资产基础法下企业价值评估增减值的所得税影响探究  

Research on Income Tax Effect of Increases and Decreases of Enterprise Value under the Asset-Based Approach

作　　者：岳修奎 Yue Xiukui(China United Assets Appraisal Group Co.,LTD Jiangsu Branch,Nanjing 210004)

机构地区：[1]中联资产评估集团有限公司江苏分公司,南京210004

出　　处：《中国资产评估》2022年第9期36-42,共7页Appraisal Journal of China

摘　　要：企业并购的不断发展,促使投资人越来越注重考察目标公司资产评估结果和交易定价的合理性。尤其是针对拥有大量不动产的企业,在采用资产基础法评估时主要资产评估增减值的所得税影响是显而易见的,然而目前评估实务界对于是否考虑资产评估增减值的所得税影响尚未形成广泛的共识,评估结果屡屡受到投资人和监管部门的质疑。笔者通过对国际评估准则、中国资产评估准则、企业会计准则和相关税法的梳理与学习,借鉴国际评估专家的成熟做法,结合自己多年的评估执业实践和对此问题的深入探究,提出了在采用资产基础法评估企业价值时,借用我国会计准则中的递延所得税负债和递延所得税资产两个会计科目,采用与会计准则相类似的处理方法或折现的思路,在切实可行及必要的前提下,恰当考虑资产评估增减值的所得税影响,以更加全面、客观、公允地反映被评估单位的股权价值。The continuous development of corporate mergers and acquisitions has prompted investors to increasingly focus on examining the reasonableness of the target company’s asset appraisal results and transaction pricing. Especially for enterprises with a large amount of real estate, the income tax impact of increases or decreases of major assets’ value under the Asset-Based Approach is obvious, however, there is currently no broad consensus in the appraisal practice on whether to consider the income tax impact of increases or decreases of appraisal value,and the appraisal results have been repeatedly questioned by investors and regulators. Through combing and studying international appraisal standards, Chinese asset appraisal standards, corporate accounting standards and relevant tax laws, drawing on the mature practices of international appraisal experts, and combining years of appraisal practice and in-depth investigation of this issue, the author proposes to borrow the two accounting accounts of deferred income tax liabilities and deferred income tax assets in China’s accounting standards, when adopting the Asset-Based Approach to appraise the enterprise value, and the idea of adopting treatment methods similar to accounting standards or discounting is proposed to appropriately consider the income tax effects of the increase or decrease in the value of the asset appraisal as far as practicable and necessary, so as to reflect the equity value of the appraised entity in a more comprehensive,objective and fair manner.

关 键 词：企业价值评估 资产基础法 评估增减值 所得税影响 

分 类 号：F275[经济管理—企业管理]