导　　师： 盛明泉

学科专业： 120202

授予学位： 硕士

作　　者： ;

机构地区： 安徽财经大学

摘　　要： 随着经济结构调整升级,企业间的兼并、并购也愈演愈烈,商誉的评估也成为在企业并购交易中不可忽视的内容,商誉评估的价值也越来越受到人们的重视。商誉评估属于无形资产评估中的一种,起步较晚、发展较慢,理论还不够成熟,开展商誉评估的研究有助于提高我国评估人员的执业水平,防止国有资产的流失。同时,有助于促进产权交易的顺利进行和企业了解自身的形象,激励企业重视并提高自己的商誉和管理水平。因此,对商誉评估方法的探讨具有一定的理论意义和现实意义。 形成商誉的成本费用对最终形成的商誉的价值没有直接的影响,也就是说商誉的价值与其形成的成本没有直接关系,加之商誉形成的影响因素多而复杂,很难分解,不符合成本法的原理,所以使用成本法评估商誉的可能性非常小。由于每个企业的商誉都有其特殊性,无法进行对比,市场上几乎找不到与被评估企业商誉相同或相似的参照物。因此,很难使用市场法对商誉进行评估。收益法的主体思路是折现,根据资产的收益能力,预测其未来预期收益,将预期收益折成估计时点的现值作为评估资产的价格。商誉是否有价值往往取决于能否带来未来超过同行业一般水平的超额收益,符合收益法的原理及定义,因此,收益法是商誉评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处,最大的缺点就是忽视了商誉的社会性和同行业性的比较,加之商誉形成的构成要素很多,使收益法评估出的商誉价值不够精确。基于此,本文引入了模糊综合分析法对传统的收益法加以改进,以期改进后的评估结果更接近于实际,更科学合理。 本文首先论述了商誉评估的基本概念和理论基础,商誉评估属于无形资产评估的一种,商誉是“最无形的无形资产”。商誉评估是建立在持续经营和超额收益的前提下的,由于商誉构成要素的不可计量性的特点,商誉评估一般采用三种基本方法中的收益法。收益现值法包括直接法—超额收益法和间接法—割差法两种计量方法。这两种方法都有其自身的缺陷和不足,在评估中我们需注意相应的问题。另外,我们必须清楚的认识到收益法评估商誉的另一个缺陷即忽视了商誉评估的社会性比较和同行业比较。其次,引入了模糊综合分析法。构建梯阶层次图,用层次分析法确定指标体系的权重,最后综合判断得出商誉度,用商誉度对传统收益法评估出的 商誉价值进行修正。最后,以SCFS公司商誉评估为例,将修正后的方法运用于SCFS公司的商誉评估,证实了用模糊综合评价方法修正的收益法得出的估价结果更精确。 As the economic structure adjustment, the enterprise mergers and acquisitions between also intensified. Goodwill evaluation has become in the content of the enterprise mergers and acquisitions can not be ignored, the value of the goodwill evaluation is also more and more get people's attention. Goodwill evaluation is a kind of intangible assets evaluation, but it started relatively late, development is slow, the theory is not enough mature. Goodwill evaluation study is helpful to improve the level of evaluation personnel in our country's practice and to prevent the loss of state-owned assets. Smoothly at the same time, goodwill evaluation study helps to promote property rights transactions and companies understand their own image, enterprise value and improve their reputation and management level. Therefore, the method of evaluating the goodwill has certain theoretical significance and practical significance. Form goodwill cost to eventually form the influence of the value of goodwill is not directly, that is to say, the value of the goodwill and its formation of the cost is no direct relationship, and the influence factor for the formation of goodwill and more complex, it is difficult to decompose and does not conform to the principle of synthesis of this law, so the possibility of using the cost method to evaluate goodwill is very small. Because each enterprise goodwill has its particularity and is unable to compare with others on the market and be evaluated enterprise goodwill the same or similar reference. Therefore, it is difficult to use the market method to evaluate goodwill. The main idea is to discount income method. According to the earning power of assets, to predict its future earnings, the expected return to fold into the present value of the estimated time for evaluating the price of the asset. Goodwill often depends on whether there is a value can bring more than the industry average excess returns in the future, which is conformed to the principle of income method and definition. As a result, the income approach is goodwill evaluation and is also the most reasonable method to be used. However, income method also has its disadvantages. Its biggest drawback is ignored the sociality of goodwill and comparison with the industry Anymore, goodwill form elements are many so that profit method to evaluate the value of goodwill is not accurate.Based on this, this paper introduces fuzzy comprehensive analysis method is improved on the traditional earnings, in the hope of the improved evaluation results more close to reality, a more scientific and reasonable. This paper first discusses the basic concepts and theoretical basis of goodwill assessment. Goodwill evaluation is a kind of intangible assets appraisal. Goodwill evaluation is a kind of intangible assets evaluation and goodwill is the most intangible of intangible assets. Goodwill evaluation is built on a continuing operations and under the premise of excess return. Because of the characteristic of the non-quantifiable of goodwill elements, three basic methods of goodwill evaluation generally uses the income method. Income present value method including direct method, which is called excess returns method and indirect method, which is cut and difference of two kinds of measurement methods. Both methods have their own defects and shortcomings, we need to pay attention to the corresponding problems in the assessment. In addition, we must clearly recognize the income method to evaluate another defects of goodwill that ignored the social comparison of goodwill evaluation and comparison in the same industry. Secondly, the fuzzy comprehensive analysis method is introduced. Build a ladder class diagram, using analytic hierarchy process /(AHP/) to determine the weight of the index system, finally comprehensive judgment goodwill degrees, goodwill degrees of traditional income method was used to assess the value of goodwill. At last, SCFS company goodwill evaluation is as an example, a revised method is applied to SCFS company reputation evaluation, a confirmed with fuzzy comprehensive evaluation method of fixed income method valuation results more accurate.

关 键 词： 商誉 商誉评估 收益法 模糊综合分析法

分 类 号： [F275.2]

领　　域： [经济管理] [经济管理]