高科技企业的无形资产评价方法比较与应用
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摘要
本文结合高科技企业的特点,全面梳理、系统总结了各类无形资产评价的方法及其应用条件,对相关方法作了对比研究,为国内高科技企业无形资产的评价提供了方法论上的参考借鉴,从而促进高科技企业强化无形资产管理意识,充分发挥无形资产的增值效用,建立企业的持久竞争优势,获得超额收益。
The value of the enterprise, in addition to the tangible assets, also includes the operational benefits of intangible assets, such as the acquisition of goodwill, intellectual property or the creation of customer value, which can increase the added value of the enterprise. Intangible assets are one of the most important assets of an enterprise.In the era of knowledge economy, intangible asset management is not only a matter of organizational value, but also a key factor in business growth.High-tech enterprises have the characteristics of continuous innovation, high added value, and high concentration of knowledge. They belong to a new form of industry that is highly dependent on intangible assets. For high-tech industries and companies, intangible assets are more important to the creation of corporatevalue.When high-tech companies want to further use intangible assets as a tool for competition, they must face the problem of how to evaluate intangible assets.The traditional accounting methods have inherent limitations and shortcomings in the expression of the value of intangible assets, and cannot reasonably reflect the value of intangibleassets.Based on the characteristics of high-tech enterprises, this paper comprehensively combs and systematically summarizes the methods and application conditions of various intangible assets evaluation, and makes a comparative study on related methods, and discusses how to evaluate intangible assets in order to carry out reasonable capital valuation.Common methods of evaluating intangible assets can be divided into cost method, income method and market method. Each method has its applicability and depends on the professional judgment of the evaluator.(1)Cost method: Based on the principle of substitution, it is assumed that the investor will not increase the cost of initially constructing the intangible asset and invest more money to rebuild another new intangible asset. Therefore, under this method, the intangible asset has more value. The replacement cost is capped. The types of intangible assets that often use this method are: information systems, marketing channels, and human resources.(2)Income method: Estimate the economic benefits that may be generated in the future of the evaluated target, and discount it to the present value of the evaluation date as the fair price. The types of intangible assets that often use this method are: patents, technology, brands, copyrights, customer relationships, software products, etc.(3)Market method: The quoted price of an asset that is similar or comparable to the target being evaluated in the public market is a reference to the fair price. Types of intangible assets that often use this method: information systems, patents, technology, software products, etc.Currently, there are five commonly used methods for evaluating intangible assets of high-tech enterprises: Market/Book value ratio method(MV/BV): The calculation of the value of intangible assets is the ratio between the market value of the company′s stock price and the book value.When the ratio is greater than 1, it indicates the existence of the value of intangible assets,and the greater the ratio, the higher the value of intangible assets.Tobin Q method:The method was first proposed by Nobel economist Tobin(1950) to predict corporate decisions beyond independent macroeconomic factors.It is defined as ratio of the market value of the company and the replacement value of the company′s assets(Market Value/Replacement costs). If the Q value is greater than 1, it means that the company can purchase more similar assets.Since the calculation of the original Tobin Q is too complicated, Chung & Stephen(1994) proposed a more convenient alternative, Approximate Tobin Q:(MVE+PS+DEBT)/Total Assets. The empirical results show that this alternative method can explain the original Tobin Q variation of 96.6%.Calculated Intangible Value method(CIV):This is a method developed by the NCI Research Center, a subsidiary of Northwestern University′s Kellogg School of Business, to assess the value of intangible assets.CIV =(1-tax rate) * excess compensation/discount rate,represents a company that is used to win the industry′s ability to own companies with similar tangible assets. As CIV rises, it is increasingly capable of producing more cash in the future on behalf of a business unit or department.Value Added Intellectual Capital method(VAICTM): It is a tool that provides analysis of managers, shareholders, or other stakeholders to test the efficiency with which companies use their resources to create added value.As proposed by Pulic(2000), the value and efficiency of intangible assets are calculated based on input capital, human capital, and structural capital.VAICTM = Structural Capital Efficiency Index + Human Capital Efficiency Index + Input Capital Efficiency Index.Economic Value Added method(EVA):EVA is not only a measure of performance, but also a residual income. If a reasonable investment compensation is to be obtained, the amount must be large enough to cover the risk assumed, and the necessary compensation for the risk refers to the capital cost of the debt and equity(Weighted average cost of capital, WACC). What is important is that it converts accounting information into economic reality. When the excess return rate is larger and the invested capital is larger, the excess profits earned by the enterprise each year are higher, and the value of the intangible assets of the enterprise is higher.This paper hopes to provide a methodological reference for the evaluation of intangible assets of domestic high-tech enterprises through comparative analysis of various valuation methods of intangible assets, so as to promote high-tech enterprises to strengthen the awareness of intangible assets management and give full play to the advantages of intangible assets. Establish a long-term competitive advantage for the company and obtain excess returns.
