MCV——寿险公司内含价值评估理论的最新发展

市场一致性价值评估方法建立在金融经济学与公司理财原理基础之上,是内含价值评估方法的创造性发展.它不仅更加适应于复杂波动的金融市场,而且更加适用于对分红产品、投资连结产品等具有内含选择权和保证的寿险公司的评估.未来随着各国寿险市场产品的日趋复杂,市场一致性价值评估方法预计将会更得到广泛的运用.

MCV-new Developments in Theory of Appraisal for a Life Company

Over the past twenty years embedded value(EV) has become the standard approach to calculating an economic value for a life company.However,in recent years some weaknesses in the methodology have begun to appear,particularly apparent in the light of the recent development of life products and finance market fluctuates.The Market-Consistent Valuation(MCV) theory is the new development of EV based on financial economics and enterprise finance.This paper summarizes the shortcomings of EV and introduces the components framework and how to calculate the MCV.The paper recognizes that market-consistent embedded values are in relative infancy and set out areas for possible future development.