Valuation of tax loss carryforwards

Tax loss carryforwards (TLC) are a valuable asset because they can potentially reduce a company’s future tax payments. However, there is often a great deal of uncertainty regarding the probability and timing of these tax savings. We propose a contingent-claim model to value this asset. The value is determined primarily by the size of accumulated carryforwards relative to earnings. We show that, for poorly performing firms with large TLC, (1) the realizable (or fair) value of the tax losses can be significantly smaller than the book value, and (2) the tax losses can account for a significant fraction of the company’s equity value. The model is illustrated by calibrating it to a couple of companies with large carryforwards. Finally, we show how the model can be used to compute the marginal tax rate of a company with carryforwards.     

The role of tax regulation and compensation contracts in the decision to voluntarily expense employee stock options

We show that firms with executive bonuses that qualify for deduction under Internal Revenue Code Section 162(m) were less likely to expense stock option compensation (SOC) in 2002. Additionally, the more likely it is that a qualified firm will incur re-contracting costs, the less likely it is that the firm will expense SOC. CEOs of qualified firms that also expense SOC receive smaller bonuses than CEOs of expensing firms that are not qualified under 162(m), and the lower 162(m) bonuses are not offset by higher SOC. Our results suggest that 162(m) tax incentives are an important determinant of the decision to expense SOC.     

Valuation before and after tax in the discrete time, finite state no arbitrage model

We establish necessary and sufficient conditions for a linear taxation system to be neutral—within the multi-period discrete time “no arbitrage” model—in the sense that valuation is invariant to the exact sequence of tax rates, realization dates as well as immune to timing options attempting to twist the time profile of taxable income through wash sale transactions.

“In the study of investments, taxes are largely a source of embarrassment to financial economists.” (Introduction to Dybvig and Ross 1986) “Accordingly, my approach in this chapter is to examine the restrictions on the income measurement rules applicable to financial instruments implied by the requirement that the rules be linear. . . . Linearity is a desideratum of a tidy tax system.” (Bradford 2000, p. 373–374)

     

Valuation Approach与Valuation Method

评估方法是资产评估中重要的基础性概念,从本辑开始将陆续介绍有关评估方法的相关术语和用法. 在国外早期的经典评估理论书籍及评估报告中,多将评估方法表示为valuation method,然而在现代英文评估书籍和评估报告中,使用Valuation Approach的趋势日渐增多.一方面,在许多场合这两个词不作区别,可互相替代,都可用来表示"评估方法".(在我国早期从国外引进评估理论和概念时,还曾将Cost Approach中的Approach理解为动词,进而形象地译为"成本逼近法",并沿用至今.)另一方面,目前在专业文献中越来越多地有意将Valuation Approach和Valuation Method予以区别,虽然缺乏明确的定义,但前者往往是指一种总的评估思路或途径,而后者往往是指其中的一种具体方法.     

企业价值评估与注册企业价值评估分析师

财政部副部长丁学东与国际企业价值评估师分析师协会（IACVA）主席威廉·汉林于2009年12月进行了会谈,双方就有关中国注册资产评估师和企业价值评估师的培训、执业范围及其评估行为对社会经济的影响等问题阐述了看法并交换了意见。为了让广大读者了解国外企业价值评估分析师及其执行企业价值评估业务的有关情况,我们摘编部分内容供读者交流。     

规范评估执业收费是提高评估质量的重要举措

我国评估行业经过十几年的发展,已经成为市 场经济的重要组成力量。目前我国已经拥有3300多 家评估机构,注册资产评估师18000余名,每年都 为市场经济活动提供大量的评估与咨询服务,受到 了社会的普遍重视。 然而,在评估行业的发展过程中,我们应该清 醒地看到我们面临的环境变化,不断规范自身的行 为,提高服务质量,进一步增强行业的社会公信力, 使行业不断进步,持续发展。其中,规范评估执业 收费是提高评估服务质量的重要措施之一。     

Endogenous choice on tax instruments in a tax competition model: unit tax versus ad valorem tax

This paper analyzes an endogenous choice problem with regard to tax instruments in a capital tax competition model. Using a symmetric and two-region model of tax competition, where each region is allowed to choose either a unit or an ad valorem tax, we show that selecting a unit tax as a policy instrument is the dominant strategy.     