The value of the enterprise, in addition to the tangible assets, also includes the operational benefits of intangible assets, such as the acquisition of goodwill, intellectual property or the creation of customer value, which can increase the added value of the enterprise. Intangible assets are one of the most important assets of an enterprise.In the era of knowledge economy, intangible asset management is not only a matter of organizational value, but also a key factor in business growth.High-tech enterprises have the characteristics of continuous innovation, high added value, and high concentration of knowledge. They belong to a new form of industry that is highly dependent on intangible assets. For high-tech industries and companies, intangible assets are more important to the creation of corporatevalue.When high-tech companies want to further use intangible assets as a tool for competition, they must face the problem of how to evaluate intangible assets.The traditional accounting methods have inherent limitations and shortcomings in the expression of the value of intangible assets, and cannot reasonably reflect the value of intangibleassets.Based on the characteristics of high-tech enterprises, this paper comprehensively combs and systematically summarizes the methods and application conditions of various intangible assets evaluation, and makes a comparative study on related methods, and discusses how to evaluate intangible assets in order to carry out reasonable capital valuation.Common methods of evaluating intangible assets can be divided into cost method, income method and market method. Each method has its applicability and depends on the professional judgment of the evaluator.(1)Cost method: Based on the principle of substitution, it is assumed that the investor will not increase the cost of initially constructing the intangible asset and invest more money to rebuild another new intangible asset. Therefore, under this method, the intangible asset has more value. The replacement cost is capped. The types of intangible assets that often use this method are: information systems, marketing channels, and human resources.(2)Income method: Estimate the economic benefits that may be generated in the future of the evaluated target, and discount it to the present value of the evaluation date as the fair price. The types of intangible assets that often use this method are: patents, technology, brands, copyrights, customer relationships, software products, etc.(3)Market method: The quoted price of an asset that is similar or comparable to the target being evaluated in the public market is a reference to the fair price. Types of intangible assets that often use this method: information systems, patents, technology, software products, etc.Currently, there are five commonly used methods for evaluating intangible assets of high-tech enterprises: Market/Book value ratio method(MV/BV): The calculation of the value of intangible assets is the ratio between the market value of the company′s stock price and the book value.When the ratio is greater than 1, it indicates the existence of the value of intangible assets,and the greater the ratio, the higher the value of intangible assets.Tobin Q method:The method was first proposed by Nobel economist Tobin(1950) to predict corporate decisions beyond independent macroeconomic factors.It is defined as ratio of the market value of the company and the replacement value of the company′s assets(Market Value/Replacement costs). If the Q value is greater than 1, it means that the company can purchase more similar assets.Since the calculation of the original Tobin Q is too complicated, Chung & Stephen(1994) proposed a more convenient alternative, Approximate Tobin Q:(MVE+PS+DEBT)/Total Assets. The empirical results show that this alternative method can explain the original Tobin Q variation of 96.6%.Calculated Intangible Value method(CIV):This is a method developed by the NCI Research Center, a subsidiary of Northwestern University′s Kellogg School of Business, to assess the value of intangible assets.CIV =(1-tax rate) * excess compensation/discount rate,represents a company that is used to win the industry′s ability to own companies with similar tangible assets. As CIV rises, it is increasingly capable of producing more cash in the future on behalf of a business unit or department.Value Added Intellectual Capital method(VAICTM): It is a tool that provides analysis of managers, shareholders, or other stakeholders to test the efficiency with which companies use their resources to create added value.As proposed by Pulic(2000), the value and efficiency of intangible assets are calculated based on input capital, human capital, and structural capital.VAICTM = Structural Capital Efficiency Index + Human Capital Efficiency Index + Input Capital Efficiency Index.Economic Value Added method(EVA):EVA is not only a measure of performance, but also a residual income. If a reasonable investment compensation is to be obtained, the amount must be large enough to cover the risk assumed, and the necessary compensation for the risk refers to the capital cost of the debt and equity(Weighted average cost of capital, WACC). What is important is that it converts accounting information into economic reality. When the excess return rate is larger and the invested capital is larger, the excess profits earned by the enterprise each year are higher, and the value of the intangible assets of the enterprise is higher.This paper hopes to provide a methodological reference for the evaluation of intangible assets of domestic high-tech enterprises through comparative analysis of various valuation methods of intangible assets, so as to promote high-tech enterprises to strengthen the awareness of intangible assets management and give full play to the advantages of intangible assets. Establish a long-term competitive advantage for the company and obtain excess returns.
引文
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[15] Sveiby,K.E..Methods for measuring intangible assets,working paper[EB/OL].http://www.Sveiby.com/articles/IntangibleMethods.htm,2002.
[16] Luthy,D.H..Intellectual capital and its measurement,working paper[EB/OL].http://www3.bus.osaka-cu.ac.jp/apira98/archives/htmls/25.htm,1998.
[17] Williams M..Is a company′s intellectual capital performance and intellectual capital disclosure practices related?Evidence from publicly listed companies from the FTSE 100[R].McMasters Intellectual Capital Conference,Toronto,Jan 2001.
[18] Stewart,Thomas A..Intellectual capital:The new wealth of organizations[M].CROWN BUSINESS,1998.
[19] Chung,K.H.,& Stephen,W.P..A simple approximation of Tobin′s Q[J].Financial Management,1994,23 (3):70.
[20] Pulic,A.,Vaictm.An accounting tool for IC management[J].Int.J.Technology Management,2000:702-714.
