无形资产评估方法若干问题研究
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摘要
搞好无形资产评估工作，是我国实施资产重组、资本运营和建立现代企业制度的迫切需要，也是管理好无形资产这种主要生产力要素的难点所在。而我国的无形资产评估起步较晚，评估方法中还存在一些问题需要研究和探讨。
本文首先对无形资产及其评估作了一些概括的介绍，进而针对三种常用评估方法中存在的难点问题进行了研究。研究工作包括(1)无形资产超额收益分析；(2)推荐成长曲线模型、灰色预测模型及改进灰色模型用于收益预测以提高评估科学性；(3)应用层次分析法改进常用评估方法——经验分成率法；(4)构建灰色层次关联度分析模型用于市场参照物的定量选取；(5)进行相应模型案例分析。
人力资源类无形资产县有其它类无形资产不具有的流动性，这种特殊的无形资产的评估也具有其特殊性。在分析既有评估模型基础上，本文构建了基于吸收马尔可夫链理论的整体人力资源评估的改进模型，并进行了案例分析。
商誉是一种不可确指无形资产，其评估中常采用超额收益本金化法，但这种方法对于多角化经营的企业、行业具有明显层次性的企业并不适用，本文改进了超额收益本金化法，并应用于具有明显规模层次结构的建筑企业商誉分析。
论文还分析了无形资产评估目的、价值类型、评估对象、既有数据、信息限制与无形资产评估方法的关系，以便于评估方法的选择。
Qualified intangible assets appraisal is urgently needed in implementing the assets restructure strategies, acquiring satisfying capital operation result, and setting up the modern enterprise system. However, it is not long since researchers has begun studying intangible assets appraisal in our country, so there is still a lot of work to be studied and probed into.
This thesis expounds the basic conception, characteristics of intangible assets and intangible assets appraisal firstly. Secondly, the thesis analyzes the difficult points of the three common approaches in intangible assets appraisal. The study includes: (1) summarizing the methods of economic income analysis; (2) applying the growing curve prediction model and grey model to income prediction; (3) introducing the theory of AHP to improve the useful method, that is, the empirical dividing rate method; (4) introducing the theory of Grey Hierarchical Correlative Grade in quantitative selection of the reference objects in market approach to improve the scientific nature of appraisal; (5) applying models to case analysis.
Human resource is different from other intangible assets for its fluidity, so its appraisal method is different from other intangible assets. The thesis sets up a model to valuate the human resource by using the theory of Markov Chains with absorbable state in the fourth chapter. The model is tested by case analysis as well.
Goodwill is a special intangible asset in that it can't be transacted only between enterprises. The most useful method in valuation of goodwill is the capitalized economic income method, but this method is not suitable for the diversified enterprises. The thesis improves this method and applies the new model to building enterprise goodwill analysis.
In the last chapter, the thesis summarizes the connection among purposes of intangible assets valuation, the type of the intangible assets, the limitation of information and the appraisal approach to guide the appraisal approaches selection.
本文首先对无形资产及其评估作了一些概括的介绍，进而针对三种常用评估方法中存在的难点问题进行了研究。研究工作包括(1)无形资产超额收益分析；(2)推荐成长曲线模型、灰色预测模型及改进灰色模型用于收益预测以提高评估科学性；(3)应用层次分析法改进常用评估方法——经验分成率法；(4)构建灰色层次关联度分析模型用于市场参照物的定量选取；(5)进行相应模型案例分析。
人力资源类无形资产县有其它类无形资产不具有的流动性，这种特殊的无形资产的评估也具有其特殊性。在分析既有评估模型基础上，本文构建了基于吸收马尔可夫链理论的整体人力资源评估的改进模型，并进行了案例分析。
商誉是一种不可确指无形资产，其评估中常采用超额收益本金化法，但这种方法对于多角化经营的企业、行业具有明显层次性的企业并不适用，本文改进了超额收益本金化法，并应用于具有明显规模层次结构的建筑企业商誉分析。
论文还分析了无形资产评估目的、价值类型、评估对象、既有数据、信息限制与无形资产评估方法的关系，以便于评估方法的选择。
Qualified intangible assets appraisal is urgently needed in implementing the assets restructure strategies, acquiring satisfying capital operation result, and setting up the modern enterprise system. However, it is not long since researchers has begun studying intangible assets appraisal in our country, so there is still a lot of work to be studied and probed into.
This thesis expounds the basic conception, characteristics of intangible assets and intangible assets appraisal firstly. Secondly, the thesis analyzes the difficult points of the three common approaches in intangible assets appraisal. The study includes: (1) summarizing the methods of economic income analysis; (2) applying the growing curve prediction model and grey model to income prediction; (3) introducing the theory of AHP to improve the useful method, that is, the empirical dividing rate method; (4) introducing the theory of Grey Hierarchical Correlative Grade in quantitative selection of the reference objects in market approach to improve the scientific nature of appraisal; (5) applying models to case analysis.
Human resource is different from other intangible assets for its fluidity, so its appraisal method is different from other intangible assets. The thesis sets up a model to valuate the human resource by using the theory of Markov Chains with absorbable state in the fourth chapter. The model is tested by case analysis as well.
Goodwill is a special intangible asset in that it can't be transacted only between enterprises. The most useful method in valuation of goodwill is the capitalized economic income method, but this method is not suitable for the diversified enterprises. The thesis improves this method and applies the new model to building enterprise goodwill analysis.
In the last chapter, the thesis summarizes the connection among purposes of intangible assets valuation, the type of the intangible assets, the limitation of information and the appraisal approach to guide the appraisal approaches selection.
