| 评估价值法的合理运用研究 |
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| 引用本文： | 刘捷,王世宏.评估价值法的合理运用研究[J].财务与金融,2008(5):84-86. |
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| 作者姓名： | 刘捷 王世宏 |
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| 作者单位： | 1. 北方工业大学经济管理学院
2. 泰康资产管理有限责任公司 |
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| 基金项目： | 北京市教委教学团队建设专项资金资助项目，北京市属市管高等学校人才强教项目资助(PHR) |
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| 摘 要： | 评估价值法作为一种保险公司价值评估方法，其结果的合理与否关键在于新业务价值倍数等参数的确定。本文指出评估价值法是DCF法的简化方法，新业务价值倍数应当根据DCF在合理假设的前提下推导而来。脱离实际情况采用过于激进的新业务价值倍数假设可能导致估值的错误，文章通过中国人寿估值的案例对此进行了说明。
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| 关 键 词： | 内涵价值 一年新业务价值 新业务价值倍数 折现现金流模型 |
Research on the Reasonable Utilization Assessment Value Method |
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| LIU Jie,WANG Shi-hong.Research on the Reasonable Utilization Assessment Value Method[J].Accounting and Finance,2008(5):84-86. |
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| Authors: | LIU Jie WANG Shi-hong |
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| Institution: | LIU Jie ,WANG Shi-hong (1 College of Economics and Management, Noah China University of Technology; 2 Taikang Asset Management Co., Ltd.) |
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| Abstract: | As a method of valuing the insurance companies, the reasonable utilization of assessment value lies in the decision of the new business multiples. This paper expounds three viewpoints： the method of assessment value is the simplification of DCF, the new business multiples should be based on DCF, and it will produce wrong results to adopt radical multiples regardless of the reality. Tile paper demonstrates these findings through the case of China Life Insurance Co., Ltd. |
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| Keywords: | embedded value method the value of one year＇s sales the new business multiples DCF |
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