技术类无形资产评估方法研究

【作者】 蒋荣兵；

【导师】 王玉清；

【作者基本信息】 对外经济贸易大学 ， 国际贸易， 2003， 硕士

【摘要】 随着我国市场经济体制的初步建立，我国经济的市场经济特征越来越明显，人们对非市场行为的价值计量方法和做法提出尖锐的批评。资产评估行业沿用计划经济时代公式、参数、方法的做法已不适应时代的发展。人们要求为社会生产要素合理流动提供估值与定价的资产评估，必须能客观反映市场经济环境下生产要素的真实价值，而不是计划经济条件下的价值。在国际交往中，也要求资产评估方法与国际接轨，如中外合资、合作经济行为的资产评估，外方不认可成本法，要求使用收益法或市场法。其中无形资产价值的确定成为价值评估的难点。本文在对技术类无形资产评估方法的研究中，针对资产评估的三种基本方法和相关实用模型，试图探讨各种评估方法的特点、理论机理和适用条件，探讨不同评估目的、不同阶段、不同条件下重要参数的决定、模型的建立和评估方法的选择。本文通过对技术类无形资产常用的几种评估方法的分析，提出：技术的价值是由该技术本身的竞争力决定的。技术价值不仅与技术投入成本是弱对应的，而且与技术的科技含量也没有对应关系。从评估方法上说，收益分成法和收入提成法是两种不同的评估方法，收益分成法属于收益法，而收入提成法属于市场法。其理论机理不同，评估途径不同，评估时可以相互参照。本文通过专家分析和统计数据试图说明我国经济体制已初步具备了市场经济的特征，基于充分竞争假设和有效市场理论（Efficient Markert Theroy）的市场法、收益法，在我国已初步适用。于是着重介绍了市场法的比较要素、程序以及收益法的未来现金流量测算的要素，资本资产定价模型（CAPM）和加权平均资本成本模型（WACC）。这些方法可以消除、避免和减少技术类无形资产评估的不确定因素，使无形资产评估减少主观随意性，更容易量化，更易于被人们接受。我国处于新兴市场经济环境，相对而言市场信息不够规范，不够准确，无形资产评估方法还不够完善。市场法和收益法的更有效使用还依赖于我国市场经济进一步完善，依赖于资本市场、资产交易市场、技术市场的规范和数据的统计。当然我国市场法、收益法评估实践的发展与相关数据的统计是相辅相成的。人们较多地强调没有准确的市场<WP=3>相关数据，无法采用市场法、收益法。但同时人们不采用市场法、收益法，也不会产生对相关数据统计的需求。我们在大力提倡完善市场环境，规范市场信息、数据的同时，应该宽容地看待现在出现的收益法、市场法案例，鼓励创新和发展。更多还原

【Abstract】 Along with the preliminary establishment of a market economic system in China, the characteristics of the market economy is becoming increasingly salient, the non-market value measurement approaches and practices have come under fierce criticism. The formulas, parameters, methods and procedures for asset valuation used in the command economy are obviously incompatible with the current market environment. In order to facilitate the rational circulation of the factors of production, their real value must be accurately appraised and priced, reflecting the free market conditions rather than that of the command economy. Furthermore, international trade and economic co-operation also require that the asset valuation methods match international rules and practices. For instance, in Sino-foreign joint ventures, foreign companies do not recognise the cost approach, rather they require the use of an earnings or a market approach. With this, the main difficulty lies in appraising the value of the intangible assets. In the study of valuation methods of intangible technology related assets, within the context of the three essential asset valuation methods and the related applied models, this thesis attempts to discuss:* The characteristics of each appraisal method, its theoretical mechanism and the applicable conditions; * The determination of the important parameters under different appraisal objectives, stages and conditions;* The establishment of a suitable valuation model; and* The selection of particular appraisal methods.Based on an analysis of several commonly used valuation methods for technology related intangible asset, it argues that the value of a technology product is determined by the competitiveness of the product itself. It is neither depending on the development cost of such product, nor related to its Hi-Tech contents. By using expert opinions and statistical analysis, this thesis demonstrates that the economic system in China has possessed the main characteristics of a market economy, therefore the market approach and the<WP=5>earnings approach based on the perfect competition assumption and efficient market theory are applicable to China. It then focuses on an examination of the comparative factors and procedures of the market approach; the key elements of the future cash flow measurement of the earnings approach; and the capital asset pricing model (CAPM) and the weighted average capital cost model (WACC). These methods and models may help to eliminate and mitigate the uncertainty in the valuation of technology related intangible asset; decrease subjectivity and increase quantifiability in the valuation process; and thus be more acceptable to all parties involved.It is worthwhile to note that as a newly emerged market economy, reliable and accurate market information is still limited in China and the valuation of intangible assets remains to be improved. The effective use of market approach and earnings approach in asset valuation depends on the further development of market economy and the availability of appropriate data on the capital, asset exchange and technology markets.更多还原