摘要
在过去的十年中，内含价值评估方法在保险行业得到了广泛的应用，随着内含价值评估技术的发展，特别是在全球股票市场持续低迷和利息率逐渐下降的形势下。其一些缺点也逐渐暴露出来，如：没有考虑保险产品中内含期权或保证的成本；没有考虑市场风险的成本；资本成本量化的不准确性。市场一致性内含价值是对传统内含价值评估方法的发展，其优点在于：负债价值以市场为基础；风险性负债价值自动与交易资产价格一致；与实际偿付能力测试成为一体；与其财务上的公允价值相符。近年来，寿险价值的市场一致性评估逐渐成为一种新的趋势。我们应该认真研究，积极推进，努力建立符合我国保险业实际的市场一致性内含价值评估体系。
The embedded value method was widely applied in the insurance industry in the last decade. The development of this valuation method, coupled with prolonged.slump of the global stock market and consistent downturn of interest rate, has exposed some shortcomings of this method. For example, it does not allow for the cost of implied options or guarantees, nor does it allow for the cost of market risks. Moreover, its measurement for the cost of capital is not accurate, either. The market-consistent valuation method is an extension of the traditional embedded value method. Its merits lie with its market-based liability valuation, liability value being automatically equal to the price of trading asset, integration with the testing of actual solvency margin and compliance with its financial fair value. Market-consistent valuation of life insurance companies has become a new trend in recent years. We should carefully study this method and actively promote the construction of a market-consistent embedded value appraisal system suitable to the actual situation of the insurance industry in our country.
出处
《保险研究》
CSSCI
北大核心
2006年第4期29-32,共4页
Insurance Studies
关键词
内含价值
经济价值
市场一致性内含价值
embedded value
economic value
market-consistent embedded value
