企业商誉评估中超额收益法的研究

企业商誉评估中超额收益法的研究 中文摘要:商誉作为企业的无形资产，代了企业的信誉，企业在市场经济中竞争力的综合反映，在市 场竞争中越来越显现出重要作用，其价值甚至要远远超过企业有形资产的价值。有形资产像一个人的躯 体，无形资产则似一个人的知识和技能。在无形资产评估实践上，重有形轻无形，商誉观念淡薄。尤其 表现在中外合资企业合资过程中，中方往往只把有形资产折价入股，而对商誉等只作低价或不计价处理， 造成国有资产流失。商誉作为企业重要的资产，它虽然是一项看不见的无形资源，却是对企业的现实收 益与未来发展均产生重要影响的有形资源。商誉在企业生存和发展中的地位与日俱增，因此，对商誉评 估问题受到了理论界和实务界的普遍关注。 商誉，是企业拥有或控制却无法具体辨认的，能够对企业获得社会必要收益能力产生影响的诸要素 综合的资本化价值。它具有不可辨认、不能独立存在、不能单独出售、转让、不能作为一项独立的资产 投资等特征。那么当产生商誉时，如何科学、公正、合理、客观地反应商誊的价值，如何公正，有效的 评估商誉，是目前仍需探索的问题。商誉虽是一种无形资产，但从经济学的角度，商誉是可以计价和评 估的，对商誉评估的超额收益法进行研究和探讨，是目前具有高适用性的商誉评估法。本文针对我国商 誉的现状，对商誉评估理论和超额收益法在企业商誉评估中的应用及这种方法存在的问题和对策进行了 系统的研究和。 关键词:商誉 商誉评估 超额收益法 Goodwill, intangible assets as a business, on behalf of the enterprise's reputation and business Abstract: competitiveness in a market economy a comprehensive reflection of the increasing competition in the market, showing an important role, and its value far more than even the value of tangible assets of enterprises. Tangible assets, like a person's body, intangible assets are like a person's knowledge and skills. Practice in the evaluation of intangible assets, re-light the invisible visible, the concept of goodwill weak. Especially in the course of Sino-foreign joint venture enterprises, the Chinese tend to discount shares only the tangible assets, while goodwill is not only for low-cost or pricing treatment, resulting in loss of state assets. Important asset of goodwill as a business, although it is an invisible and intangible resources, but it is the reality of the enterprise income and have an important impact on the future development of physical resources. Survival and development reputation in the enterprise's position in the growing, therefore, assessment of goodwill by the theory and practice community's attention. Goodwill is owned or controlled but can not specifically identifiable, that is necessary for enterprises to obtain social benefits affect the ability of the various elements of a comprehensive capital value. It has not identified, can not exist independently, alone can not sell, transfer, not as a separate asset investment characteristics. Then when the goodwill generated, how science, fair, reasonable and objective response to a transcript of the value of the business, how fair and effective assessment of goodwill, is still exploring the issue. While goodwill is an intangible asset, but an economic perspective, goodwill valuation and assessment is on the goodwill of the excess earnings method to assess the research and study, is the high applicability of the goodwill evaluation. In this paper, the status of goodwill, goodwill is assessed on the theory and the excess earnings method in the evaluation of corporate goodwill, and this approach problems and countermeasures of the system of research and analysis. Goodwill Goodwill Evaluation Excess earnings methodKey words: button. Select [login rule] button above the [rule number] menu under ... Then open the barcode generator for the barcode002 part of the Properties dialog box, click the [factor/control] button in the destination edit box,Open the barcode generator for the barcode003 part of the Properties window, click the [factor/control] button, and then at the destination use the Ctrl + v, to enter into the well on the 2nd floor you just copied right 2nd truck name (example PART_STORE_00099), then click on [OK] button. Open 2 right up 3rd truck Properties window, use the ' Ctrl ' + ' c ' will [summary] property names are copied. Open the barcode generator for the barcode004 part of the pop-up menu in the property dialog box, click the [factor/control] button in the destination using the Ctrl + v, to enter copy 2 3rd truck name right (case of PART_STORE_00100), then click the [OK] button. Then use "Lesson3-2.emu" as the file name to save the other. Click on menu bar | simulation | start | or time column in the [start] button, you see the goods are put on the conveyor belt, and robotic loading pallets for through the pulley tracks were moved to the automatic tridimensional warehouse storage. If Tray 1 out of the library, select the tray popup menu [IOSection Library instructionmenu (1 layer). If the tray 2 out of the library, right-click with the mouse on the tray in the pop-up menu, select [IOSection Library instructionenu (2). From 2 out of the tray after it has been transferred to the transit point discharge, workers unloaded the goods. Empty tray again by rail back to automatic stereoscopic warehouse. Remove the cargo by conveyor belts was transferred to corresponding cage inside the vehicle. Note 1: simulation before the start, please set the environment for the 1th floor sections to be seen. Click the menu bar | Environment | Environment 前 言 自从20世纪80年代初改革开放以来，我国的经济迅速发展，社会主义市场经济建设也取得了阶段性进展。商品经济的发展，导致了产权的商品化，并且推动了产权的流动、重组和转让。