隨著我國壽險市場之開放、金融控股法之實施，我國壽險業所面對之競爭環境日益劇增，經營不善的公司將會被市場所淘汰，在如此競爭的壽險市場中，業者的經營是否具有效率，便成了經營成敗的關鍵，如何整合、運用資源，以發揮最大的經濟效益，以避免資源浪費，成為重要之討論議題。本研究以1997至2007年壽險公司為對象，採用隨機成本邊界法，進行我國壽險業的成本效率與規模經濟之分析，再探討影響成本效率之因素。實證結果發現如下： 1.台灣地區大多數壽險公司享有規模經濟，成本效率值主要散佈在0.55∼0.8之間，顯示台灣壽險業未達高度經營成效，整體壽險公司的平均成本效率值為0.6730，表示整體壽險公司尚有32.7%可節省空間。Tobit迴歸結果固定資產週轉率、流動比率與成本效率成正相關。 2. 無論規模大小，以任何型態設立其規模經濟值皆隨時間的增加呈下降趨勢，規模中、規模小的壽險公司具規模經濟，但規模大的壽險公司已不具規模經濟。外國分公司的規模經濟值最佳，金控公司最差且出現規模不經濟現象。無論規模大小，以任何型態設立其成本效率值皆會隨著時間的增加呈上升趨勢，其中，規模中的公司成本效率的改善程度最大，規模小的公司最小。金控公司成本效率的改善程度最大，外國子公司最差。 3. 成立金控前較成立金控後規模經濟值的佳，沒有加入金控公司比加入金控公司的規模經濟值高，成立金控後較金控前成本效率的佳。 Accompanied with the opening of the Taiwan life insurance market and the enactment of the Financial Holding Company Act, the life insurance industry has become more competitive than ever. Those companies that didn't run well will be out soon. In such circumstances, how to maximize profits is the key to success. Therefore, how to make the most of resources and at the same time to prevent the waste of resources is the main issue. The purpose of the study is to analyze and examine the economics of scale and cost efficiency of the life insurance companies. The analysis is based on the stochastic frontier function. The research sample contains 33 life insurance companies in Taiwan and sample period start from 1997 to 2007. The conclusion can be summarized as follows: 1. The life insurance companies in Taiwan exhibits the economics of scale. Cost efficiency of the life insurance companies in Taiwan is between 0.55∼0.8, showing that most the life insurance companies are not in their the best situation. Using Tobit Regression Model Analysis, this study finds that fixed asset turnover ratio, liquidity ratio and cost-effectiveness is positively correlated. 2. No matter what scale size and types of company their economics of scale are deceasing with time, however, among them, mid-size and small-size firms exhibit a better economics of scale than big-size one. Foreign subsidiary firms are the best in economics of scale while financial holding companies are the worse. To the contrary, the cost efficiency value are increasing with time for all firms, and among them, mid-size firms have the largest improvements compared to the small size one. Financial holding companies have the best improvement in cost efficiency while the foreign subsidiaries have the worse. 3. Those firms transforming into a financial holding company are not showing batter value in the economics of scale than before in addition. Those firms who don't become a financial holding ones exhibit better economics of scale than those who do to as far as the cost efficiency.
