一、内含价值理论的提出上个世纪六七十年代,寿险公司的恶意收购在英国国内纷纷上演,严重打击了该国寿险业的发展。恶意收购频频出现的根本原因在于法定评估方法低估了寿险公司的价值。法定评估方法是以法定会计准则(SAP)和法定偿付能力为基础的、用于保险监管者评定保险公司财务状况是否良好的方法,主要目的在于证明保险公司有足够的偿付 First, the theory of embedded value In the sixties and seventies of last century, the malicious acquisition of life insurance companies have staged in the United Kingdom, a serious blow to the development of the country’s life insurance industry. The root cause of frequent hostile takeovers is that statutory valuation methods underestimate the value of life insurance companies. The statutory valuation method is based on statutory accounting standards (SAPs) and statutory solvency and is used by insurance regulators as a method of assessing the financial position of insurers for the main purpose of proving that insurers have adequate reimbursement