随着我国经济结构的调整升级以及加入WT0，企业间的兼并、并购将愈演愈烈，新一轮的企业兼并热即将来临，可以预测，未来十年将是我国企业兼并、并购最活跃时期，商誉评估将作为企业资产交易不可回避的内容，也将显得更加重要。同时我们也应该看到，在我国市场经济不断成熟的过程中，股份制改造也正轰轰烈烈地进行着，这同样涉及到企业商誉的问题，商誉评估也势在必行。 在企业并购活动中，商誉评估对企业而言，或多或少总能增加本公司资产价值，似乎有百利而无一害。于是企业都特别注重本企业的商誉，都恨不得让评估师把商誉评得越高越好。而实际生活中，许多企业甚至评估师并不完全清楚商誉的内涵。《国资流失“四宗罪”》中写到:“在改制程序中，进行财务审计和资产评估，一些企业对土地确权定价不规范，对知识产权、技术专利、商誉等无形资产不评估或评估后不入账，而是虚假评估。”企业现在每年都必须重新评估所有具有商誉的运营部门的价值，如果由于表现不佳导致合理价值低于帐面价值， 就必须划销这部分商誉差额。因此，现在企业更加重视自己的商誉。从这些信息可以看出，不管是出于企业并购的动因，还是出于企业日常的管理工作，商誉评估将越来越成为众多企业的要求，但在商誉的评估理论、方法和实践中存在着许多问题。 本文的研究计划首先利用课外时间查阅相关权威期刊和籍，以及向大学教授咨询，获得了大量真实且利用价值的资料和信息。然后对商誉评估理论和方法作了深刻的了解，详细的分析了超额收益法的适用性和原理，并结合具体案例对此方法作了深入的研究，并且对运用超额收益法进行商誉评估时的问题等进行逐一的讨论与分析。针对问题提出有效的、合理的对策。 library, select the tray popup menu [IOSection Library instructionmenu (1 layer). If the tray 2 out of the library, right ding pallets for through the pulley tracks were moved to the automatic tridimensional warehouse storage. If Tray 1 out of thesee the goods are put on the conveyor belt, and robotic loa 2.emu" as the file name to save the other. Click on menu bar | simulation | start | or time column in the [start] button, you-of PART_STORE_00100), then click the [OK] button. Then use "Lesson3 3rd truck name right (caseup menu in the property dialog box, click the [factor/control] button in the destination using the Ctrl + v, to enter copy 2 -will [summary] property names are copied. Open the barcode generator for the barcode004 part of the popc ' name (example PART_STORE_00099), then click on [OK] button. Open 2 right up 3rd truck Properties window, use the ' Ctrl ' + ' button, and then at the destination use the Ctrl + v, to enter into the well on the 2nd floor you just copied right 2nd trucktrol] n the destination edit box,Open the barcode generator for the barcode003 part of the Properties window, click the [factor/con... Then open the barcode generator for the barcode002 part of the Properties dialog box, click the [factor/control] button ibutton. Select [login rule] button above the [rule number] menu under 2ntironmen before the start, please set the environment for the 1th floor sections to be seen. Click the menu bar | Environment | Envpic warehouse. Remove the cargo by conveyor belts was transferred to corresponding cage inside the vehicle. Note 1: simulatioint discharge, workers unloaded the goods. Empty tray again by rail back to automatic stereoscoup menu, select [IOSection Library instructionenu (2). From 2 out of the tray after it has been transferred to the transit po-th the mouse on the tray in the popclick wi- 一、 商誉与商誉评估理论分析 商誉是英文“GOODWILL”的意译，是一种很典型的无形资产，被认为是无形资产中“最无形”的资产。商誉，是企业拥有或控制却无法具体辨认的，能综合的资本化价值，是企业无形资产的重要组成部分。商誉的价值，反映了一个企业包括管理水平、经历声誉等诸多因素在内的整体素质，同时它也体现在市场竞争中处于特殊的有利地位，能使企业得到额外的经济利益，所以商誉通常被理解为企业超额的资本化价值。 商誉作为一项最为“无形”的无形资产，具有以下几个方面的特点: 1(整体性。商誉只与作为整体的企业有关并且不能离开企业的整体而单独存在，更不能单独进行交易。 2(不可分割性。商誉的形成因素众多，且难以用任何方法或公式进行单独的计价。它们的价值只有在作为一个协调作用的整体来看待时才能按总额加以确定。 3(价值成本无关性。商誉价值的存在和变动和任何已发生的“与其相关”的成本没有可靠的或可预期的关系，甚至未必有因商誉而发生的成本。 4(不稳定性。商誉没有法定的存续期，在较短的时期内，环境的变化会使构成商誉的各种因素发生变动，导致商誉的价值呈现较大的波动，表现不稳定。 商誉评估是指企业发生整体资产交易时，为维护各方主体的合法权益，由特定的机构和评估人员在评估企业其他资产的同时，以详实可靠数据为基础，站在客观公正的立场上，用科学合理的方法对商誉这种特殊无形资产的价值进行公允评定和估算的过程。商誉评估具有如下特征: 1(商誉评估是企业整体资产评估的一个重要组成部分，它伴随并服务于整体资产评估，商誉评估行为的发生决不可能是孤立的。 2(商誉评估必须考虑形成商誉的各种因素，将商誉作为依附于企业整体的一项综合无形资产来看待，商誉评估的结果也可按一个总额总括地进行计量，而不可能按形成商誉的各个因素单列的估价值再加总。 3(商誉评估必须是在分析未来经济形势和企业发展前景的基础上。考虑形成商誉的各个因素的变动可能性，科学合理的预期未来的收益及其年限，对商誉的价值作出客观公允的判断估量。 二、商誉价值评估的超额收益法 (一)超额收益法适用性分析 1(商誉的基本特征是企业拥有或控制的，能够为企业带来超额经济利益而无法具体辨认的资源。我国的《企业会计准则》中把商誉定义为企业获取超额收益的能力。超额收益法是建立在商誉是“企业获得超额利润的能力”观点上的，企业发生整体购并和不发生整体购并都可以应用。所以，一个企业只要说明其具有获取超额收益的能力，就可以对其商誉进行评估。 2(商誉的性质决定了评估商誉用超额收益法。商誉性质三元理论即“超额收益论”、“好感价值论”、“总计价账户论”，都在商誉评估的发展过程中，起着不同的作用。超额收益法作为商誉评估的理论基础，其科学性在于:该观点把握住了商誉作为资产的基本条件，经济资源、获利潜力、货币计量三种要素。 3(商誉是一个动态概念。它的存在在于企业与同行业相比，原先某些独占性的优势条件是否仍然存在。若这些曾经是企业获取超额利润的独占性优越性条件，已成为企业生存所不可缺少的，并为其它企业拥有成为一般获利条件，此时，商誉存在的基础就消失了。商誉的存在是受多种因素影响的，大致可以分为内外两因素。内在因素有产品的品质、技术、管理和推广等。外在因素有政治、经济形势、产业政策和消费趋势等。公式是一种静 up menu, select [IOSection Library instructionenu (2). From 2 out of the tray after it has been transferred to the transit po-click with the mouse on the tray in the pop-Library instructionmenu (1 layer). If the tray 2 out of the library, right tionwere moved to the automatic tridimensional warehouse storage. If Tray 1 out of the library, select the tray popup menu [IOSec the [start] button, you see the goods are put on the conveyor belt, and robotic loading pallets for through the pulley tracks 2.emu" as the file name to save the other. Click on menu bar | simulation | start | or time column in-] button. Then use "Lesson3on in the destination using the Ctrl + v, to enter copy 2 3rd truck name right (case of PART_STORE_00100), then click the [OKup menu in the property dialog box, click the [factor/control] butt-Open the barcode generator for the barcode004 part of the pop [OK] button. Open 2 right up 3rd truck