無形資產評價模型--太陽能產業個案分析

The Valuation Models of Intangible Assets: The Case of Solar Energy Industry

王雅弘(Ya-Hung Wang)

指導教授 ： 李存修

國立臺灣大學/管理學院/財務金融學研究所/碩士(2008年)

https://doi.org/10.6342/NTU.2008.10244

摘要

目前我們所處的「知識經濟」時代，無形資產或智慧資本已經成為企業的重要生產獲利要素，為企業創造價值，其價值甚至已經逐漸超過一般有形資產，因此如何評價無形資產，進而有效反映企業的真實公平價值，成為重要課題。
一般衡量無形資產的方法包括經驗法則、成本法、市價法、收益法、選擇權評價法等，針對不同無形資產及評價情形，則有不同的適用方法，而實務界評價無形資產則多使用成本法、市價法及收益法。
本研究將分析以無形資產為重要資產的太陽能產業，並以其併購交易案做為無形資產評價的個案研究對象，在此交易案中，可辨識的無形資產包括商標及供料合約。本研究以權利金法（以收益法為基礎）評價商標的公平價值，並以成本節省法（以成本法為基礎）評價供料合約，以呈現實務上評價無形資產的過程及方式，同時說明評價時在考慮產業情況、以及被併公司各方面條件後，所選用的相關數據，包括現金流量、折現率、β值、加權平均資金成本、授權金比例、成長率等，以合乎評價時的合理性原則，最後併購交易案中買方所支付金額超過可辨識無形資產公平價值的部分則認列為商譽。
在本個案分析及評價過程中所得到的結論為，評價時所使用的各種相關數據及公司所提供的財務報表，必須確認其合理性，同時也必須假設公司具有足夠的管理能力以完成對未來成長合理性的推算；此外，現金流量及折現率的決定是整個評價的重要關鍵。如欲有效衡量無形資產的公平價值，國內會計準則對於無形資產的認定應該有更明確的標準，同時國內也應該建立國內各產業相關數據資料庫，才可以使國內無形資產評價制度更健全，以促進企業公平價值的衡量。

關鍵字

無形資產 ； 智慧資本 ； 無形資產評價 ； 太陽能產業 ； 購買價格分攤

並列摘要

Intangible assets or intellectual capital has become important production elements for corporations because they create significant value for corporations especially in the era of “Knowledge Economy” we are now in. Moreover, the value of intangible assets in some industry, especially in the knowledge-intensive industry, like solar energy industry, has surpassed that of tangible assets within a company. The valuation of intangible assets, as a result, has received extensive emphasis.

The ways to value intangible assets generally include rules of thumb, cost approach, market approach, income approach, option method and so forth, while the adaption of each approach varies due to different situation and type of intangible assets. In practice, cost approach, market approach and income approach are usually adapted as foundation of intangible asset valuations.

The study will focus on the recognition and valuation of intangible assets involved in the acquisition deal in solar energy industry, which possess eminent intangible assets in its value. In this case, identifiable intangible assets includes trade name, which is estimated using cash flow method of income approach, and supply contracts, which is expressed as the present value of the expected after-tax royalty savings. The study aims to show the method and process of valuing intangible assets in practice as well as to determine the related numeric such as cash flow, discount rate, β, weighted average cost of capital, royalty rate, growth rate, etc. by taking the company condition and industry analysis into consideration. Finally, the premium of acquisition bid price will be recognized as goodwill.

In order to obtain reliable fair value of intangible assets, the selection of related data, the accuracy of financial statement provided by the corporation must be verified. Also, the determination of cash flow and discount rate is the key element to valid valuation. Moreover, the recognition of intangible assets in accounting principle and industry database should be soundly established in Taiwan to enhance and ensure the accuracy and reliability of corporation fair valuation.

並列關鍵字

intangible asset ； intellectual capital ； intangible asset valuation ； solar energy industry ； purchase price allocation

參考文獻

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Drucker, P. F. (1999). Knowledge-worker productivity: The biggest challenge. California Management Review, 41(2), 79-95.

Edvinsson, L., and M. S. Malone, (1997). Intellectual capital: Realizing your company’s true value by finding its hidden brainpower. New York: Bantam Doubleday Dell Publishing Group, Inc.

Hall, Richard.(1993). A Framework Linking Intangible Resources and Capabiliites to Sustainable Competitive Advantage. Strategic Management Journal, 14(8), 607-618.

Hand, John R. M. and Baruch Lev. (2003) Intangible Assets: Values, Measures, and Risks.