无形资产评估外文翻译.doc

1、济南大学毕业论文外文资料翻译Market Management Review, 2003, Vol. 6, No. 1, 53-73.Intangible assets appraisal and the out-of-standard countermeasuresEnzo Baglieri Vittorio Chiesa Alberto GrandoABSTRACT Intangible assets are increasingly considered the ultimate roots of companys success.This paper aims to propose a

2、 method to estimate the value embedded in R&D activities,which could be used for: (i) a una tantum evaluation of a firms value, related tospecific actions such as mergers, acquisition, etc.; and (ii) a periodic evaluation, withthe perspective of the economic reporting, focused to estimate the R&D sh

3、areholdervalue creation. The proposed framework is based on the assumption that there is astrong relationship between the R&D contribution to shareholder value and theoperational performance of R&D activities. The paper describes such a framework aswell as an empirical application.KEY WORDS:intangib

4、le assert; Performances;measurement;R&D Evaluation.INTRODUCTION Intangible assets evaluation, more and more problems caused by the attention of industry and economic circles.Americans never seriously intangible assets to the universal attention intangible asset, and this is certainly a big improveme

5、nt.But, in the invisible Asset appraisal.Work in the occurrence of is tempered out-of-standard caused concerns.THE PERFORMANCE OF ANOMIE A, out-of-standard intangible assets evaluation than tangible assets evaluation, often appear more complex disorder phenomenon.Intangible assets assessment of out-

6、of-standard manifests itself in many ways, summarized up mainly displays in the following five aspects.One is the legal anomie.Intangible assets assessment is certain laws, regulations, under the guidance of the state, is based on the policy norms, whatever the nature of the enterprise, regardless o

7、f what form of intangible assets evaluation cannot violate national legal norms.But some appraisal institution ignore the state laws and regulations, made many violate state laws and regulations, make something intangible assets evaluation work to appear anomie phenomenon.Some enterprises in no prop

8、erty changes, hire or the entrusted assets evaluation its goodwill, some still through the news media released its value.This is severely violated the relevant state strictly prohibited without property transactions purpose the rules published the goodwill assessment.Enterprise and advertising depar

9、tment released to the public does not have legal effectiveness of information, is unfair competition, violation of the anti-unfair competition law and advertising, is obvious illegal behavior.Some assessment institution does not obey the current national laws and regulations, not realistic evaluatio

10、n purpose to evaluate conclusion.Some valuation institution on the intangible asset of an enterprise when evaluating not take the realistic manner, even business requirements, should be quick to enterprises intangible assets evaluation for hundreds of millions, billions of even tens of billions.If t

11、his phenomenon is RenJiZiRan up is bound to the order of the real dangers valuation industry.Some appraisal institution without obtaining legal appraisal qualifications, or hired without evaluating qualification for evaluation personnel.Illegal appraisal institution plus illegal evaluation personnel

12、, itself lacks the necessary legal basis, the appraisal conclusion must be that does not have legal effectiveness.It is science anomie.Intangible assets evaluation should be based on a scientific evaluation system, its evaluation method and value the parameter selection is a strict regulations and r

13、equirements.But some evaluation institutions to enterprise intangible assets evaluation, evaluation methods and value when the parameter selection there exist many not scientific and rigorous place.Mainly displays in: evaluation method, figure simple improper selection, loving save trouble, only cho

14、ose easier evaluation method, unwilling to do serious, meticulous and overall assessment of work;Evaluation value parameter and technology parameter improper, or because the business level is not high, or for professional moral level is not high, leading to evaluate conclusion lack of scientific bas

15、is;assessment survey Method and calculation formula choose not accurate, or calculate appear serious faults, leading to assess the nonstandard.Three is the financial anomie.Intangible assets evaluation with basic financial accounting shall be for basic basis, should establish a set of complete finan

16、cial accounting system and evaluation system, no financial accounting of the intangible assets evaluation is lack of accounting basis.Lack of accounting is the basis of the evaluation is not science, is not be legal norms.But some evaluation institutions to enterprise intangible assets evaluation, d

