1996, Demutualization in the Property-Liability Insurance Industry, Journal of Insurance Regulation, 14 (3): 343-369.
Comment, R., and Jarrell, G. A., 1995, Corporate Focus and Stock Returns, Journal of Financial Economics, 37: 1, 67-88.
Chidambaran, N.K., Pugel, T., and Saunders, A., 1997, An investigation of the performance of the U.S. property-liability insurance industry, Journal of Risk and Insurance, 64:371–381.
Coelli, T., 1996, A Guide to DEAP Version 2.1: A Data Envelopment Analysis Program, Working Paper, University of New England, Armidale, Australia.
Cummins, J. D., Weiss, M. A. and Zi, H., 1999, Organizational Form and Efficiency: An Analysis of Stock and Mutual Property-Liability Insurers, Management Science, 45: 1254–1269.
Cummins, J. David and Mary A. Weiss, 1993, Measuring Cost Efficiency in the Property-Liability Insurance Industry, Journal of Banking and Finance, 17:463-481.
Cummins, J. David and Mary A. Weiss, 2000, Analyzing Firm Performance in the Insurance Industry Using Frontier Efficiency and Productivity Method, in: Georges Dionne, eds., Handbook of Insurance (Boston: Kluwer Academic Publishers).
Cummins, J. David, Mary A. Weiss, and Hongmin Zi, 2003, Economies of Scope in Financial Services: A DEA Bootstrapping Analysis of the US Insurance Industry, Working paper.
Cummins, J. David, Maria Rubio-Misas, and Hongmin Zi, 2004, The effect of organizational structure on efficiency: Evidence from the Spanish insurance industry, Journal of Banking and Finance, 28: 3113–3450.
Cummins, J. David, Tennyson, S. and Weiss, M. A., 1999b, Consolidation and Efficiency in the U.S. Life Insurance Industry, Journal of Banking and Finance, 23: 325-357.
Cummins, J. David and Hongmin Zi, 1998, Comparison of Frontier Efficiency Methods: An Application to the U.S. Life Insurance Industry, Journal of Productivity Analysis, 10: 131–152.
Grace, Martin F. and Stephen G. Timme, 1992, An Examination of Cost Economies in the United States Life Insurance Industry, Journal of Risk and Insurance, 59:72-103.
Hirao Y., and T. Inoue, 2004, On the cost structure of the Japanese property-casualty insurance industry , Journal of Risk and Insurance, 71:501–530.
Hughes, M.D., 1988, A Stochastic Frontier Cost Function for Residential Child Care Provision, Journal of Applied Econometrics, 3, 203-214.
Jeng, Vivian S.C., and Gene C. Lai, 2005, Ownership Structure, Agency Costs, Specialization and Efficiency: The Analysis of Keiretsu and Independent Insurers in the Japanese Non-life Insurance Industry, Journal of Risk and Insurance, 72:105–158.
Jeng, Vivian, Lai, Gene C. and McNamara, Michael J., 2007, Efficiency and Demutualization: Evidence From the US Life Insurance Industry in the 1980s and 1990s, Journal of Risk and Insurance, 683-711.
Kellner, S. and F.G. Mathewson, 1983, Entry, Size Distributio, Scale, and Scope Economies in the Life Insuranc Industry, Journal of Business, 56: 25-44.
Kwan, Simon H., 2006, The X-efficiency of commercial banks in Hong Kong, Journal of Banking and Finance, 30:1127-1147.
Mayers, David, and Smith, C.W., 1986, Ownership Structure and Control-The Mutualization of Stock Life Insurance Companies, Journal of Financial Economics, 16：73-98.
McNamara, Michael J. and Rhee, S. Ghon, 1992, Ownership Structure and Performance：The Demutualization of Life Insurers, Journal of Risk and Insurance, 59: 221-238.
Meador, Joseph W., Harley E. Ryan, Jr., and Carolin D. Schellhorn, 1998, Product Focus Versus Diversification: Estimates of X-Efficiency for the U.S. Life Insurance Industry, working paper, Northeastern University, Boston.
Mester, L.J., 1989, Testing for expense preference behavior: Mutual versus stock savings and loans, The Rand Journal of Economics, 20:483-498.
Nissan, E., 2003, Relative market power versus concentration as a measure of market dominance: Property and liability insurance, Journal of Insurance Issues, 26: 129–141.
Santalo, Juan and Manuel Becerra, 2008, Competition from Specialized Firms and the Diversification-Performance Linkage, Journal of Finance, 63(2):851-883.
Schmidt, P. and C.A.K., Lovell, 1979, Estimating Technical and Allocative Inefficiency Relative to Stochastic Production and Cost Frontiers, Journal of Econometrics, 9, 343-366.
