本文探討中國保險業自1996 至2000 年間的效率表現，並首次以投入/產出的衡量方法研究中國保險業的效率。本研究利用資料包絡分析法 (Data Envelopment Analysis, DEA)衡量公司的技術效率及組成技術效率的兩項因子，並同時利用附加價值法及金融仲介法來定義保險業的投入及產出。作者以傳統的附加價值法來分析，發現國有獨資機構較其他本國公司有效率，顯示國有公司長久以來獨占的優勢亦反映在公司的運作效率上。但若考慮公司的清償能力，則發現國有公司弱勢的財務狀況完全抵消了原有的效率優勢，證明清償能力問題在中國保險業的嚴重性。作者亦發現業務多元化的程度並未改善公司的效率，也間接懷疑中國保險監理機構實行產.壽險分業經營的合理性。 This paper examines the efficiency performance of Chinese insurance industry in the period of 1996-2000. It is the first paper to use the input/output efficiency method to measure the efficiency of Chinese insurance industry. We apply data envelopment analysis (DEA) methodology to measure the efficiency in this paper, and both the value-added approach and the financial intermediary approach of DEA are examined. Using the value-added approach, we find that state-owned insurers are more efficient than stock insurers prior to China’s entry into WTO. Our results imply that state-owned firms have enjoyed lots of resources for a long time and thus possess advantages in the market. A further analysis of financial intermediary approach shows that the privilege of state-owned insurers is jeopardized by their current financial conditions. Such disadvantage may put the state-owned firms at risk and may change the structure of the Chinese insurance industry in the near future. Besides, a comparison between composite and specialized firms implies that Chinese regulatory authority may adjust its speed in the transformation of business diversification.