关键词: 财险公司；RAM模型；秩和检验, 效率；偿付能力

Abstract: Insurance companies have different interest groups. Investors and corporate managers focus on the company efficiency, while the policyholders and regulators concern about solvency of the insurance company. In the insurance company business process, whether there is a conflict in efficiency and solvency, that is, whether solvency constraints imposed by the regulators interfere company efficiency and if any, the extent to which is a subject worthy of careful study. The answers to these questions are the main content of this paper. Considering a number of targets, we select output variable from the point of view of a financial intermediary and examine the efficiency of insurance companies. The effect of solvency on efficiency is then examined through contrast in efficiency with solvency output and efficiency without solvent output. In the empirical study, Range Adjusted Measure (RAM) ,as extended DEA model ,is introduced because its properties, such as comprehensive strictly monotone, handling negative, and Mann-Whitney models is assumed to examine efficiency difference between different types of insurance companies.

Key words: Property Insurance Companies, Range Adjusted Measure (RAM), Mann-Whitney;Efficiency, Solvency