Servaes, H., 1996, The Value Of Diversification During The Conglomerate Merger Wave, Journal of Finance, 51:1201–1225.
Viswanathan, Krupa S. and Cummins, J. David, 2003, Ownership Structure Changes in the Insurance Industry: An Analysis of Demutualization, Journal of Risk and Insurance, 70: 401-437.
Yuengert, A., 1993, The measurement of efficiency in life insurance: Estimates of a mixed normal-gamma error model, Journal of Banking and Finance, 17:483–496.
描述 博士
國立政治大學
風險管理與保險研究所
94358502
97
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0094358502
資料類型 thesis
dc.contributor.advisor 王儷玲zh_TW
dc.contributor.author (Authors) 陳麗如zh_TW
dc.creator (作者) 陳麗如zh_TW
dc.date (日期) 2008en_US
dc.date.accessioned 2009-09-18-
dc.date.available 2009-09-18-
dc.date.issued (上傳時間) 2009-09-18-
dc.identifier (Other Identifiers) G0094358502en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/34139-
dc.description (描述) 博士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 風險管理與保險研究所zh_TW
dc.description (描述) 94358502zh_TW
dc.description (描述) 97zh_TW
dc.description.abstract (摘要) To date there is little evidence on the effect of property-liability (P-L) insurer`s business strategy and organizational structure change on their frontier efficiency performance and productivity change. This issue is important since traditional theory assumes firms that minimizes cost and maximizes profit with more efficient strategy will survive in the long run. The main goal of this dissertation is to examine the efficiency performance in the U.S. P-L insurance industry using frontier efficiency and productivity methods. This dissertation consists of three essays on the efficiency studies. The first essay uses the data envelopment analysis to examine the efficiency performance and economies of scope for nonspecialists and specialists in the U.S. P-L insurance industry. The empirical evidence suggests that nonspecialists (specialists) dominate specialists (nonspecialists) in producing nonspecialists (specialists) input–output vectors and provide evidence for the coexistence of economies of scope and diseconomies of scope in the U.S. P-L insurance industry. Our second essay uses the stochastic frontier analysis to examine whether nonspecialized strategy dominates specialized strategy in the U.S. P-L insurance industry. The empirical evidence supports that both the nonspecialized hypothesis and the specialized hypothesis hold for different types of P-L insurers. Our third essay investigates whether the conversion of U.S. P-L insurers improves their efficiency performance before and after conversion. The empirical evidences of the value-added approach and the financial intermediary approach indicate that converting insurers experience improvement in their efficiency relative to mutual counter samples after the conversion, supporting the efficiency hypothesis proposed by Mayers and Smith (1986). Overall, the evidence of this dissertation shows that P-L insurer`s diversification strategy and organizational structure change has significant impact on their frontier efficiency performance and productivity change.zh_TW
dc.description.tableofcontents ABSTRCT
ACKNOWLEDGEMENT
PREFACE
TABLE OF CONTENTS
LIST OF TABLES
MANUSCRIPTS
Economies of Scope in Financial Services:
Evidence from the Property-Liability Insurance Industry

1. Introduction
2. Hypothesis Development
3. Data and Methodology
3.1. Data
3.2. Methodology
3.2.1 Data Envelopment Analysis
3.2.2 Dominance Statistics
3.2.3 Regression Analysis
4. Empirical Results
5. Conclusions
References

Nonspecialized Strategy versus Specialized Strategy:
Evidence from the Property-Liability Insurance Industry

1. Introduction
2. Hypothesis Development
3. Research Methodology
3.1. Data
3.2. Methodology
3.2.1 The Approach to Measuring Scope Economies
3.2.2 Outputs, Inputs, and Input Prices
3.2.3 Regression Analysis
4. Empirical Results
5. Conclusions
References

Conversion and Efficiency Performance Changes:
Evidence from the U.S. Property-Liability Insurance Industry

1. Introduction
2. Data and Research Methodology
2.1. Data
2.2. Methodology
2.2.1. The Value-Added Approach
2.2.2. The Financial Intermediary Approach
3. Empirical Results
