内含价值在寿险公司价值评估中的应用误区及修正

Misunderstanding and its Correction of Using Embedded Value to Evaluate Life Insurers

当前我国寿险公司迫切希望通过上市募集资本金来增加竞争优势，因而合理评估寿险公司价值显得相当重要。内含价值法（embedded value）是近年寿险公司价值评估时运用的主要方法，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。但通过对一般性公司价值评估方法的分析，可以得出结论，利用内含价值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。

Nowadays,Chinese life insurance companies are eager to raise capital from international IPOs to strengthen their competitive competence, therefore reasonable evaluation of these life insurance companies becomes more and more important. Embedded value is the major method used by life insurers to appraise their values in recent years. Generally speaking,the appraisal value of a life insurer is its embedded value plus value of new business. Our experiences in valuing other types of companies indicate that adjusted net worth should not be factored in when using embedded value method to appraise a life insurer. This means that life insurer＇s appraisal value should be equal to its embedded value plus value of new business and deduct adjusted net worth.