Properties window, use the ' Ctrl ' + ' c ' will [summary] property names are copied. ick onhe Ctrl + v, to enter into the well on the 2nd floor you just copied right 2nd truck name (example PART_STORE_00099), then clerator for the barcode003 part of the Properties window, click the [factor/control] button, and then at the destination use tpart of the Properties dialog box, click the [factor/control] button in the destination edit box,Open the barcode genbutton. Select [login rule] button above the [rule number] menu under ... Then open the barcode generator for the barcode002 3for the 1th floor sections to be seen. Click the menu bar | Environment | Environmentnment or belts was transferred to corresponding cage inside the vehicle. Note 1: simulation before the start, please set the enviroge, workers unloaded the goods. Empty tray again by rail back to automatic stereoscopic warehouse. Remove the cargo by conveyint dischar 态计量法，不能更好地与商誉的内涵一致，而超额收益法则是动态计量，即通过与同行业相比的超额收益的计算，从而确定商誉价值，更多地体现企业经济资源的获利性。 (二)超额收益法原理 商誉权是一种排他性专有权，是以它们的获利能力来转让，不是作为一般商品和生产资料来转让，因此它们的价格是以它们的新增收益来衡量，不是以其自身成本为基础。购买者愿意支付价款购买，正是由于它们在未来能够为企业创造超额收益。这也是超额收益法的依据所在。超额收益法的基本思路是，直接用企业超过行业平均收益对商誉进行评估，然后按一定的比率将其折现，从而得出商誉的评估价值。即: nEtP= (2-1) ,t(1，r)t,1 式中:P—商誉的评估价值; E —第t年商誉所带来的超额收益; t r—折现率; n—商誉的寿命期。 E由以上公式可以看出，对 (预期超额收益)、r(折现率)的估计和选取，成为该方法的关t 键。超额收益法各参数的确定如下: 1.超额收益额的确定 影响企业超额利润的因素有很多，归纳起来主要有:一是企业的素质。企业员工的技术水平、加工方法、企业管理和设备、工具、材料等，这是对企业整体素质的综合反映;二是企业及产品在国民经济中的地位无论是新兴行业还是一般行业，是高新技术企业还是传统企业等等。三是市场环境。企业产品的市场占有率的大小、产品的竞争能力等; 评估时应综合考虑这些因素，合理预期企业由于商誉所带来的超额收益。那么，如何估算超额收益呢?笔者认为可以从以下两种途径来估算。 (1)回归方法 由于企业的经营业绩直接取决于企业产品的年销量，超额收益与产品销售量之间存在着较强的相关关系。利用这一关系，再根据企业所处行业的平均获利水平，计算出该企业评估前若干年(假设为n年)的超额利润额，以这几年的数据为样本，对超额利润和产品年销售量拟合线性回归模型，得出如下模型: EQ=A+B+U (2-2) tt E式中:—第t年的超额收益; t Q—企业产品年销售量; t U—误差项，代表各种随机因素对超额收益估计的影响; A、B—待定系数。 根据前n年的有关数据，拟合出系数A、B，再根据以上计量经济模型，对未来一定年限内的超额收益进行预测，当然，超额利润也可能与有关变量之间存在非线性关系，这时可采用非线性回归预测。对于不同的企业商誉，回归关系的相关变量可能不同，回归关系也可能迥异，需要结合实际情况具体分析。由于篇幅所限，这里不再一一展开论述。 (2)按不同新增利润方式进行估算 see the goods are put on the conveyor belt, and robotic loa 2.emu" as the file name to save the other. Click on menu bar | simulation | start | or time column in the [start] button, you-of PART_STORE_00100), then click the [OK] button. Then use "Lesson3 3rd truck name right (caseup menu in the property dialog box, click the [factor/control] button in the destination using the Ctrl + v, to enter copy 2 -will [summary] property names are copied. Open the barcode generator for the barcode004 part of the popc ' name (example PART_STORE_00099), then click on [OK] button. Open 2 right up 3rd truck Properties window, use the ' Ctrl ' + ' button, and then at the destination use the Ctrl + v, to enter into the well on the 2nd floor you just copied right 2nd trucktrol] n the destination edit box,Open the barcode generator for the barcode003 part of the Properties window, click the [factor/con... Then open the barcode generator for the barcode002 part of the Properties dialog box, click the [factor/control] button ibutton. Select [login rule] button above the [rule number] menu under 4ntironmen before the start, please set the environment for the 1th floor sections to be seen. Click the menu bar | Environment | Envpic warehouse. Remove the cargo by conveyor belts was transferred to corresponding cage inside the vehicle. Note 1: simulatioint discharge, workers unloaded the goods. Empty tray again by rail back to automatic stereoscoup menu, select [IOSection Library instructionenu (2). From 2 out of the tray after it has been transferred to the transit po-th the mouse on the tray in the popclick wi-library, select the tray popup menu [IOSection Library instructionmenu (1 layer). If the tray 2 out of the library, right ding pallets for through the pulley tracks were moved to the automatic tridimensional warehouse storage. If Tray 1 out of the 商誉作为一种生产资料、权利进行转让或投资，在生产经营期间会给投资方带来一定的边际收益或新增价值，即新增利润，这部分新增利润为商誉带来的超额利润。一个企业兼并一个有良好商誉的企业，可以提高他的生产能力—增加产量和提高生产效率，降低能耗，从而使生产成本降低，获取超额利润。也可能由于名牌所具有的优良质量和社会效应，提高产品知名度和竞争能力，从而提高了产品售价以及销售量，带来新增利润。所以我们就有三种途径估算超额收益。 1)降低生产成本而产生的超额收益。 E=(-)Q(1-T) (2-3) CCt01 式中:—该项商誉第t年的新增利润(超额收益); Et —商誉购买前单位成本; C0 —商誉购买后单位成本; C1 Q—产品年产量; T—所得税率。 2)“名牌效应”造成的产品售价提高而产生的超额利润。 E=(-)Q(1-T) (2-4) ppt01 E式中:、Q、T同前; t —购买商誉后产品售价; P1 —购买商誉前产品售价。 P0 3)因利用商誉使销售量增加而产生的超额利润。 E=(-C)( -Q)(1-T) (2-5) PQt0001 E式中:、T同前; t P—产品价格; 0 C—产品成本; 0 Q—购买商誉后年销售量; 1 Q—购买商誉前年销售量。 0 在评估实务中，由于预测远期收益难度大，通常会预测一定期限内的年超额收益，再假定以后各年的超额收益和估计的最后一年的超额收益一样，将其分段处理。 由于实际的超额收益要受到多种经济因素的影响，我们需要注意那些例外的、偶然的、或特殊因素的影响。由于评估的结果是为正常市场交易作参考的，因此，必须对存在上述偏差的实际超额收益进行修改，剔除其中偶然的、特殊的因素，取正常市场条件下因利用商誉而取得的超额收益值，当然，其中也应包括对未来收益与风险的合理预期。 