17、oesnt follow Financial managements basic requirements for scientific financial accounting, even simple financial statistics are not carried out, it is evaluate conclusion, this is and not serious practice.Evaluate conclusion is against financial standard, of course, is not reliable.Four is ethical a

18、nomie.Intangible assets evaluation compared with tangible assets evaluation more complex in the appraisal process, the subjective factors, agent proportion also much greater.Evaluate conclusion is correct, whether accord with the objective reality, to a great extent, depends on the ideological and m

19、oral qualities of personnel assessment of the quality and the occupation morals of level.The appraisal industry professional ethical requirements appraisal institution and evaluation personnel shall, in line with responsible to society, is responsible for the customer attitude, make every effort to

20、make the assessment work do serious, careful, make the assessment conclusion objective, fair, and not to cater to a need or pursue certain sensation effect, make the assessment work appeared arbitrary.But some appraisal institution is not due to the specific work personnels service level caused the

21、problem, but because the conclusion distortion subjective reasons or other factors and lead to false data or false conclusion, this is not a business technology issues, but a typical ethical issues.Five is the method anomie.Whether tangible assets evaluation or intangible assets evaluation are appro

22、ximately three ways, namely cost way, market approach and earnings way.The cost of intangible assets with the income often create correspondence, using different way smaller, such as using the cost way and earnings were evaluated, conflicting approaches the appraisal conclusion may widely divergent.

23、So, in possible conditions, to use as far as possible many assessment approach, the cost assessment approach, market approach and earnings ways organically, and comprehensive evaluation approach the conclusion of the final evaluation results.Intangible assets evaluation methods mainly have reset cos

24、t method, earnings present value approach, the current market method, liquidation price and mathematical method.Evaluate the choice of methods must meet the basic requirements of evaluation objects, mostly have requirement of comprehensive evaluation method, used to find the correct conclusion.But,

25、if certain appraisal institution engaged in, using a simple way or evaluation method to assess a conclusion that assessment conclusion assessment is certainly untenable, because their conclusions method is against the intangible assets assessment basic methods.ANOMIE REASONS(a) intangible assets eva

26、luation anomie objective factor.1. Is due to the fuzziness of intangible assets evaluation objects may cause the distortion of the appraisal conclusion and anomie.Intangible assets are not have obvious physical carrier, is some unseen, touched, intuitive poor asset, have dependence characteristic;In

27、tangible assets of ownership and use right belongs as tangible assets and effectiveness, always clear vaguely adhesive together, this kind of fuzziness characteristics to intangible assets evaluation more difficult.2. Is to evaluate the investigation and analysis of the complexity may make appraisal

28、 institution and evaluation personnel, produce the wrong cognition, make wrong judgment.Because of the intangible assets evaluation objects to investigate the fuzziness of search range, evaluate valuation methods of many factors, assessment of the complex, the assessment .Accounting treatmentMore co

29、mplex, assessment of the analysis and calculation of the method is also quite complex, need to put a quantitative analysis and qualitative analysis, judgement, the complexity of combining the characteristics of intangible assets assessment that easy to appear anomie phenomenon.3. The hard work is to

30、 evaluate the sexual may make the assessment staff due to the time, energy, intelligence and physical factors and appear assessment conclusion the distortion and anomie.All serious assessment work is hard, no matter how assets evaluation purpose, but in time all demand is urgent, has the characteris

31、tics of stages and assault.。Intangible assets evaluation survey and analysis, and due to the complex task, and assessment assessment overweight high quality requirements.Evaluation personnel confront is not too familiar evaluation objects, in a short time to get reliable evaluation conclusion, dont

32、do hard physical labor, no abundant energy, no superhuman wisdom, no muscled body is impossible.4. Is the appraisal conclusion estimate characteristic of may make evaluation personnel due to material master is not comprehensive, evaluate experience not rich, thinking the incorrect judgment and appea

