论寿险公司价值评估——内含价值评估方法研究-保险学专业论文.docxVIP

内容提要我国在2002年加入WTO后，保险业作为重点领域对外开放，我国寿险公 内容提要 我国在2002年加入WTO后，保险业作为重点领域对外开放，我国寿险公 司遇到了前所未有的挑战。大批外资寿险公司涌入中国市场抢占市场份额，我 国寿险公司在日新月异的寿险环境下，不仅需要创新产品、提高服务质量，更 重要的是开拓更广阔的寿险市场占据更大的市场份额，这一切都需要资金的支 持。在资本市场高度发达的今天，我国众多寿险公司都希望通过上市募集更多 资本金以增加竞争优势，而如何合理评估寿险公司价值成为业界关注的焦点。 内含价值法(embeddedvalue)是近年寿险公司价值评估时的一种主要方法，一 般认为，寿险公司的评估价值等于内含价值加上新业务价值。本文通过对一般 性的公司价值评估方法的分析，认为利用内含价值来计算寿险公司的评估价值 时不应该加入调整净资产，即，寿险公司的评估价值应该是内含价值加上新业 务价值，再减去寿险公司的调整净资产。通过对Swiss Life具体的分析，我们 发现资本市场对于寿险公司的估值支持本文的模型。 本文分为四章。第一章介绍寿险公司内含价值的定义、应用意义及内含价 值评估的基本步骤。第二章介绍了公司价值评估的一般模型，重点介绍了股权 自由现金流折现模型和寿险公司评估的特殊性。第三章是本文的重点，结合理 论和实证论述采用内含价值评估寿险公司的市场价值时不应该计算调整净资 产。第四章介绍了内含价值评估法在我国的应用前景及展望。 关键词：内含价值寿险公司价值评估调整净资产有效业务价值未来新业务 价值 ABSTRACTSince ABSTRACT Since China has been member of WTO we insurance market has opened to the world，which resulted great challenge to Chinese iusurance companies．Our life insurance companies not only need develop new products，but also need more funds to compete with the foreign life insurance companies．Nowadays Chinese life insurance companies get eager to get more fimds from stock market which makes it very important to evaluate their overall values rationally．Embedded Value method is of the main methods used by those life insurance firms to evaluate．In common sense，corporations’appraisal value equals to intrinsic Values plus new operation value．Through analyzing valuation methods of general corporations．the EV method should not include adjusted net assets when calculating companies’appraisal value． That means life insurance companies’appraisal value is supposed to be embedded value plus value of future new business and minus adjusted net assets．Through analyzing the Swiss Life，we find that the valuation of life insurance companies in stock market supports OUr model． The text ofthe dissertation consists of four chapters．Chapter one introduces the concept and application of embedded value and the steps of calculating the embedded value of life insurance companies．Chapter two introduces general valuation models