Struktur Pasaran, Gelagat Firma dan Prestasi Keuntungan Firma Insurans Am di Malaysia pada Tahun 1970 hingga Tahun 2012

Mustazar Mansur, Alias Radam, Nor Ghani Mohd Nor, Rizaudin Sahlan, Yuslindal Yaakub

Abstract


ABSTRAK

Pasaran insurans di Malaysia semakin kompetitif terutamanya apabila berlaku krisis ekonomi dan proses liberalisasi kewangan di Malaysia. Hampir sebahagian besar jumlah firma dalam pasaran insurans am di Malaysia mengalami kerugian setiap tahun. Campurtangan kerajaan melalui BNM dengan membuat perubahan dasar dan peraturan seperti elemen kesolvenan setiap syarikat amat penting bagi meningkatkan tahap keyakinan pemegang insurans di pasaran. Namun, masih terdapat syarikat insurans besar dan tersohor di pasaran terpaksa diambil tindakan untuk dijual atau diambil alih akibat masalah kewangan atau keberhutangan syarikat mereka. Maka, setiap syarikat perlu tahu atau sedar bahawa penguasaan pasaran (penumpuan pasaran) yang tinggi tidak menjamin keutuhan kewangan atau prestasi yang baik pada masa depan. Titik tolak dari permasalah tersebut, kertas ini mengkaji secara empirik penentu-penentu struktur pasaran dan prestasi keuntungan firma insurans am di Malaysia. Bahagian awal kajian membincangkan kajian-kajian lepas tentang faktor penting yang mengukur perubahan struktur pasaran dan keberuntungan firma dan beberapa petunjuk penting dalam pasaran insurans am. Manakala bahagian analisis kajian menggunakan model struktur yang diwakili oleh dua fungsi utama iaitu fungsi keuntungan dan fungsi struktur pasaran. Model ini dibentuk berasaskan teori organisasi industri iaitu Structure, Conduct and Performance (SCP). Data siri masa bagi tempoh 40 tahun digunakan dalam penganggaran model penentu keuntungan dan produktiviti firma insurans dengan menggunakan kaedah Kuasa Dua Terkecil Dua Peringkat (2SLS). Analisis kajian ini cuba menguji 4 hipotesis utama SCP iaitu hipotesis SCP, hipotesis Relative Market Power (RMP), hipotesis Efficient-Structure (ES) dan hipotesis Market-Power (MP). Dapatan kajian dalam model ini menunjukkan fungsi keuntungan firma insurans am mempunyai hubungan yang positif dan signifikan dengan pendapatan premium, pulangan atas pelaburan dan pusing ganti aset tetap. Manakala, fungsi keuntungan firma mempunyai hubungan negative dan signifikan dengan syer pasaran, pusing ganti jumlah aset dan harga insurans. Fungsi syer pasaran pula mempunyai hubungan yang positif dan siginfikan dengan tingkat produktiviti pengurusan firma dan nisbah penumpuan pasaran bagi 10 firma terbesar. Dapat disimpulkan keputusan kajian ini menerima hipotesis SCP tentang peranan nisbah penumpuan pasaran firma dan produktiviti firma. Selain itu, kajian ini turut menerima hipotesis RMP tentang peranan harga di pasaran insurans am di Malaysia. Hipotesis ES pula disokong oleh keputusan kajian tentang kepentingan produktiviti dan kecekapan firma di pasaran ini.

Kata kunci: Stuktur pasaran; gelagat firma; keuntungan; insurans am

ABSTRACT

The insurance industry in Malaysia has been increasingly competitive, especially following the economic crisis and financial liberalization process. In fact, most of the firms in the general insurance industry had suffered losses annually. Government intervention, through BNM, by introducing changes in policies and regulations, such as requirements on company solvency level, were targeted at increasing the confidence level among the insurance holders in the country. However, a large number of renowned insurance companies have taken action for sale or foreclosure due to financial difficulties or indebtedness of their companies. It is important that each company realizes that a high market share (market concentration) does not guarantee financial security or good performance. This paper empirically examines the determinants, such as market structure and profit performance of general insurance companies in Malaysia, to understand the underlying factors affecting their viability. The earlier part of this study discusses factors that measure changes in market structure, profitability and other associated variables. In the analysis part of this study, a two structure model, represented by two main functions, that is, market share function, and profitability function, is used. This model is based on the theory of industrial organization (IO), formally known as Structure, Conduct and Performance (SCP) theory. Time series data for the 40 year period is used for determining the model estimation on market structure and profitability of general insurance firms, using Two Stage Least Square (2SLS) method. There are four main hypotheses, namely the SCP hypothesis, the Relative Market Power (RMP) hypothesis, the Efficient-Structure (ES) hypothesis and the Market-Power (MP) hypothesis, were tested. The findings in this model show that general insurance firms’ profit function has a positive and significant correlation with insurers’ premium income, returns on investment and fixed assets turnover. As for the profit function of the firm, it has a negative and significant relationship with market share, turnover of total assets and insurance prices. Market share also has a positive and significant relationship with the level of productivity of the firm's management and market concentration ratio for the 10 largest firms. The results of this study are in acceptance of SCP hypothesis on the role of market concentration ratio and productivity of firms. In addition, the findings also support the RMP hypothesis on the role of prices, and ES hypothesis on the importance of productivity and efficiency of firms.

Keywords: Market structure; firm behaviour; profitability; general insurance


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