财险公司市场法评估适用性分析  

Analysis on the Applicability of Property Insurance Companies Valuation by the Market Approach

作　　者：胡晓明[1] 武志平 樊晓忠 于景刚 钱逸鑫 孙洁 Hu Xiaoming;Wu Zhiping;Fan Xiaozhong;Yu Jinggang;Qian Yixin;Sun Jie(Nanjing University of Finance and Economic,Nanjing 210023;Jiangsu China Enterprise Appraisals Zhongtian Assets Co.,Ltd.,Changzhou 213017)

机构地区：[1]南京财经大学,江苏南京210023 [2]江苏中企华中天资产评估公司,江苏常州213017

出　　处：《中国资产评估》2021年第10期71-80,共10页Appraisal Journal of China

摘　　要：随着我国资本市场和产权市场的不断完善、市场化交易规模的增大,市场法在实践中的应用也越来越广泛。本文以A财险公司评估项目为分析对象,探讨在财险公司评估中交易案例比较法的适用性,以及具体价值乘数及参数选取的问题,研究发现市净率价值乘数模型更适用于财险公司评估。并通过循环验证的方式对三个可比交易案例盈利、成长、营运和风险管理等四个方面能力进行差异修正,同时验证修正体系的合理性。With the improvement of capital market and property market and the increase in the scale of transactions,the application of market approach is also becoming more and more extensive.This article takes the assessment of a property insurance company as the analysis object,discusses the applicability of the transaction case comparison method in the evaluation of property insurance company,and the value multiplier and parameter selection.The research finds that the value multiplier model of PB ratio is more suitable for insurance companies assess.Through circular verification,the four aspects of profitability,growth,operation and risk management capabilities of the three comparable transaction cases were corrected differently,and the rationality of the revised system was verified at the same time.

关 键 词：交易案例比较法 财险公司 可比交易案例 价值乘数 

分 类 号：F-275[经济管理]