引文
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[26] 汪应洛．系统工程理论方法与应用(第二版)[M]．高等教育出版社．2000(6)：170-175
[27] 朱洪．生存曲线法在无形资产评估中的应用[JJ．广西高等专科学校学报．2002(4)
[28] 庞素琳、黎荣舟、刘永清．个人资产合理化的灰色层次关联评判模型及其应用[J]．系统工程理论与实践．2000(4)
[29] 刘家学．时序多指标决策的灰色关联分析法[J]．运筹与管理．1997(9)
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[31] 朱其树，赵喜仓．论实物期权在人力资源价值评估中的应用[J]．商业研究．2003(1)
[32] 蒋勇、吴建刚．灰色理论在收益现值法中的应用研究[J]．中国资产评估．2000(2)
[33] 刘仲文．人力资源会计[M]．首都经贸大学出版社．1997(12)：50-59
[34] 李思泓．刍议Black—Scholes期权定价模型在人力资源价值计量中的应用[J]．工业技术经济．2000(4)
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[36] 朱学军．具有吸收状念的马尔可夫链在企业经营预测分析中的应用[J]．预测．1998：51-53
[37] 姜效先、史夫勇．马氏链在经济分析中的应用[J]．河南财经学院学报．1992(1)
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[2] 张占耕．无形资产管理[M]．立信会计出版社．1998(5)：14-18，22-23
[3] 于玉林．WTO对无形资产的影响[J]．经济·发展．2002(1)
[4] 于玉林．现代无形资产学[M]．经济科学出版社．2001(2)：33-35
[5] 全国注册资产评估师考试辅导教材编写组．资产评估[M]．中国财政经济出版社．2002：1-25，29-66，220-285，334-358
[6] (美)罗伯特·F·赖利 罗伯特·P·施韦斯．无形资产评估(Valuing Intangible Assets)[M]．中国大百科全书出版社．200l(1)：71-159，161-190
[7] 于长春．无形资产会计[M]．立信会计出版社．1999(12)：183-205
[8] 王淑珍等编著．资产评估统计与预测(下册)[M]．中国财政经济出版社．2001(8)：132-157，161-167
[9] 王淑珍等编著．资产评估统计与预测(上册)[M]．中国财政经济出版社．2001(8)：7-15
[10] 余恕莲．无形资产评估[M]．对外经济贸易大学出版社．2003(4)：165-170
[11] 域名与知识产权保护[M]．知识产权出版社．2001(1)：5-11，91-111
[12] 张志强．期权理论与公司理财(OPTION Theory and CORPORATE Finance)[M]．华夏出版社．2002(4)：139-150，230-231
[13] 李忠民．人力资本——一个理论框架及其对中国一些问题的解释[M]．经济科学出版社．1999(12)：185-195
[14] 黄良文．投资估价原理[M]．科学出版社．2002(7)：213-217
[15] 唐炎钊．灰色综合评价法在技术资产价值评估中的应用[J]．中国资产评估．2002(6)
[16] 高波．企业价值评估中折现率确定及方法模型[J]．中国资产评估．2003
[17] 刘京城．无形资产的价格形成及评估方法[M]．中国审计出版社．1998(9)：184-189
[18] 王同律，汪海粟．组合无形资产的分割——AHP法在无形资产评估中的应用[J]．中国资产评估．2000(2)：13-17
[19] 李芝生．如何确定技术分成率的探讨[J]．中国资产评估．2001(5)：39-41
[20] 刘春娥．浅谈无形资产评估的特点及对策[J]．西北工业大学学报(社会科学版)．2000(12)：130-31
[21] 邓聚龙．灰理论基础[M]．华中科技大学出版社．2002(2)：122-133
[22] 刘思峰，郭天榜，党耀国．灰色系统理论及其应用[M]．北京：科学出版社．1999：130-145
[23] 李学伟、关忠良、陈景艳．经济数据分析预测学[M]．中国铁道出版社．1998(7)：200-216
[24] 范秀成、冷岩．品牌价值评估的忠诚因子法[J]．科学管理研究．2000(5)
[25] 张润清、宗义湘、王淑珍．浅谈统计方法在无形资产评估中的应用[J]．中国资产评估．2002(3)
[26] 汪应洛．系统工程理论方法与应用(第二版)[M]．高等教育出版社．2000(6)：170-175
[27] 朱洪．生存曲线法在无形资产评估中的应用[JJ．广西高等专科学校学报．2002(4)
[28] 庞素琳、黎荣舟、刘永清．个人资产合理化的灰色层次关联评判模型及其应用[J]．系统工程理论与实践．2000(4)
[29] 刘家学．时序多指标决策的灰色关联分析法[J]．运筹与管理．1997(9)
[30] 陈共荣、廖哲韬、艾志群．知识经济下的人力资源评估方法[J]．企业管理纵横．2002(5)
[31] 朱其树，赵喜仓．论实物期权在人力资源价值评估中的应用[J]．商业研究．2003(1)
[32] 蒋勇、吴建刚．灰色理论在收益现值法中的应用研究[J]．中国资产评估．2000(2)
[33] 刘仲文．人力资源会计[M]．首都经贸大学出版社．1997(12)：50-59
[34] 李思泓．刍议Black—Scholes期权定价模型在人力资源价值计量中的应用[J]．工业技术经济．2000(4)
[35] 陆传赉．工程系统中的随机过程[M]．电子工业出版社．2000(8)16-20
[36] 朱学军．具有吸收状念的马尔可夫链在企业经营预测分析中的应用[J]．预测．1998：51-53
[37] 姜效先、史夫勇．马氏链在经济分析中的应用[J]．河南财经学院学报．1992(1)
[38] 于立勇、李汉玲、关龙．基于具有吸收马尔可夫链的银行逾期贷款风险分
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