[21] Firer,Steven,and Williams,S.Mitchell.Intellectual capital and traditional measures of corporate performance[J].Journal of Intellectual Capital,2003,4(3):348～360.
[22] Pulic,A and M.Bornemann.The physical and intellectual capital of Austrian banks[EB/OL].1999.
[23] Pulic,A..Measuring the performance of intellectual potential in knowledge economy[EB/OL].http://www.measuring-ip.at/Opapers/Pulic/Vaictxt.vaictxt.html,1998.
[24] Schneider,U..The Austrian approach to the measurement of intellectual capital[EB/OL].http://www.measuirng-ip.at/Opapers/Schneider/Canada/theoreticalframework.html,1999.
[2] 王化成,卢闯,李春玲.企业无形资产与未来业绩相关性研究——基于中国资本市场的经验证据[J].中国软科学,2005(10):120-124.Wang Huacheng,Lu Chuang,Li Chunling.On the correlation between intangible assets and future firm performance:Empirical evidence from China′s Stock Market[J].China Soft Science,2005(10):120-124.
[3] 邵红霞,方军雄.我国上市公司无形资产价值相关性研究——基于无形资产明细分类信息的再检验[J].会计研究,2006(12):25-32.Shao Hongxia,Fang Junxiong.A study on the value relevance of invisible assets of listed companies in China:A re-examination based on the detailed classification information of invisible assets[J].Accounting Research,2006(12):25-32.
[4] 陆飞.无形资产评估成本法适用性探讨[J].科研管理,1996(1):55-57.Lu Fei.Discussion on the applicability of the cost method for the assessment of invisible assets[J].Science Research Management,1996(1):55-57.
[5] 王小荣.R&D资本化下高新技术企业价值评估研究[J].科研管理,2005(9):41-46.Wang Xiaorong.Research on appraisal value of high technical enterprise under capitalized R&D expense[J].Science Research Management,2005(9):41-46.
[6] 梁莱歆,张永榜.我国高新技术企业技术竞争力实证分析[J].科研管理,2005(1):19-23.Liang Laixin,Zhang Yongbang.Empirical analysis on technological competitiveness of high-tech enterprises in China[J].Science Research Management,2005(1):19-23.
[7] Blair,M.& Kochan,T.A.The new relationship:Human capital in the American corporation[M].Washington,DC:Brookings Institution Press,2000.
[8] Smith,Gordon V.and Parr,Russell L..Valuation of intellectual property and intangible assets,3rd ed[M].New York :John Wiley & Sons,Inc.,2000.
[9] Reilly,R.F.,& Schweihs,R.P.Valuing intangible assets[M].NY:McGraw-Hill,1999.
[10] Hunt,Probert,Wong,and Phaal.Valuation of technology:exploring a practical hybrid model,PICMET ′03[R].Portland International Conference on Management of Engineering and Technology Technology Management for Reshaping the World,2003.
[11] Park,Y.,& Park,G.A new method for technology valuation in monetary value:Produce and application.Technovatio[J].2004,24(5):387-394.
[12] Roos,G?ran and Roos,Johan.Measuring your company′s intellectual performance,long range planning[J].1997,30(3):413 -426.
[13] Roos,Johan.The epistemological challenge:Managing knowledge and intellectual capital[J].European Management Journal,1996,14(4):333-337.
[14] Roos,Johan.Exploring the concept of intellectual capital(IC)[J].Long Range Planning,1998,2(31):150-153.
[15] Sveiby,K.E..Methods for measuring intangible assets,working paper[EB/OL].http://www.Sveiby.com/articles/IntangibleMethods.htm,2002.
[16] Luthy,D.H..Intellectual capital and its measurement,working paper[EB/OL].http://www3.bus.osaka-cu.ac.jp/apira98/archives/htmls/25.htm,1998.
[17] Williams M..Is a company′s intellectual capital performance and intellectual capital disclosure practices related?Evidence from publicly listed companies from the FTSE 100[R].McMasters Intellectual Capital Conference,Toronto,Jan 2001.
[18] Stewart,Thomas A..Intellectual capital:The new wealth of organizations[M].CROWN BUSINESS,1998.
[19] Chung,K.H.,& Stephen,W.P..A simple approximation of Tobin′s Q[J].Financial Management,1994,23 (3):70.
[20] Pulic,A.,Vaictm.An accounting tool for IC management[J].Int.J.Technology Management,2000:702-714.
[21] Firer,Steven,and Williams,S.Mitchell.Intellectual capital and traditional measures of corporate performance[J].Journal of Intellectual Capital,2003,4(3):348～360.
[22] Pulic,A and M.Bornemann.The physical and intellectual capital of Austrian banks[EB/OL].1999.
[23] Pulic,A..Measuring the performance of intellectual potential in knowledge economy[EB/OL].http://www.measuring-ip.at/Opapers/Pulic/Vaictxt.vaictxt.html,1998.
[24] Schneider,U..The Austrian approach to the measurement of intellectual capital[EB/OL].http://www.measuirng-ip.at/Opapers/Schneider/Canada/theoreticalframework.html,1999.