2(折现率的确定 the [start] button, you see the goods are put on the conveyor belt, and robotic loading pallets for through the pulley tracks 2.emu" as the file name to save the other. Click on menu bar | simulation | start | or time column in-] button. Then use "Lesson3on in the destination using the Ctrl + v, to enter copy 2 3rd truck name right (case of PART_STORE_00100), then click the [OKup menu in the property dialog box, click the [factor/control] butt-Open the barcode generator for the barcode004 part of the pop [OK] button. Open 2 right up 3rd truck Properties window, use the ' Ctrl ' + ' c ' will [summary] property names are copied. ick onhe Ctrl + v, to enter into the well on the 2nd floor you just copied right 2nd truck name (example PART_STORE_00099), then clerator for the barcode003 part of the Properties window, click the [factor/control] button, and then at the destination use tpart of the Properties dialog box, click the [factor/control] button in the destination edit box,Open the barcode genbutton. Select [login rule] button above the [rule number] menu under ... Then open the barcode generator for the barcode002 5for the 1th floor sections to be seen. Click the menu bar | Environment | Environmentnment or belts was transferred to corresponding cage inside the vehicle. Note 1: simulation before the start, please set the enviroge, workers unloaded the goods. Empty tray again by rail back to automatic stereoscopic warehouse. Remove the cargo by conveyint discharup menu, select [IOSection Library instructionenu (2). From 2 out of the tray after it has been transferred to the transit po-click with the mouse on the tray in the pop-Library instructionmenu (1 layer). If the tray 2 out of the library, right tionwere moved to the automatic tridimensional warehouse storage. If Tray 1 out of the library, select the tray popup menu [IOSec 由于存在资金的时间价值，等量的货币在未来并不具有与现在同样的价值，所以必须将未来的超额收益进行折现。商誉的评估选用的未来期望收益率主要是折现率和资本化率。折现率适用于一定时期未来收益折算成现值，资本化率适用于永久性、连续性、周期性的未来收益。两者只是表现形式不同而已，但在实质上是相同的，因此我们统称为折现率。折现率是商誉评估的重要参数，它的选取直接决定着评估结果。它应体现三方面的影响:资金的时间价值，通货膨胀的影响和能承担的各种风险(如财务风险、破产风险等)。具体来讲，有如下两种方法。 (1)组合收益率(累加法) R= + (2-6) RRer 式中:R—折现率(组合收益率); —无风险利率; Re —风险报酬率。 Rr 上述表明，风险越大，要求的收益率也大，图2-1表明了这种关系 R(企业未来收益) 高风险投资收益 Re 投资风险 图2-1 收益率与风险的关系 无风险利率，是资产在一般条件下的获利条件，它是任何一个投资者进行投资的最低机会成本，风险报酬率是投资者放弃国债或储蓄等安全投资而选择商誉投资对所承担风险要求的回报，是风险补偿额相对于风险投资额的比例，是冒风险取得的报酬与资产的比率。由于通胀也是一种潜在的风险，故这里将通胀风险因素一并列入风险报酬率中考虑。对于无风险利率，一般是以国库券年利率或个人长期银行储蓄利率所替代的，但两者执行的年利率都是年单利利率，而在收益现值法中适用的是复利利率。为了与此方法匹配，无风险利率必须由年单利利率换算成年复利利率。这种换算是在同额本金同期同息前提下的利率变换，换算公式如下: NR=-1 (2-7) 1，Nre1 R式中:—年复利利率，即无风险利率; e r—年单利利率; 1 N—储蓄 r例如:假设三年期凭证式国库券年单利利率为10,，即=10,，N=3，则 1 2.emu" as the file name to save the other. Click on menu bar | simulation | start | or time column in the [start] button, you-of PART_STORE_00100), then click the [OK] button. Then use "Lesson3 3rd truck name right (caseup menu in the property dialog box, click the [factor/control] button in the destination using the Ctrl + v, to enter copy 2 -will [summary] property names are copied. Open the barcode generator for the barcode004 part of the popc ' name (example PART_STORE_00099), then click on [OK] button. Open 2 right up 3rd truck Properties window, use the ' Ctrl ' + ' button, and then at the destination use the Ctrl + v, to enter into the well on the 2nd floor you just copied right 2nd trucktrol] n the destination edit box,Open the barcode generator for the barcode003 part of the Properties window, click the [factor/con... Then open the barcode generator for the barcode002 part of the Properties dialog box, click the [factor/control] button ibutton. Select [login rule] button above the [rule number] menu under 6ntironmen before the start, please set the environment for the 1th floor sections to be seen. Click the menu bar | Environment | Envpic warehouse. Remove the cargo by conveyor belts was transferred to corresponding cage inside the vehicle. Note 1: simulatioint discharge, workers unloaded the goods. Empty tray again by rail back to automatic stereoscoup menu, select [IOSection Library instructionenu (2). From 2 out of the tray after it has been transferred to the transit po-th the mouse on the tray in the popclick wi-library, select the tray popup menu [IOSection Library instructionmenu (1 layer). If the tray 2 out of the library, right ding pallets for through the pulley tracks were moved to the automatic tridimensional warehouse storage. If Tray 1 out of thesee the goods are put on the conveyor belt, and robotic loa 3由公式(2-7)计算得出:=-1=9.13% 1，3，10%Re 该公式虽涉及商次幂函数运算，但使用计算器运算起来是非常便捷的。 (2)资本资产定价模型(CAPM) R=+(-) (2-8) RRR,ffm 即R-=(-) RRR,ffm 它的意义是该资产的风险贴水与市场的风险贴水是成比例的。 式中:R—产权收益率; —无风险收益率; Rf —市场上期望的收益率; Rm —系统风险，衡量资产的回报率对市场的变动有多敏感，从而衡量该资产的不可分, 散风险。 上式中，无风险收益率=K*+IP (2-9) Rf 式中:K*为无通胀收益率(其确定方法与前文(1)中无风险利率的求取方法是相同。 IP为通胀贴水等于预期通胀率。 (-)是市场风险贴水，指具有代表性的市场指数的预期收益率超过无风险收益率的RRfm 部分，可以通过深市或上市的股票市场指数求得。系统风险根据股票市场上有关的历史数 取其平均值作为与被评估据，选择一些公开上市交易，与被评估企业相似的企业，然后就 企业有关的投资变动的影响因素。 由于我国目前股票市场发育尚不完善，该模型的应用还有一定困难，主要是与参R,m数不易确定，还需要在实践中进一步探索。另外，折现率的选取也可参照行业基准收益率。 3(剩余经济寿命的确定 经济寿命是指从评估基准日到资产丧失获利能力的年限。