寿险公司内含价值评估与应用研究

【作者】 常劲松；

【导师】 卓志；

【作者基本信息】 西南财经大学 ， 金融学， 2006， 硕士

【摘要】 本文以寿险公司的内含价值(Embedded Value, EV)为研究对象。内含价值包括调整后净资产(the adjusted net assets)和有效业务价值(the value of business in force)两个因素。内含价值对有效业务的评估包括了整个保单利润期间,充分考虑了寿险经营长期性的特点;内含价值实现利润方式上又具有“均匀性”,它能提前“释放”一部分业务利润,实现利润在整个保单期间的均衡分摊。因此内含价值是寿险公司特有的一种财务报告工具和价值测度工具。在国外,内含价值已经被广泛的应用于寿险公司的管理决策的各个方面;而在国内,内含价值主要被应用于寿险公司上市的公司价值评估与IPO(Initial Public Offerings)定价;中资保险公司在与外资公司合股或合作时的公司价值评估;满足合资母公司的会计核算要求。2004年底我国保险市场将完全对外开放,中国寿险公司须与外资寿险公司同台竞技。外资寿险公司在资本、管理、经验、技术等方面都远远强于中国寿险公司,中国寿险公司必须全方位的提高实力,在这个过程中内含价值大有可为。在发行股票,充足资本金,加强偿付能力的过程中,评估内含价值是必不可少的重要环节;在提高管理决策水平,实施真正的价值管理方面内含价值是非常有效的工具。内含价值对于中国寿险公司来说是个新事物,对其应用还处于探索阶段,国内有关的研究文献非常少,出于能为内含价值在中国的进一步推广贡献绵薄之力的愿望,本文选择了内含价值作为研究对象。寿险公司的内含价值评估与应用包括很多内容,有很多方面值得探讨和研究。本论文着重于内含价值的基础性研究,并结合我国寿险业发展的现状,初步探讨我国寿险公司应用内含价值的特殊问题。本论文由前言和四章组成。前言中主要是阐述了本文研究的理论和现实意义。从理论上来看,以内含价值来评估寿险公司的绩效,是近年来全球寿险业的重要课题之一;从现实来看,内含价值是中国寿险公司全面提高管理决策水平,增强竞争力的有效工具。第一章是全文的基础篇,共分4个小节。第一节为内含价值概述,更多还原

【Abstract】 The study object of this thesis is Embedded Value(EV). Embedded Value is sum of the value of business in force (VBIF) and the adjusted net assets of life insurance company. VBIF is the present value of expected future profits. Evaluation of the VBIF includes profit of the policies during the whole period it in force and fully considers the long-term operation characteristics of the life insurance company. So the EV is a special financial reporting and value measuring tool in life insurance company. In foreign countries, EV has been used to help managing and marking decisions in life insurance companies. In china, it is mainly used to measure life insurance company’s value when the company increases its capital and to decide Initial Public Offerings’stock price (IPO) when the company issues stock. Another use of EV is to satisfy the requirement of the foreign companies and the initial public operation of the companies. With the opening of the China insurance industry completely in 2005 year, the domestic companies must face the competition stress coming from international big life insurance companies which are far off better than the domestic companies in capital, management and technology. So the domestic companies should improve their strength entirely to cope with the competition stress. In this process, EV has many advantages. In the course of issuing stock, increasing capital, enhancing solvency, evaluating EV is the crucial step; in the aspects of improving levels of managing and making decisions and implementing value-based management, EV is a very effective tool. While now in china, the study on EV and its use in life insurance companies is fewer, in order to extend the application of EV in china, this thesis focuses on EV and its use in life insurance companies.The EV and its use in the life insurance companies including更多还原