基于剩余收益的寿险公司内含价值评估方法研究  

The embedded value appraisal method based on residual income of life insurers

作　　者：李冰清[1] 庞立中 

机构地区：[1]南开大学风险管理与保险学系,天津300071 [2]博时基金管理有限公司,广东深圳518040

出　　处：《保险研究》2008年第8期59-63,共5页Insurance Studies

摘　　要：目前广泛应用于评估寿险公司价值的方法是基于内含价值的估价模型。内含价值评估法认为寿险公司的评估价值等于现有内含价值加未来新业务价值,这与当前在一般企业价值评估中最为流行的剩余收益估价模型具有很大相似性。本文首先对一般企业价值评估模型和寿险公司价值评估模型进行综述;然后基于剩余收益角度,分析了目前寿险公司广泛使用的内含价值评估法存在的缺陷,并提出修正的内含价值评估模型;最后以中国人寿为例,证实修正的内含价值评估模型较原内含价值评估模型对公司价值更具解释力。The embedded value appraisal method is commonly used today to evaluate life insurers.The embedded value appraisal method supposes that the appraisal value of life insurance companies equals present embedded value plus new business value, which shares many similarities with the residual income valuation model, a popular method adopted in evaluating ordinary companies. In this paper, the author first gave general descriptions of both valuation methods used for ordinary companies and life insurance companies, and then analyzed the flaws in the embedded value appraisal method from the residual income perspective. As a conclusion, using China Life Insurance Company Limited as an example, the paper held that the modified embedded value appraisal method was a better representation of the value of life insurance companies than the former one.

关 键 词：寿险公司 价值评估 剩余收益 内含价值 

分 类 号：F840.62[经济管理—保险]