一般讲，商誉的寿命应与企业的存续期相同，所以一般不专门确定经济寿命，而视为无限期。当然，由于市场竟争和条件的变化，导致某一企业商誉贬值，商誉的经济寿命就会短于法定、合同寿命或法定经营期限。所以，要维持商誉的经济寿命，就需要不断的进行资本投入。当我们确定了商誉带来的超额收益、折现率和经济寿命之后，利用公式(2-1)，就可以计算出商誉的评估价值了。 (三)超额收益法的实证案例研究——某企业商誉的评估 1(评估对象基本情况分析 (1)公司情况简介 该集团系在原深圳同州电子厂的基础上改组成立的，从1984年的同州电子厂成立算起，到今天的深圳同州高科技股份有限公司，该集团已有二十多年的历史。从这二十多年的发展史看，该集团无论是在规模上还是在产品品种及结构上都有很好的发展。以该集团的主要产品“某电容器”而言，年生产能力从2000年的1亿只发展到2008年的30亿只，现在已有60亿只的年生产能力。特别是在该集团“改制”以来，在电子部、国家经贸委、 tionwere moved to the automatic tridimensional warehouse storage. If Tray 1 out of the library, select the tray popup menu [IOSec the [start] button, you see the goods are put on the conveyor belt, and robotic loading pallets for through the pulley tracks 2.emu" as the file name to save the other. Click on menu bar | simulation | start | or time column in-] button. Then use "Lesson3on in the destination using the Ctrl + v, to enter copy 2 3rd truck name right (case of PART_STORE_00100), then click the [OKup menu in the property dialog box, click the [factor/control] butt-Open the barcode generator for the barcode004 part of the pop [OK] button. Open 2 right up 3rd truck Properties window, use the ' Ctrl ' + ' c ' will [summary] property names are copied. ick onhe Ctrl + v, to enter into the well on the 2nd floor you just copied right 2nd truck name (example PART_STORE_00099), then clerator for the barcode003 part of the Properties window, click the [factor/control] button, and then at the destination use tpart of the Properties dialog box, click the [factor/control] button in the destination edit box,Open the barcode genbutton. Select [login rule] button above the [rule number] menu under ... Then open the barcode generator for the barcode002 7for the 1th floor sections to be seen. Click the menu bar | Environment | Environmentnment or belts was transferred to corresponding cage inside the vehicle. Note 1: simulation before the start, please set the enviroge, workers unloaded the goods. Empty tray again by rail back to automatic stereoscopic warehouse. Remove the cargo by conveyint discharup menu, select [IOSection Library instructionenu (2). From 2 out of the tray after it has been transferred to the transit po-click with the mouse on the tray in the pop-Library instructionmenu (1 layer). If the tray 2 out of the library, right 有关部门和某市人民政府的大力支持下，各项经济效益都显并增长。该公司被列入全国1000家重点扶持的大型企业，该集团成为国内生产规模最大、技术水平较高的片式独石电容生产企业，产量占全国近六成，产品70,以上出口到欧美、东南亚、香港、台湾等地，企业声誉日益提高。 (2)产品类别及主要产品 该集团的主要产品是片式独石电容器和铝电解电容器。该集团生产的这两种产品都已获得IS09002国际标准认证，并通过每半年一次的复审，其中片式独石电容器于2009年已获日本松下公司的认证。该集团的片式独石电容器现产量占全国的60,，占深圳市场的70,。现市场平均价格为O.045-0.055元,只。铝电解电容目前系广东第三大生产厂，产品的70,是用于出口，平均销售价格为0.08元,只。系全国规模最大片式元件生产出口基地。 (3)评估基准日:2010年3月31日 表3-1截至2009年12月31日止3个会计年度之营业额概要 2007年 2008年 2009年 产品品种 人民币 百分比 人民币 百分比 人民币 百分比 (千元) (千元) (千元) % % % 独石电容 29358 65 56536 71 94289 82 电解电容 5932 7 16305 14 其他 15902 35 17174 22 4243 4 合计 45260 100 79642 100 114837 100 表3-2截至12月31日止各会计年度主要产品销售量及销售单价 2007年 2008年 2009年 类别 销售量 单价(元/销售量 单价(元/销售量 单价(元/ (万只) 万只) (万只) 万只) (万只) 万只) 独石电容 551(4 599(54 602(55 171000 94300 48756 电解电容 750(01 697(86 21740 8500 合计 192740 102800 48756 2(折现率的选取 我们根据国库券10,的年单利利率，据式(2-7)得出复利利率为9.13,，即取社会平均资金报酬率为10,。2007年全国电子行业有65家股份有限公司，全年实现利润144,687万元，全国固定资产平均余额339,069万元，全年流动资产平均余额1,159,089万元。据此计算其平均资产报酬率为9.65,(未考虑其他资产以及折旧和利息等因素)。另外，就资产的平均报酬率而言，电子行业及其中的电子元件制造业的资产报酬率要比10,的社会平均资金报酬率要低，本次评估综合考虑无风险利率为10,，电子行业的风险以及该集团的经营风险为3,，取折现率为13,。 3(该集团超额收益的预测及净现值的计算 在了解了该集团所在行业的基本情况以及该集团的基本情况后，我们对该集团截至评估基准日止的前3年财务报表进行了详细的分析(并就其中主要项目及其变化原因进行分析。通过对该集团2007-2009年各会计年度的损益表的比较研究，可以得出以下结论: 1(2007年至2009年，该集团主营业务收入在稳步增跃。 2(营业成本占主营业务收入的68,左右。 3(销售费用占主营收入的2,左右，但有递增的趋势。 ding pallets for through the pulley tracks were moved to the automatic tridimensional warehouse storage. If Tray 1 out of thesee the goods are put on the conveyor belt, and robotic loa 2.emu" as the file name to save the other. Click on menu bar | simulation | start | or time column in the [start] button, you-of PART_STORE_00100), then click the [OK] button. Then use "Lesson3 3rd truck name right (caseup menu in the property dialog box, click the [factor/control] button in the destination using the Ctrl + v, to enter copy 2 -will [summary] property names are copied. Open the barcode generator for the barcode004 part of the popc ' name (example PART_STORE_00099), then click on [OK] button. Open 2 right up 3rd truck Properties window, use the ' Ctrl ' + ' button, and then at the destination use the Ctrl + v, to enter into the well on the 2nd floor you just copied right 2nd trucktrol] n the destination edit box,Open the barcode generator for the barcode003 part of the Properties window, click the [factor/con... Then open the barcode generator for the barcode002 part of the Properties dialog box, click the [factor/control] button ibutton. Select [login rule] button above the [rule number] menu under 8ntironmen before the start, please set the environment for the 1th floor sections to be seen. Click the menu bar | Environment | Envpic warehouse. Remove the cargo by conveyor belts was transferred to corresponding cage inside the vehicle. Note 1: simulatioint discharge, workers unloaded the goods. Empty tray again by rail back to automatic stereoscoup menu, select [IOSection Library instructionenu (2). From 2 out of the tray after it has been transferred to the transit po-th the mouse on the tray in the popclick wi-library, select the tray popup menu [IOSection Library instructionmenu (1 layer). If the tray 2 out of the library, right 4(管理费用占主营业务收入的7,左右。 