33、r the influence of such factors as the distortion of the appraisal conclusion and losing.Intangible assets assessment conclusion is appraised the personnel of intangible assets, according to the valuation of influence factors on hold, make a thumb estimates.Intangible assets appraisal method mainly

34、is qualitative, is the judgment by evaluation personnel for the future, thinking of economic gains that predicted, calculated.Since the future is uncertain economic viability and, unlike tangible assets as objective, intuitive, can directly accounting, its conflicting conclusions always estimate sex

35、, the subjective and characteristic.We for intangible assets assessment results may not requires absolutely accurate, but evaluate conclusion should also be eight, nine not depart from ten.Practice proves that the higher the quality evaluation personnel assessment of the rich experience, judgment, t

36、he more accurate, the thinking, the appraisal conclusion is the higher accuracy.Instead, evaluation personnels quality is lower, the evaluation of experience less, thinking judgment is not correct, assesses conclusion is the lower accuracy, appears likely to evaluate conclusion the distortion and an

37、omie.(2) intangible assets appraisal of anomie subjective reason.1. Appraisal institution less authority. Chinas current intangible assets assessment does not have special, it is the working orgnaization of the state-owned assets administration department cie, is now in the financial sector callings

38、. The management of intangible assets and evaluation lacks special, independent working organs and professional staff. Due to a lack of special working organs and personnel, thus evaluation personnels service quality and the ideological and moral qualities are hard to adapt to the need of economic d

39、evelopment of modern society, it is difficult to adapt to the complexities of intangible assets assessment.In addition, the intangible assets evaluation requires appraisal organizations adhere to the offices of principles and work independently position.In the system of market economy, although the

40、asset appraisal institution also faces competition, but asset appraisal is a professional strong work, the work results in certain conditions to entrust to social or economic operation of enterprise can produce very big effect. .Therefore, evaluation agencies must start from the professional ethics,

41、 insist on its own independent standpoint, in without any interference, independent, independently for intangible assets assessment, make an objective, fair and fair evaluation theory.If appraisal institution cant adhere to the principle of independence, independent evaluation and assessment positio

42、n, could cut intangible assets evaluation anomie, is impossible to draw reliable, convincing conclusion.2. No rules regulating assessment.Since the 1990s, the state department concerned to intangible assets evaluation issue has caused enough attention, has issued relevant intangible assets aspects o

43、f the decrees and policies.In 1993 the state formally implementing new financial and accounting system, the concept of intangible assets made clear definition of intangible assets evaluation, has also made the corresponding regulations.1996 Chinese assets evaluation association issued a opinions ass

44、et appraisal operation norm, emphasized that intangible assets evaluation must take property changes for the premise, and with the gain ability of intangible assets for objects and the intangible assets can produce earnings as the foundation.Intangible assets can be divided into intellectual propert

45、y rights, the rights category, relationship of class and other types of four types.Each kind of types including many many specific projects.Such as intellectual property of intangible assets and include patent right, proprietary technology, right, trademark right, copyright and computer software pro

46、jects;Right kind of intangible assets and including contract, contract or government charter authorized by the formation of the intangible assets projects;Relations class intangible assets include reliable, stable customer relations, operation effective sales network and loyalty credible worker team

47、 projects;Other types of intangible assets include a wider range of, such as goodwill, brand and even car special number or telephone special number, etc, of which the most important of course is goodwill and brand.But national intangible assets assessment of many of the specific project no specific

48、 rules for intangible assets evaluation system, the specific issues not also could not give explicit provisions.So give intangible assets evaluation brought practical difficulties, often easy to attract evaluate conclusion deviating from the norm phenomenon.3. Evaluation responsibility unclear.Intan

49、gible assets to entrust the appraisal conclusion for economic operation of the enterprise and society will have a great effect, thus appraisal institution shall also must make for themselves the appraisal conclusion to assume certain economic responsibility, legal responsibility and moral responsibility and social responsibility.However, Chinas current intangible assets evaluation policy and evaluation standard of appraisal institution assessment activities and evaluate con