Income Tax Effects on Asset Valuation and Managerial Analysis

Under an income tax structure that treats profits and losses unequally, the tax function is non-linear. This note examines how this non-linearity affects asset valuation and related managerial analyses.     

Valuation Risk and Asset Pricing

Standard representative‐agent models fail to account for the weak correlation between stock returns and measurable fundamentals, such as consumption and output growth. This failing, which underlies virtually all modern asset pricing puzzles, arises because these models load all uncertainty onto the supply side of the economy. We propose a simple theory of asset pricing in which demand shocks play a central role. These shocks give rise to valuation risk that allows the model to account for key asset pricing moments, such as the equity premium, the bond term premium, and the weak correlation between stock returns and fundamentals.     

资产评估的不确定性分析

评估师的工作就是为客户提供有关资产的最有价值的信息.而在目前的评估报告中,评估结果仍以一个单一的评估价值来表示,并且只附加了简单的解释,这种评估对客户的来说使用价值相当有限,由于客户不知道单一的评估价值所处的合理价值范围以及相应的概率,在做出投资决策时选择余地很少,有时甚至会产生误导.资产评估中不可避免会存在一定程度的不确定性,当市场和资产条件未发生变化时,评估师本可以做出正确的估价,但当条件变化时,他无法对评估结果的准确性及可靠性发表意见.本文主要探讨的是"正常的不确定性",亦可以简称为"不确定性".不确定性是评估中普遍存在的一种现象,不确定性的描述和鉴别对客户会有很大的帮助,同时也可以提升评估师工作的可信度.     

以交易为目的的资产评估价值相关性研究——来自A股市场的经验证据

本文试图通过对我国上市公司资产重组中资产评估结果的确定及影响因素进行实证分析,来验证以交易为目的的资产评估的价值相关性。研究发现,不同重组方式对净资产的增值率没有显著影响,而不同评估方法下的评估结果则显著影响了净资产增值率;重组事件中评估标的物属于上市公司时,对市场没有显著影响,但长期股权投资则对股价有解释力。     

The Real Determinants of Asset Sales

I develop a dynamic structural model in which a firm makes rational decisions to buy or sell assets in the presence of productivity shocks. By identifying equilibrium asset prices, the model also examines the aggregate asset sales activity over the business cycle. It shows that changes in productivity, rather than productivity levels, affect decisions: Firms with rising productivity buy assets and firms with falling productivity downsize (“rising buys falling”). As such, industries in which firms have less persistent and more volatile productivity experience greater asset reallocation. Using plant‐level data from Longitudinal Research Database (LRD), I find strong support for the model's predictions.     

关于金融不良资产评估的几点思考

中国资产评估协会最近发布的<金融不良资产评估指导意见(试行)>,是近年来金融不良资产评估实践经验的结晶.它对金融不良资产评估的规范化,具有十分重要的指导意义,对各金融资产管理公司的资产处置工作具有极大的促进和推动作用,并且可以说是价值评估行业规范管理、规范执业的一个重要里程碑.     

全球资产膨胀与资产评估业的挑战

[提要] 危机前的全球资产膨胀:在这次全球危机前,主要经济体金融资产膨胀的速度远快于GDP增长率. 金融发展越来越脱离实体经济:以美国为例,在各类金融工具(不含衍生品)中,为金融活动服务的比重不断上升,危机前已经达到了50%.     

Intangible Asset Valuation Model Using Panel Data

In this paper, we design a valuation model for intangible assets using panel data, and empirically investigate the model validity. The approach using panel data is an evaluation method that uses unobserved firm-specific effects based on panel analysis. Our model first estimates production function using panel analysis, and then develops cost function using a duality approach. Next, we discount added value and costs resulting from intangible assets using fixed effects. Empirical analysis using the model compares the estimated parameter values in the nonlinear profit function consisting of production function and cost function with those in the production function alone, which becomes linear after logarithmic conversion, and finds that the two are generally similar. Additionally, the market value of equity is more closely associated with both the book value of equity and the value of intangible assets than with the book value of equity alone. These results support the validity of the model for evaluating intangible assets. This model is easy to apply in practice and is based on a simple idea. Further discussion of this model is warranted given the increasing importance attached to the value of intangible assets.     

谈谈资产评估的价值基础

古典经济学中的劳动价值论和现代西方经济学中的供求平衡价值理论是资产评估的理论基础.采用现行市价法评估单项资产的价值是市场价值,采用重置成本法评估单项资产的价值主要是非市场价值.目前采用重置成本加和法评估一个持续经营企业的整体资产价值,当物价上涨时作为财务报告的补充资料来增强财务报告的有用性是必要的,但不符合持续经营价值的定义.现行市价法和收益现值法是评估一个持续经营企业的整体价值的有效方法,也是现代西方经济学中的供求平衡价值理论的体现,但现行市价法操作较难,因此整体资产的价值评估应定位于收益现值法.     

Asset Valuation: Recoverable Amount And Measurement Error

On 5 February this year CSR Limited announced that shareholders'funds "will be reduced by $372 million following an extensive review of the group's non-current asset values". This was the difference between an upward revaluation of land and buildings of $186 million and a writedown of $558 million on other non-current assets, net of tax and minority interests. Although not legally required to do so at the time, CSR became the first major group to report under the revised rules for the revaluation of non-current assets. The announcement drew attention in the financial press to the requirement that companies "write down (or write up) asset values that had obviously been affected by economic conditions" and the "expanded legal liabilities of directors under the national Corporations Law regime".' This article shows that compliance with the tests currently set out in AASB 1010 and the ASC's Practice Note 21 will result in measurement error and lead directors, in some cases, to make incorrect decisions about the writedown of asset values.     

租赁资产评估中租赁价格确定方法的探讨

企业资本运营向多元化方面的发展给评估工作带来很多新的课题.企业间资产租赁,作为资本运营的一种方式目前经常出现在评估实务工作当中.国内现有相关资料对资产租赁价格的评估介绍了几种方法,但在实践当中的可操纵性上尚存在一些问题.本文提出一种确定资产租赁价格的评估方法,通过实际运用,已得到经济行为双方的认可,现总结出来,希望对相关命题的评估起到一定的借鉴作用.     

论资产评估中的折现率

折现率是用收益现值法中的一个基本参数,但是在评估中存在着许多对折现率的错误认识,在确定折现率各种方法的使用上也存在着许多不当之处.本文分析了折现率的本质及组成部分,并详细分析了目前各种折现率确定方法使用中的不妥之处.     

金融不良资产评估:挑战不确定性

金融不良资产的处置已经成为我国一项重要的经济活动.资产管理公司(AMC)接手银行金融不良资产的方式越来越市场化,处置方式也越来越多样化,社会各界对金融不良资产的评估与处置也越来越重视和关注.