5(财务费用占主营业务收入的11,左右。 2007至2009年各年的净利润分别为2,979,120元，11,763,750元，23,135,150元，根据行业平均获利水平和企业资产状况，商誉为企业带来的超额利润分别为38,730元，152,930元，300,760元，鉴于该集团的主营业务就是片式电容和电解电容的生产和销售，其备年的销售量与超额利润见表3-3: 表3-3 2007年至2009年企业之超额利润与销售 年份 超额利润(千元) 销售量(万只) 2007 38(73 48756 2008 152(93 102800 2009 300(76 192740 对其进行回归分析(得出商誉所带来的超额利润与销售量的关系如下 E=0.018Q- 42.66 (3-1) 式中:Q以万只计，E以人民币千元计。 其相关系数R=0.9976表明E与Q之间有很强的线性相关关系。 根据该集团现行生产状况的发展趋势，对该集团2010年度至2013年度的销售量进行预测。按现有的生产能力和未来的市场销售发展状况预计2010年度至2013年的销售量分别为284700、367500、454500、506000万只，按式(3-1)估算出未来四年的超额利润，2013年以后各年的超额利润按2013年的数据，再按式(3-2)和13,的折现率进行净现值的计算。 2009ppt2009NPV=+ (3-2) ,t,20054(1，r)r(1，r)t,2006 式中:P为各年超额利润 将上述计算结果汇入表3-4 表3-4深圳同州高科技股份有限公司2010年3月31日的净现值表 年度 销售量 超额利润 现值系数 净现值 (万只) (千元) (NPV)(千元) 0(8696 413(49 2010 284700 47549 0(7561 473(46 2011 367500 62619 0(6575 515(83 2012 454500 78453 0(5718 502(19 2013 506000 87826 2013年后 每年87826 3(8117 3347(66 合计 5252.63 依据上述方法计算，该集团的商誉为企业带来的超额利润在评估基准日的现值为525(36万元，这说明与同行业平均水平相比，该集团有525万元的商誉价值(取整)。 以上评估方法认为，商誉的价值即为企业在经济寿命期限内所获得的超额收益。该超额收益是拥有商誉的企业获利水平与行业平均水平的差额。 企业具有自身生存、竞争、发展与获利能力，这种能力使企业的各种有形资产与无形资产有机的结合，从而创造出于同行业平均水平的超额利润，这种价值即体现为商誉价值。当然，利润的获取，也有其他可确指无形资产的贡献，在估算超额利润时，应注意剥离它们的贡献。此外，企业一般是在进行整体转让时才进行商誉的评估，企业在未来能否创造效益，还会取决于收购方或兼并方企业未来的经营状况。本案例在评估预测未来超额收益时，未将这一点考虑在内。 the [start] button, you see the goods are put on the conveyor belt, and robotic loading pallets for through the pulley tracks 2.emu" as the file name to save the other. Click on menu bar | simulation | start | or time column in-] button. Then use "Lesson3on in the destination using the Ctrl + v, to enter copy 2 3rd truck name right (case of PART_STORE_00100), then click the [OKup menu in the property dialog box, click the [factor/control] butt-Open the barcode generator for the barcode004 part of the pop [OK] button. Open 2 right up 3rd truck Properties window, use the ' Ctrl ' + ' c ' will [summary] property names are copied. ick onhe Ctrl + v, to enter into the well on the 2nd floor you just copied right 2nd truck name (example PART_STORE_00099), then clerator for the barcode003 part of the Properties window, click the [factor/control] button, and then at the destination use tpart of the Properties dialog box, click the [factor/control] button in the destination edit box,Open the barcode genbutton. Select [login rule] button above the [rule number] menu under ... Then open the barcode generator for the barcode002 9for the 1th floor sections to be seen. Click the menu bar | Environment | Environmentnment or belts was transferred to corresponding cage inside the vehicle. Note 1: simulation before the start, please set the enviroge, workers unloaded the goods. Empty tray again by rail back to automatic stereoscopic warehouse. Remove the cargo by conveyint discharup menu, select [IOSection Library instructionenu (2). From 2 out of the tray after it has been transferred to the transit po-click with the mouse on the tray in the pop-Library instructionmenu (1 layer). If the tray 2 out of the library, right tionwere moved to the automatic tridimensional warehouse storage. If Tray 1 out of the library, select the tray popup menu [IOSec 三、超额收益法在商誉评估过程中存在的问题分析 (一)评估目的不明确, 对商誉评估的重视程度不够 由于商誉是企业一项不可确认反映的无形资产，对它的认识社会上普遍存在一种“模糊”心理。企业产权变动时，进行商誉评估还不普遍，结果是企业在长期经营中建立的商誉，没有得到认可，甚至有可能造成国有资产。现在还有许多企业在评估的目的不明确的情况下，竞相委托资产评估机构对自己的商誉进行评估，它们大部分是在没有产权变动，缺乏交易条件制约的情况下进行的，评估机构对委托方的主观意愿影响极大。商誉是同企业整体密不可分的，它的评估必然伴随着整个企业资产的评估，而且在实际交易中，商誉的价格受交易双方条件的影响，它的价值要在交易中得到检验、证实。在缺乏交易条件(或者假设交易条件)的情况下进行的商誉评估，不符合资产评估的公平性、科学性、独立性原则，没有现实意义也不会得到社会公众的认可，更有的企业将商誉的价值看做是提高企业形象的工具，在新闻媒介上大加宣传，这不能视为一种正当竞争行为。 (二)评估过程中参数的确定 在实际评估操作中，超额收益法是一种技术性较强的评估方法，它的应用涉及到了如何对未来超额收益、折现系数及收益期限等参数的确定。同时在应用收益法时，几个参数的选取成为直接影响评估结果的重要因素。目前我国运用超额收益法评估过程中参数的选取还没规范，致使参数选取随意性大，主要表现在收益额、市场占有率、折现系数等数据的确定上并没有科学依据(从而导致了评估出来的资产价值达到令人瞠目的程度。目前，社会上出现的对资产价值评估结果，尤其是商誉评估结果的不信任，从一定意义上讲，是由于评估机构没有运用科学的方法对资产进行评估。 四、采用超额收益法对商誊评估的对策研究 (一)加强对商誉评估重要性的认识，要求企业在评估前明确评估目的 对于商誉评估的重要性，理应受到足够的重视，这也是企业维护自身经济利益的需要，检验一个企业是否存在商誉的简单方法是，将企业的盈利水平同社会基准收益水平(一般是同行业)相比较，如果是前者高于后者则存在商誉，产权变动时，自然就要高于后者，则存在商誉，自然就要评估商誉了。明确评估目的，才进行商誉评估。同时也要端正评估态度，反对只以宣传为目的的商誉评估，鉴于目前太多数企业的评估目的是为企业提高商誉，保护企业合法权益，评估要特别强调权威性、科学性，杜绝弄虚作假行为。不提倡企业在新闻媒介上过分宣传评估结果，防止引发攀比行为。 (二)完善评估过程中参数确定 1(关于超额收益额。 超额收益是指企业的收益与同行业的平均收益能力的差额。要确定超额收益，首先要确定企业的预期收益。在资产评估中，一般存在三种含义的预期收益:利润总额、净利润和现金净流量。