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以中国人寿、中国平安和中国太保三家上市保险公司作为研究样本,包括中国平安2004年～2010年、中国人寿2006年～2010年和中国太保2007年～2010年的全部16组样本数据,采用Cobb-Douglas成本函数作为随机前沿成本函数和随机前沿利润函数的形式,结合Battese&Coelli(1995)模型构建中国上市保险公司利润效率和成本效率的实证模型,并在此基础上分析经理报酬对中国上市保险公司效率的影响,从而得出结论:经理薪酬对公司利润效率有显著的负向影响,对成本效率没有显著影响;经理持股对公司利润效率有显著的正向影响,对成本效率有显著的负向影响。
Taking China Life Insurance, Ping An Insurance and China Pacific Insurance three listed insurance companies as a sample of the study, including all 16 sample data of China Ping An from 2004 to 2010, China Life Insurance from 2006 to 2010 and China Pacific Insurance from 2007 to 2010, Cobb -Douglas cost function as a stochastic frontier cost function and a stochastic frontier profit function form, combined with the Battese & Coelli (1995) model to build an empirical model of profit efficiency and cost efficiency of listed insurers in China, and on this basis, analyze the impact of manager compensation on China listed insurers Efficiency, and draw the conclusion that manager’s compensation has a significant negative impact on profit efficiency of the company and has no significant effect on cost efficiency; manager’s shareholding has a significant positive impact on the company’s profit efficiency and a significant negative effect on cost efficiency To influence.