Technical efficiency of the Chilean AFP
DOI:
https://doi.org/10.15665/dem.v17i2.1934Keywords:
Technical efficiency, Data envelopment analysis (DEA), Pension fund manager (AFP), ChileAbstract
The research analyzes the degree of technical efficiency of the pension fund managers of Chile (AFP), through the Data Envelopment Analysis (DEA CCR-O), efficiency measurement technique that studies the performance of productive units under a treatment multidimensional non-parametric variable. The model proposed in the study considers as inputs personnel expenses and investment in fixed assets; and as income the commission income. The results show that the average efficiency of the entities for the years 2011-2017 was 68% and that only the AFP Model presented the maximum efficiency for the period analyzed. It is concluded that the allocation of resources destined to the administration of pension funds is susceptible to be improved about the estimated technical efficiency.
RESUMEN
La investigación analiza el grado de eficiencia técnica de las administradoras de fondos de pensiones de Chile (AFP), mediante el Análisis Envolvente de Datos (DEA CCR-O), técnica de medición de la eficiencia que estudia el desempeño de unidades productivas bajo un tratamiento multidimensional no-paramétrico de las variables. El modelo planteado en el estudio considera como entradas los gastos de personal y la inversión en activos fijos; y como salida los ingresos por comisiones. Los resultados muestran que la eficiencia promedio de las entidades para los años 2011-2017, fue de 68% y que solo la AFP Modelo presentó la eficiencia máxima para el periodo analizado. Se concluye que la asignación de los recursos destinados a la administración de fondos de pensiones es susceptible de ser mejorada en lo concerniente a la eficiencia técnica estimada.
RESUMO
A pesquisa analisa o grau de eficiência técnica dos gestores de fundos de pensão do Chile (AFP), por meio da Análise Envoltória de Dados (DEA CCR-O), técnica de medição de eficiência que estuda o desempenho das unidades produtivas em tratamento. variáveis não paramétricas multidimensionais. O modelo proposto no estudo considera como insumos gastos com pessoal e investimento em ativos fixos; e como rendimento o rendimento de comissões. Os resultados mostram que a eficiência média das entidades para os anos 2011-2017 foi de 68% e que apenas o Modelo AFP apresentou a máxima eficiência para o período analisado. Conclui-se que a alocação de recursos destinados à administração de fundos de pensão é suscetível de ser melhorada quanto à eficiência técnica estimada.
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