Rational pricing of leveraged ETF expense ratios

Annals of Finance - This paper studies the general relationship between the gearing ratio of a Leveraged ETF and its corresponding expense ratio, viz., the investment management fees that are...     

资产评估准则——基本准则

第一章总则第一条为规范注册资产评估师执业行为,保证执业质量,明确执业责任,维护社会公共利益和资产评估各方当事人合法权益,制定本准则。第二条本准则所称资产评估,是指注册资产评估师依据相关法律、法规和资产评估准则,对评估对象在评估基准日特定目的下的价值进行分析、估算并发表专业意见的行为和过程。本准则所称注册资产评估师,是指经过国家统一考试或认定,取得执业资格,并依法注册的资产评估专业人员。第三条本准则所称资产评估准则,包括资产评估基本准则、资产评估具体准则、资产评估指南和资产评估指导意见。第四条注册资产评估师…     

品味评估

在五彩缤纷的经济社会中,从事着周而复始的同一模式的工作,如果不用心去感悟,真有些令人乏味。倘若以激情投入事业,就会得出截然不同的结果,也会增加一种别样的感受。     

修改收费办法 规范评估执业

新的《资产评估收费管理办法》（以下称《管理办法》）终于发布了,这是令全行业欢欣鼓舞的一件里程碑式的大事。认真学习《管理办法》后,深切感到这个文件彻底打破了旧规定的桎梏,消除了低价恶性竞争和价格行政干预制度根源,符合实际．对规范执业收费行为具有举足轻重的意义。具体来说．《管理办法》有以下创新：     

对应收账款评估问题的探讨

在全国注册资产评估师考试辅导教材<资产评估学>2000年版中,对应收账款的评估做了如下描述:评估计算公式为"应收账款评估值=应收账款账面价值-已确定坏账损失-预计坏账损失",其中"确定预计坏账损失","即对应收账款回收的可能性进行判断","一般可以根据企业与债务人的业务往来和债务人的信用情况将应收账款分为几类,并按分类情况估计应收账款回收的可能性".     

关于企业价值评估中交叉持股股权投资的评估

目前,交叉持股现象在企业之间越来越普遍,在企业价值评估中,交叉持股由于形成循环而难以确定企业交叉持股股权投资的评估价值,本文作者按照企业会计准则对股权投资的分类,分别就如何确定交叉持股股权投资的评估价值阐述了一些观点,希望同行们互相交流彼此的经验体会,以不断促进企业价值评估水平的提高。     

政府公共支出绩效低下的成因分析

公共支出是政府为满足公共需求在一个财政年度内耗费的资金总和,公共支出的绩效是指公共支出的成本(或目标)与收益(或后果)的比较。政府支出效率低下是目前全球普遍存在及其关注的问题之一。政府公共支出效率低下的主要原因有:公共支出执行的低效率,缺乏评估和有效竞争,制度障碍,信息不对称以及公众参与程度不高等。     

资产评估收费应促进行业可持续发展

新的《资产评估收费管理办法》（以下简称“办法”）同原国家国有资产管理局和国家物价局发布的价费字（1992）625号文件相比,在以下方面有所突破： 1、”办法”规定了资产评估收费的原则,即遵循公开、公平、公正、自愿有偿、诚实信用和委托人付费的原则。     

行业国际化与资产评估专业的教育改革

随着经济全球化和全球资本市场的发展,资产评估行业的国际合作不断深入,这对于资产评估行业的国际化提出了迫切的要求;同时对于高校培养国际型的资产评估人才也提出了更高的要求。本文提出了资产评估行业国际型人才的培养目标、课程设置、培养模式等方面的改革设想。     

企业价值评估的剩余收益法

近年来虽然在财务管理和证券估值的领域里广泛地介绍和推介企业价值评估的剩余收益模型（RIM）,但是在评估的文献中却鲜有介绍RIM方法的文章。本文试图在最简单的前提条件下介绍RIM方法的基本特点．然后采用评估师熟悉的方式用简化实例演算RIM模型并与DCF方法计算结果进行比较,以便使注册资产评估师能够正确地理解和掌握这一方法。