这三个指标都是反映企业盈利能力和盈利水平的财务指标，但对同一企业或者同一资产，这三个指标不仅在数值上是不同的，而且在财务含义、计算口径和计算公式上都有重大差异: (1)利润总额和净利润指标界定的基础是权责发生制，而净现金流量指标界定的基础是收付实现制; (2)利润总额和净利润均为静态指标，而净现金流量是动态指标，净现金流量不仅是数量的描述，而且与发生的时间也形成密不可分的整体; (3)利润总额和净利润均不含折旧和贷款的利息支出，而净现金流量含有折旧费等的支 up menu, select [IOSection Library instructionenu (2). From 2 out of the tray after it has been transferred to the transit po-th the mouse on the tray in the popclick wi-library, select the tray popup menu [IOSection Library instructionmenu (1 layer). If the tray 2 out of the library, right ding pallets for through the pulley tracks were moved to the automatic tridimensional warehouse storage. If Tray 1 out of thesee the goods are put on the conveyor belt, and robotic loa 2.emu" as the file name to save the other. Click on menu bar | simulation | start | or time column in the [start] button, you-of PART_STORE_00100), then click the [OK] button. Then use "Lesson3 3rd truck name right (caseup menu in the property dialog box, click the [factor/control] button in the destination using the Ctrl + v, to enter copy 2 -will [summary] property names are copied. Open the barcode generator for the barcode004 part of the popc ' name (example PART_STORE_00099), then click on [OK] button. Open 2 right up 3rd truck Properties window, use the ' Ctrl ' + ' button, and then at the destination use the Ctrl + v, to enter into the well on the 2nd floor you just copied right 2nd trucktrol] n the destination edit box,Open the barcode generator for the barcode003 part of the Properties window, click the [factor/con... Then open the barcode generator for the barcode002 part of the Properties dialog box, click the [factor/control] button ibutton. Select [login rule] button above the [rule number] menu under 10ntironmen before the start, please set the environment for the 1th floor sections to be seen. Click the menu bar | Environment | Envpic warehouse. Remove the cargo by conveyor belts was transferred to corresponding cage inside the vehicle. Note 1: simulatioint discharge, workers unloaded the goods. Empty tray again by rail back to automatic stereosco 出。 (4)利润总额中含有所得税，系税前指标，净利润和净现金流量是所得税后指标; 根据目前我国的会计及历史数据的制约，各企业可以根据自身特点选择适用于商誉评估的指标 。 2(关于收益率。商誉评估中的收益率是指折现率及本金化率。折现率适用于一定时期未来收益折算成现值，本金化率适用于永久性、连续性、周期性未来收益。两者只是表现形式不同而已，但在实质上是相同的，因此我们把它统称为折现率。折现率是商誉评估的重要参数，它的选取直接决定着评估结果。它应体现三方面的影响，资金的时间价值，通货膨胀的影响和能承担的各种风险(如财务风险、破产风险等)。理论上其数值一般为风险收益率、无风险收益率、通货膨胀率三者之和。实际评估中，依剧评估对象及目的不同进行选择。折现率的选取可在行业平均利润率、社会平均利润率、平均投资回报率、同期银行利率、企业资本成本等比率中进行选取或综合，这些数据中有的可以根据国家公布的有关信息，有的则是依赖于对行业环境及企业个体的分析，这就会对评估人员的素质提出更高的要求。 3(关于收益年限。收益年限一般应包括待评估企业的整个收益期限。有期限者，应该根据具体情况的不同，可以选用营业执照的期限、经营合同规定的期限、租赁期限和整个经济寿命周期等。例如可以采用营业执照上的年限或者经营合同指定的年限。当企业经营比较正常并且没有对足以影响企业继续经营的某项资产的使用年限进行规定，或者这种限定是可以解除的，而且可以通过延续方式永续使用的，则在测算其收益时，收益期的确定可采用无限期(永续法)。 Library instructionmenu (1 layer). If the tray 2 out of the library, right tionwere moved to the automatic tridimensional warehouse storage. If Tray 1 out of the library, select the tray popup menu [IOSec the [start] button, you see the goods are put on the conveyor belt, and robotic loading pallets for through the pulley tracks 2.emu" as the file name to save the other. Click on menu bar | simulation | start | or time column in-] button. Then use "Lesson3on in the destination using the Ctrl + v, to enter copy 2 3rd truck name right (case of PART_STORE_00100), then click the [OKup menu in the property dialog box, click the [factor/control] butt-Open the barcode generator for the barcode004 part of the pop [OK] button. Open 2 right up 3rd truck Properties window, use the ' Ctrl ' + ' c ' will [summary] property names are copied. ick onhe Ctrl + v, to enter into the well on the 2nd floor you just copied right 2nd truck name (example PART_STORE_00099), then clerator for the barcode003 part of the Properties window, click the [factor/control] button, and then at the destination use tpart of the Properties dialog box, click the [factor/control] button in the destination edit box,Open the barcode genbutton. Select [login rule] button above the [rule number] menu under ... Then open the barcode generator for the barcode002 11for the 1th floor sections to be seen. Click the menu bar | Environment | Environmentnment or belts was transferred to corresponding cage inside the vehicle. Note 1: simulation before the start, please set the enviroge, workers unloaded the goods. Empty tray again by rail back to automatic stereoscopic warehouse. Remove the cargo by conveyint discharup menu, select [IOSection Library instructionenu (2). From 2 out of the tray after it has been transferred to the transit po-click with the mouse on the tray in the pop- 结 论 在当今市场经济条件下，企业的收购、兼并、股份制改造等现象越来越普遍,必然会涉及到无形资产的评估问题，而商誉作为企业的一项重要无形资产，讨论它的经济学内涵、澄清评估中存在的问题，具有现实意义。 本文通过对商誉评估的基本理论作了分析，重点对超额收益法在商誉评估中的应用和问题及对策进行了阐述和探讨，商誉评估是资产评估的一大难点，商誉本身的特点也决定了商誉评估的复杂性。