【作者】 陈昌云；

【导师】 袁树杰；

【作者基本信息】 安徽理工大学 ， 管理科学与工程， 2009， 硕士

【摘要】 随着经济全球化和知识经济的发展,无形资产在企业资产中占的比重越来越大,无形资产的种类也更加丰富,在进行产权交易、股份制改造以及设立中外合资、合作经营企业时,都涉及到无形资产价值的评估。我国无形资产的评估相对来说起步较晚,资产评估的法律制度和管理体系还不够完善,在过去的几十年里,我国的企业和国家都为此付出了沉重的代价,造成了大量无形资产价值的低估和无形资产的流失。如今,无形资产本身和无形资产的交易都在不断发展,而无形资产的评估方法却依然如昔,成本法、市场法和收益法已远远不能满足无形资产发展的需要,迫切需要探讨一些新的无形资产评估方法。本文正是基于以上的目的,结合经济领域的一些前沿理论,试图开辟出新的无形资产评估途径。文章的基本思路是先介绍无形资产及无形资产评估的基本知识,然后对现有的三种无形资产评估方法加以比较分析,讨论其适用范围和不足,指出改进无形资产评估方法的必要性,进而提出了无形资产评估的两种新的思路:Black-Scholes期权定价模型和EVA方法。Black-Scholes期权定价模型最初出现在金融期权领域,后应用到实物期权中,本文通过分析一些典型无形资产的特征,证明这些无形资产实质上也具有看涨期权的特征,从理论上证明可以使用该期权定价模型进行无形资产价值的评估,并通过典型案例论证的方式,演算了如何确定参数,使用该期权定价模型进行无形资产价值的评估,从而开辟了使用Black-Scholes期权定价模型对具有期权性质的无形资产进行价值评估的新思路。EVA(经济增加值)法最初用于财务管理和企业绩效评价中,本文采用数学公式推导和案例证明的方法,把它引入到对企业整体价值的评估中,并结合无形资产中商誉价值和企业整体价值息息相关的特点,推广到割差法评估商誉无形资产中。更多还原

【Abstract】 With the development of economic globalization and knowledge economy, the proportion of intangible assets in the enterprise assets is increasing; the types of intangible assets are also becoming more and more abundant. The assessment of the value of intangible assets is necessary in the property transaction, the shareholding system reform and the establishment of Sino-foreign joint ventures or Sino-foreign cooperative enterprises. As the assessment of the value of intangible assets in China start relatively late, the legal system of asset valuation and the management system is still not perfect. During the past few decades, Chinese enterprises and China have to pay a heavy price—the value of a large number of intangible assets was underestimated and a large number of intangible assets was lost. Today, the types of intangible assets and the transaction of intangible assets are developing continuously, but methods on assessment of the value of intangible assets is still as ever, cost method, market method and income method has been far from enough to meet the needs of the development of intangible assets, it is an urgent need to explore some new assessment methods of intangible assets.Based on the above purpose, the article is trying to open up a few new ways of intangible assets combined with some forefront theory in the economic field. Firstly the article introduces the basic idea of intangible assets and the basic knowledge on the assessment of the value of intangible assets, secondly three traditional methods of intangible assets assessment are compared, their scope of the application and their shortage are discussed, the article pointed out it is necessary to improve assessment methods of intangible assets. Thirdly the article proposed two new ideas: Black-Scholes option pricing model and the EVA method.Black-Scholes option pricing model originally appeared in the field of financial options, then it was applied in the field of real options, the article pointed out that intangible assets had some typical characteristics of the call option by analyzing some typical characteristics of intangible assets, then theoretically proved that Black-Scholes option pricing model can be used to assess the value of intangible assets. By the way of some typical case of proof, the article figured out how to determine the parameters, how to use the option pricing model to assess the value of intangible assets, thus the article opened up new ideas of using Black-Scholes option pricing model to assess the value of intangible assets with the option nature. EVA (Economic Value Added) method was originally used in financial management and corporate performance evaluation, the article put it into the overall value of the enterprise’s assessment by deriving a mathematical formula and proving methods of the case, further extended it to assess the value of the goodwill , a kind of intangible assets ,in cut method according to the characteristics of the value of the goodwill is closely related to the overall value of enterprises.更多还原