3.1 Efficiency Results of the Value-Added Approach
3.1.1 DEA Efficiency Score Calculation
3.1.2 Malmquist Index Analysis
3.2 Efficiency Results of Financial Intermediary Approach
3.2.1 DEA Efficiency Score Calculation
3.2.2 Malmquist Index Analysis
4. Regression Analysis
4.1 Regression Results of the Value-Added Approach
4.2 Regression Results of the Financial Intermediary Approach
5. Conclusions
References

BIBLIOGRAPHY		zh_TW
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dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0094358502en_US
dc.subject (關鍵詞) 產物與責任保險公司zh_TW
dc.subject (關鍵詞) 多元經濟zh_TW
dc.subject (關鍵詞) 非專業化生產zh_TW
dc.subject (關鍵詞) 去股份化zh_TW
dc.subject (關鍵詞) 隨機邊界分析zh_TW
dc.subject (關鍵詞) 資料包絡分析zh_TW
dc.subject (關鍵詞) 效率zh_TW
dc.subject (關鍵詞) Property-Liability Insurersen_US
dc.subject (關鍵詞) Economies of Scopeen_US
dc.subject (關鍵詞) Nonspecialized Strategyen_US
dc.subject (關鍵詞) Demutualizationen_US
dc.subject (關鍵詞) Stochastic Frontier Analysisen_US
dc.subject (關鍵詞) Data Envelopment Analysisen_US
dc.subject (關鍵詞) Efficiency Performanceen_US
dc.title (題名) 保險產業經營績效與生產力分析zh_TW
dc.title (題名) EFFICIENCY PERFORMANCE AND PRODUCTIVITY ANALYSIS IN THE INSURANCE INDUSTRYen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Berger, A.N., Cummins, J.D. and Weiss, M.A., 1997, The Coexistence of Multiple Distribution Systems for Financial Services: The Case of Property-Liability Insurance, The Journal of Business, 70(4): 515-546.zh_TW
dc.relation.reference (參考文獻) Berger, A.N., Cummins, J.D. and Weiss, M.A., and Zi, H., 2000, Conglomeration versus strategic focus: evidence from the insurance industry, Journal of Financial Intermediation, 9:323–362.zh_TW
dc.relation.reference (參考文獻) Berger, A.N. and Humphrey, D.B., 1992, Measurement and Efficiency Issues in Commercial Banking in Zvi Griliches, ed. Output Measurement in the Service Sectors, University of Chicago Press, Chicago, IL.zh_TW
dc.relation.reference (參考文獻) Berger, A. N., and Mester, L. J., 1997, Inside the black box: what explains differences in the efficiencies of financial institutions, Journal of Banking Finance, 21,:895–947.zh_TW
dc.relation.reference (參考文獻) Brockett, P. L., Cooper, W. W., Golden, L. L., Rousseau, J., and Wang, Y., 2004, Evaluating Solvency versus Efficiency Performance and Dif ferent Forms of Organization and Marketing in US Property-Liability Insurance Companies, European Journal of Operational Research, 154:492-514.zh_TW
dc.relation.reference (參考文獻) Brockett, P. L., Cooper, W. W., Golden, L. L., Rousseau, J., and Wang, Y., 2005, Financial Intermediary Versus Production Approach to Efficiency of Marketing Distribution Systems and Organizational Structure of Insurance Companies, Journal of Risk and Insurance, 72, 393-412.zh_TW
dc.relation.reference (參考文獻) Cagle, J., Lippert, R. L. and Moore, W. T., 1996, Demutualization in the Property-Liability Insurance Industry, Journal of Insurance Regulation, 14 (3): 343-369.zh_TW
dc.relation.reference (參考文獻) Comment, R., and Jarrell, G. A., 1995, Corporate Focus and Stock Returns, Journal of Financial Economics, 37: 1, 67-88.zh_TW
dc.relation.reference (參考文獻) Chidambaran, N.K., Pugel, T., and Saunders, A., 1997, An investigation of the performance of the U.S. property-liability insurance industry, Journal of Risk and Insurance, 64:371–381.zh_TW
dc.relation.reference (參考文獻) Coelli, T., 1996, A Guide to DEAP Version 2.1: A Data Envelopment Analysis Program, Working Paper, University of New England, Armidale, Australia.zh_TW
dc.relation.reference (參考文獻) Cummins, J. D., Weiss, M. A. and Zi, H., 1999, Organizational Form and Efficiency: An Analysis of Stock and Mutual Property-Liability Insurers, Management Science, 45: 1254–1269.zh_TW
dc.relation.reference (參考文獻) Cummins, J. David and Mary A. Weiss, 1993, Measuring Cost Efficiency in the Property-Liability Insurance Industry, Journal of Banking and Finance, 17:463-481.zh_TW
dc.relation.reference (參考文獻) Cummins, J. David and Mary A. Weiss, 2000, Analyzing Firm Performance in the Insurance Industry Using Frontier Efficiency and Productivity Method, in: Georges Dionne, eds., Handbook of Insurance (Boston: Kluwer Academic Publishers).zh_TW