在目前行业内外关于商誉评估理论和操作方法还存在诸多争议的情况下，惟有在实践的道路上不断探索，才能逐步解决这一问题，使关于商誉的评估更为科学、更为准确。 ding pallets for through the pulley tracks were moved to the automatic tridimensional warehouse storage. If Tray 1 out of thesee the goods are put on the conveyor belt, and robotic loa 2.emu" as the file name to save the other. Click on menu bar | simulation | start | or time column in the [start] button, you-of PART_STORE_00100), then click the [OK] button. Then use "Lesson3 3rd truck name right (caseup menu in the property dialog box, click the [factor/control] button in the destination using the Ctrl + v, to enter copy 2 -will [summary] property names are copied. Open the barcode generator for the barcode004 part of the popc ' name (example PART_STORE_00099), then click on [OK] button. Open 2 right up 3rd truck Properties window, use the ' Ctrl ' + ' button, and then at the destination use the Ctrl + v, to enter into the well on the 2nd floor you just copied right 2nd trucktrol] n the destination edit box,Open the barcode generator for the barcode003 part of the Properties window, click the [factor/con... Then open the barcode generator for the barcode002 part of the Properties dialog box, click the [factor/control] button ibutton. Select [login rule] button above the [rule number] menu under 12ntironmen before the start, please set the environment for the 1th floor sections to be seen. Click the menu bar | Environment | Envpic warehouse. Remove the cargo by conveyor belts was transferred to corresponding cage inside the vehicle. Note 1: simulatioint discharge, workers unloaded the goods. Empty tray again by rail back to automatic stereoscoup menu, select [IOSection Library instructionenu (2). From 2 out of the tray after it has been transferred to the transit po-th the mouse on the tray in the popclick wi-library, select the tray popup menu [IOSection Library instructionmenu (1 layer). If the tray 2 out of the library, right 参考文献 [1]程凤朝,崔宏.企业无形资产及其评估[J].《经济论坛》,2007,02:第2-6页. [2]陈宏,陈丽华.商誉评估理论的几个问题[J](电子科技火学学报,2006，01:第73-75页. [3]刘伍堂.我国当前评估实践中应用收益法存在的问题分析及对策[J](会计研究，2008，02:第40-45 页. [4]孙伟英.我国无形资产评估中存在的问题及对策[J].《财会信息》,2007,03:第4-7页. 胡晓晖.谈无形资产评估中收益现值法应用的改进[J].当代财经,2009,01:第2-3页. [5] [6]徐泓.对商誉的再认识一公司收购的思考[J](会计研究,2008,08:第17-19页. [7]雒京华.论知识经济下无形资产的本质特征及管理[J](兰州大学学报,2000,06:第46-49页. [8]熊春红.采用收益法对企业商誉评估探讨[J](重庆大学学报,2009,12:第41-44页. [9]常永新,王伟程.论无形资产评估的参考要素[J](中国科技产业,2000,07:第5-7页. [10]阮渝生.企业商誉的灰色系统综合评估方法研究[J].商业研究,2003,03:第12-14页. [11]杨晓宏.浅探商誉价值的提升[J].会计之友,2006,05:第23-26页. [12]周兵,张苑.上市公司资产重组中商誉价值的经济计量一重庆工商大学学报(西部经济论 坛),2003,06:第24-28页. [13]王超.评估商誉价值的一种新方法—模糊数学法[J].会计之友,2010,06:第45-49页. [14]邵红霞,方军雄(我国上市公司无形资产价值相关性研究一基于无形资产明细 分类信息的再检验[J](会计研究,2006,12:第39-43页. 15]杨瑾淑,郝以朋(关于商誉确认和计量的思考[J](财会月刊(理论),2007,06:第56-61页. [16]顾中国,江金锁(论商誉的本质及自创商誉的定价[J](财会月刊,2006,12:第38-52页. [17]吕嫒,黄国良(新会计准则下商誉会计问题探讨[J](商业时代,2007,10:第46-49页. [18]杜一涛,孙芳城(知识经济条件下的自创商誉及其信息披露[J](财会月刊(理论),2007,04:第12-18 页. [19]苑泽明(现代企业无形资产价值管理研究[M](东北财经大学出版,2001,02:第34-42页. [20]苑泽明(无形资产评估[M](复旦大学出版社,2005,04:第99-101页. the [start] button, you see the goods are put on the conveyor belt, and robotic loading pallets for through the pulley tracks 2.emu" as the file name to save the other. Click on menu bar | simulation | start | or time column in-] button. Then use "Lesson3on in the destination using the Ctrl + v, to enter copy 2 3rd truck name right (case of PART_STORE_00100), then click the [OKup menu in the property dialog box, click the [factor/control] butt-Open the barcode generator for the barcode004 part of the pop [OK] button. Open 2 right up 3rd truck Properties window, use the ' Ctrl ' + ' c ' will [summary] property names are copied. ick onhe Ctrl + v, to enter into the well on the 2nd floor you just copied right 2nd truck name (example PART_STORE_00099), then clerator for the barcode003 part of the Properties window, click the [factor/control] button, and then at the destination use tpart of the Properties dialog box, click the [factor/control] button in the destination edit box,Open the barcode genbutton. Select [login rule] button above the [rule number] menu under ... Then open the barcode generator for the barcode002 13for the 1th floor sections to be seen. Click the menu bar | Environment | Environmentnment or belts was transferred to corresponding cage inside the vehicle. Note 1: simulation before the start, please set the enviroge, workers unloaded the goods. Empty tray again by rail back to automatic stereoscopic warehouse. Remove the cargo by conveyint discharup menu, select [IOSection Library instructionenu (2). From 2 out of the tray after it has been transferred to the transit po-click with the mouse on the tray in the pop-Library instructionmenu (1 layer). If the tray 2 out of the library, right tionwere moved to the automatic tridimensional warehouse storage. If Tray 1 out of the library, select the tray popup menu [IOSec