模糊綜合分析對收益法評估商譽改進研究
發(fā)布時間：2018-10-09 15:55
【摘要】：隨著經(jīng)濟結(jié)構(gòu)調(diào)整升級,企業(yè)間的兼并、并購也愈演愈烈,商譽的評估也成為在企業(yè)并購交易中不可忽視的內(nèi)容,商譽評估的價值也越來越受到人們的重視。商譽評估屬于無形資產(chǎn)評估中的一種,起步較晚、發(fā)展較慢,理論還不夠成熟,開展商譽評估的研究有助于提高我國評估人員的執(zhí)業(yè)水平,防止國有資產(chǎn)的流失。同時,有助于促進產(chǎn)權(quán)交易的順利進行和企業(yè)了解自身的形象,激勵企業(yè)重視并提高自己的商譽和管理水平。因此,對商譽評估方法的探討具有一定的理論意義和現(xiàn)實意義。 形成商譽的成本費用對最終形成的商譽的價值沒有直接的影響,也就是說商譽的價值與其形成的成本沒有直接關(guān)系,加之商譽形成的影響因素多而復(fù)雜,很難分解,不符合成本法的原理,所以使用成本法評估商譽的可能性非常小。由于每個企業(yè)的商譽都有其特殊性,無法進行對比,市場上幾乎找不到與被評估企業(yè)商譽相同或相似的參照物。因此,很難使用市場法對商譽進行評估。收益法的主體思路是折現(xiàn),根據(jù)資產(chǎn)的收益能力,預(yù)測其未來預(yù)期收益,將預(yù)期收益折成估計時點的現(xiàn)值作為評估資產(chǎn)的價格。商譽是否有價值往往取決于能否帶來未來超過同行業(yè)一般水平的超額收益,符合收益法的原理及定義,因此,收益法是商譽評估使用的最多也是最合理的方法。 然而收益法也有其不足之處,最大的缺點就是忽視了商譽的社會性和同行業(yè)性的比較,加之商譽形成的構(gòu)成要素很多,使收益法評估出的商譽價值不夠精確�；诖�,本文引入了模糊綜合分析法對傳統(tǒng)的收益法加以改進,以期改進后的評估結(jié)果更接近于實際,更科學(xué)合理。 本文首先論述了商譽評估的基本概念和理論基礎(chǔ),商譽評估屬于無形資產(chǎn)評估的一種,商譽是“最無形的無形資產(chǎn)”。商譽評估是建立在持續(xù)經(jīng)營和超額收益的前提下的,由于商譽構(gòu)成要素的不可計量性的特點,商譽評估一般采用三種基本方法中的收益法。收益現(xiàn)值法包括直接法—超額收益法和間接法—割差法兩種計量方法。這兩種方法都有其自身的缺陷和不足,在評估中我們需注意相應(yīng)的問題。另外,我們必須清楚的認識到收益法評估商譽的另一個缺陷即忽視了商譽評估的社會性比較和同行業(yè)比較。其次,引入了模糊綜合分析法。構(gòu)建梯階層次圖,用層次分析法確定指標體系的權(quán)重,最后綜合判斷得出商譽度,用商譽度對傳統(tǒng)收益法評估出的 商譽價值進行修正。最后,以SCFS公司商譽評估為例,將修正后的方法運用于SCFS公司的商譽評估,證實了用模糊綜合評價方法修正的收益法得出的估價結(jié)果更精確。
[Abstract]:With the adjustment and upgrading of economic structure, mergers between enterprises, mergers and acquisitions are becoming more and more serious. The evaluation of goodwill has become an important part of M & A transactions, and the value of goodwill evaluation has been paid more and more attention. Goodwill assessment is a kind of intangible assets evaluation, which starts late, develops slowly, and the theory is not mature enough. The research of goodwill evaluation is helpful to improve the practice level of our country's assessors and prevent the loss of state-owned assets. At the same time, it helps to promote the smooth progress of property rights transactions and enterprises to understand their own image, encourage enterprises to attach importance to and improve their goodwill and management level. Therefore, the study of goodwill evaluation method has certain theoretical and practical significance. The cost of forming goodwill has no direct effect on the value of goodwill, that is to say, the value of goodwill has no direct relationship with the cost of goodwill formation. In addition, the factors affecting the formation of goodwill are many and complex, so it is difficult to decompose. It does not conform to the principle of cost, so the possibility of using cost to evaluate goodwill is very small. Because the goodwill of each enterprise has its particularity, it is impossible to compare it, and it is almost impossible to find the same or similar reference material in the market. Therefore, it is difficult to use market method to evaluate goodwill. The main idea of income method is discounting. According to the income ability of assets, it predicts the expected income in the future, and converts the expected income into the present value of the estimated time point as the price of the assets. The value of goodwill usually depends on whether it can bring the excess income which exceeds the general level of the same industry in the future, which accords with the principle and definition of income method. Therefore, income method is the most and most reasonable method used in goodwill assessment. However, the income method also has its shortcomings, the biggest drawback is that it ignores the sociality of goodwill and the comparison with industry, and the forming elements of goodwill are many, which makes the value of goodwill evaluated by income method not accurate enough. Based on this, this paper introduces the fuzzy comprehensive analysis method to improve the traditional income method, in order to improve the evaluation results more close to the reality and more scientific and reasonable. This paper first discusses the basic concept and theoretical basis of goodwill assessment, which is a kind of intangible assets evaluation, and goodwill is the most intangible asset. Goodwill assessment is based on the premise of continuing operation and excess income. Due to the non-quantifiable characteristics of the components of goodwill, goodwill assessment generally adopts the income method of three basic methods. The present value method includes direct method-excess income method and indirect method-cut-off method. These two methods have their own defects and shortcomings, we should pay attention to the corresponding problems in the evaluation. In addition, we must clearly recognize that the income method of goodwill evaluation another defect is to ignore the social comparison of goodwill assessment and the same industry comparison. Secondly, the fuzzy comprehensive analysis method is introduced. Constructing the ladder hierarchy chart, determining the weight of the index system by AHP, finally judging the degree of goodwill synthetically, and modifying the value of goodwill assessed by the traditional income method with the degree of goodwill. Finally, taking the goodwill evaluation of SCFS Company as an example, the modified method is applied to the goodwill evaluation of SCFS Company, which proves that the valuation result obtained by the income method modified by fuzzy comprehensive evaluation method is more accurate.