dc.relation.reference (參考文獻) Cummins, J. David, Mary A. Weiss, and Hongmin Zi, 2003, Economies of Scope in Financial Services: A DEA Bootstrapping Analysis of the US Insurance Industry, Working paper.zh_TW
dc.relation.reference (參考文獻) Cummins, J. David, Maria Rubio-Misas, and Hongmin Zi, 2004, The effect of organizational structure on efficiency: Evidence from the Spanish insurance industry, Journal of Banking and Finance, 28: 3113–3450.zh_TW
dc.relation.reference (參考文獻) Cummins, J. David, Tennyson, S. and Weiss, M. A., 1999b, Consolidation and Efficiency in the U.S. Life Insurance Industry, Journal of Banking and Finance, 23: 325-357.zh_TW
dc.relation.reference (參考文獻) Cummins, J. David and Hongmin Zi, 1998, Comparison of Frontier Efficiency Methods: An Application to the U.S. Life Insurance Industry, Journal of Productivity Analysis, 10: 131–152.zh_TW
dc.relation.reference (參考文獻) Grace, Martin F. and Stephen G. Timme, 1992, An Examination of Cost Economies in the United States Life Insurance Industry, Journal of Risk and Insurance, 59:72-103.zh_TW
dc.relation.reference (參考文獻) Hirao Y., and T. Inoue, 2004, On the cost structure of the Japanese property-casualty insurance industry , Journal of Risk and Insurance, 71:501–530.zh_TW
dc.relation.reference (參考文獻) Hughes, M.D., 1988, A Stochastic Frontier Cost Function for Residential Child Care Provision, Journal of Applied Econometrics, 3, 203-214.zh_TW
dc.relation.reference (參考文獻) Jeng, Vivian S.C., and Gene C. Lai, 2005, Ownership Structure, Agency Costs, Specialization and Efficiency: The Analysis of Keiretsu and Independent Insurers in the Japanese Non-life Insurance Industry, Journal of Risk and Insurance, 72:105–158.zh_TW
dc.relation.reference (參考文獻) Jeng, Vivian, Lai, Gene C. and McNamara, Michael J., 2007, Efficiency and Demutualization: Evidence From the US Life Insurance Industry in the 1980s and 1990s, Journal of Risk and Insurance, 683-711.zh_TW
dc.relation.reference (參考文獻) Kellner, S. and F.G. Mathewson, 1983, Entry, Size Distributio, Scale, and Scope Economies in the Life Insuranc Industry, Journal of Business, 56: 25-44.zh_TW
dc.relation.reference (參考文獻) Kwan, Simon H., 2006, The X-efficiency of commercial banks in Hong Kong, Journal of Banking and Finance, 30:1127-1147.zh_TW
dc.relation.reference (參考文獻) Mayers, David, and Smith, C.W., 1986, Ownership Structure and Control-The Mutualization of Stock Life Insurance Companies, Journal of Financial Economics, 16：73-98.zh_TW
dc.relation.reference (參考文獻) McNamara, Michael J. and Rhee, S. Ghon, 1992, Ownership Structure and Performance：The Demutualization of Life Insurers, Journal of Risk and Insurance, 59: 221-238.zh_TW
dc.relation.reference (參考文獻) Meador, Joseph W., Harley E. Ryan, Jr., and Carolin D. Schellhorn, 1998, Product Focus Versus Diversification: Estimates of X-Efficiency for the U.S. Life Insurance Industry, working paper, Northeastern University, Boston.zh_TW
dc.relation.reference (參考文獻) Mester, L.J., 1989, Testing for expense preference behavior: Mutual versus stock savings and loans, The Rand Journal of Economics, 20:483-498.zh_TW
dc.relation.reference (參考文獻) Nissan, E., 2003, Relative market power versus concentration as a measure of market dominance: Property and liability insurance, Journal of Insurance Issues, 26: 129–141.zh_TW
dc.relation.reference (參考文獻) Santalo, Juan and Manuel Becerra, 2008, Competition from Specialized Firms and the Diversification-Performance Linkage, Journal of Finance, 63(2):851-883.zh_TW
dc.relation.reference (參考文獻) Schmidt, P. and C.A.K., Lovell, 1979, Estimating Technical and Allocative Inefficiency Relative to Stochastic Production and Cost Frontiers, Journal of Econometrics, 9, 343-366.zh_TW
dc.relation.reference (參考文獻) Servaes, H., 1996, The Value Of Diversification During The Conglomerate Merger Wave, Journal of Finance, 51:1201–1225.zh_TW
dc.relation.reference (參考文獻) Viswanathan, Krupa S. and Cummins, J. David, 2003, Ownership Structure Changes in the Insurance Industry: An Analysis of Demutualization, Journal of Risk and Insurance, 70: 401-437.zh_TW
dc.relation.reference (參考文獻) Yuengert, A., 1993, The measurement of efficiency in life insurance: Estimates of a mixed normal-gamma error model, Journal of Banking and Finance, 17:483–496.zh_TW