收益法对无形资产价值评估的应用探析  

Applicational analysis of intangible assests evaluation through DCF method

作　　者：周媛媛[1] 陈建成[2] 

机构地区：[1]北京工商大学商学院,北京100037 [2]北京林业大学经济管理学院,北京100083

出　　处：《科技与管理》2007年第2期88-90,共3页Science-Technology and Management

摘　　要：在价值评估领域中,无形资产评估是一个难点,因为从无形资产所得来的收益比从有形资产所得来的收益的风险要大得多,未来收益很难预测。而收益法是运用货币时间价值的观念,将无形资产可能给企业带来的预期收益按折现率折算成现值的一种评估方法。合理预测其未来收益,是正确评估无形资产价值的关键所在。首先介绍了在收益法评估无形资产价值时所存在的两大难题—超额收益与折现率的确定,然后对解决应用难题的方法作了初步探讨。In the area of evaluation,it is very difficult to evaluate intangible assets. Because the risk of earnings derived from the intangible assets is greater than from the tangible ones. Meanwhile the future earnings is difficult to be predicted. DCF method is an assessment methodology that converts the expected return of intangible assets into present value according to discount rate through using the time value of money. The key to assessing the value of intangible assets is to reasonably forecast future income. This paper solves two problems about how to assess the value of intangible assets using the DCF method-the determination of the discount rate and the excess incomes,and to some extent discusses the method of solving the problems in application.

关 键 词：无形资产 超额收益 折现率 

分 类 号：F273.4[经济管理—企业管理]