【學(xué)位授予單位】：安徽財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275.2
本文編號：2259912
[Abstract]:With the adjustment and upgrading of economic structure, mergers between enterprises, mergers and acquisitions are becoming more and more serious. The evaluation of goodwill has become an important part of M & A transactions, and the value of goodwill evaluation has been paid more and more attention. Goodwill assessment is a kind of intangible assets evaluation, which starts late, develops slowly, and the theory is not mature enough. The research of goodwill evaluation is helpful to improve the practice level of our country's assessors and prevent the loss of state-owned assets. At the same time, it helps to promote the smooth progress of property rights transactions and enterprises to understand their own image, encourage enterprises to attach importance to and improve their goodwill and management level. Therefore, the study of goodwill evaluation method has certain theoretical and practical significance. The cost of forming goodwill has no direct effect on the value of goodwill, that is to say, the value of goodwill has no direct relationship with the cost of goodwill formation. In addition, the factors affecting the formation of goodwill are many and complex, so it is difficult to decompose. It does not conform to the principle of cost, so the possibility of using cost to evaluate goodwill is very small. Because the goodwill of each enterprise has its particularity, it is impossible to compare it, and it is almost impossible to find the same or similar reference material in the market. Therefore, it is difficult to use market method to evaluate goodwill. The main idea of income method is discounting. According to the income ability of assets, it predicts the expected income in the future, and converts the expected income into the present value of the estimated time point as the price of the assets. The value of goodwill usually depends on whether it can bring the excess income which exceeds the general level of the same industry in the future, which accords with the principle and definition of income method. Therefore, income method is the most and most reasonable method used in goodwill assessment. However, the income method also has its shortcomings, the biggest drawback is that it ignores the sociality of goodwill and the comparison with industry, and the forming elements of goodwill are many, which makes the value of goodwill evaluated by income method not accurate enough. Based on this, this paper introduces the fuzzy comprehensive analysis method to improve the traditional income method, in order to improve the evaluation results more close to the reality and more scientific and reasonable. This paper first discusses the basic concept and theoretical basis of goodwill assessment, which is a kind of intangible assets evaluation, and goodwill is the most intangible asset. Goodwill assessment is based on the premise of continuing operation and excess income. Due to the non-quantifiable characteristics of the components of goodwill, goodwill assessment generally adopts the income method of three basic methods. The present value method includes direct method-excess income method and indirect method-cut-off method. These two methods have their own defects and shortcomings, we should pay attention to the corresponding problems in the evaluation. In addition, we must clearly recognize that the income method of goodwill evaluation another defect is to ignore the social comparison of goodwill assessment and the same industry comparison. Secondly, the fuzzy comprehensive analysis method is introduced. Constructing the ladder hierarchy chart, determining the weight of the index system by AHP, finally judging the degree of goodwill synthetically, and modifying the value of goodwill assessed by the traditional income method with the degree of goodwill. Finally, taking the goodwill evaluation of SCFS Company as an example, the modified method is applied to the goodwill evaluation of SCFS Company, which proves that the valuation result obtained by the income method modified by fuzzy comprehensive evaluation method is more accurate.
【學(xué)位授予單位】：安徽財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275.2
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