【作者】 陈静；

【导师】 丁战；

【作者基本信息】 东北大学 ， 企业管理， 2008， 硕士

【摘要】 随着市场经济的发展和中国加入世贸组织,企业间竞争加剧,为了在激烈的竞争中处于优势,并最终成为行业中的强者,许多企业都选择了并购。全球经济一体化和知识经济的发展使得无形资产在企业中发挥越来越重要的作用。商誉作为无形资产的重要组成部分,在企业并购、重组、转让等活动中,其价值评估已不容回避。商誉是在企业长期的经营过程中形成的一种特殊的、独有的资产,它代表了企业的信誉,能够为企业创造竞争优势,使企业在激烈的竞争中处于不败之地。但由于商誉的无形性和弱成本性,其价值确定一直是个难点。本文通过建立商誉构成因素指标体系,构建多层次灰色综合评估模型,旨在优化商誉传统评估方法,充分体现企业商誉的行业比较性和各指标的具体优劣程度,评估结果不仅可以为企业正常生产经营的改进工作提供直接指导意见,也可为并购交易价格的确定提供科学依据。论文首先介绍了国内外商誉评估理论和方法的现状,对商誉及其价值相关理论进行了深层次的研究,尤其对商誉的形成机理和价值构成进行了详细地分析；其次,提出确定商誉的经济学基础和评估商誉的假设前提,简单介绍了商誉传统评估方法——割差法及超额收益法,并对两种方法进行分析比较,发现其在商誉评估中的不足,进而引入多层次灰色综合评估法,分析其在商誉评估中的适用性,并建立评估模型求出商誉强度,利用商誉强度对传统超额收益法进行改进,求得最终的商誉价值。最后进行实例应用。更多还原

【Abstract】 With the development of market economy and China’s entry into WTO, competition among enterprises has increased, in order to be dominant position in the fierce competition, and eventually become strong in the industry, many companies choose mergers and acquisitions (M&A). Global economic integration and the development of knowledge economy makes intangible assets play an increasingly important role in enterprise. The 21st century is the century of intangible assets and goodwill as an important component of intangible assets, it is inevitable to face its value evaluation in the enterprise M&A, reorganization, transfer and other activities. Enterprises implement M&A regard not only the enterprise current value but also future profit ability of the enterprise, goodwill as the source of this ability, represents the company’s reputation, it can create competitive advantage for enterprises so that they can be winner in the fierce competition. However, due to the invisible and weak cost of goodwill, its value assessment has been a difficulty.This article constructs the system of indexes which reflect components of goodwill and establishes multi-level gray overall assessment model; it designs to optimize the traditional goodwill appraisal method and fully reflects goodwill’s comparison among the industry and the concrete advantages and disadvantages among specific indexes. The appraisal result not only may provide direct instructive opinion for improvement work during enterprise regular production management, may also provide the basis for determination of bargain price.This paper first introduces the present situation of goodwill appraisal theory and method both in domestic and foreign,and makes research deeply on goodwill and its value correlation theories, especially analyses the goodwill formation mechanism and the value constitution in detail; Next, it proposes economic foundation on goodwill’s determination and premises on goodwill’s value assessment, simply introduces the goodwill traditional appraisal method-difference method and abnormal return method, it also compares and analyses the two methods, discoveres their insufficiency in the goodwill appraisal, then this paper introduces multi-level gray overall assessment method, analyses its applicability in the goodwill appraisal, and establishes the appraisal model to gain goodwill intensity, then uses goodwill intensity to improve abnormal return method and obtaines the final goodwill value. Finally it carries the multi-level gray overall appraisal model on an example.更多还原