关键词: 高科技企业, 无形资产, 评估

Abstract: The value of the enterprise, in addition to the tangible assets, also includes the operational benefits of intangible assets, such as the acquisition of goodwill, intellectual property or the creation of customer value, which can increase the added value of the enterprise. Intangible assets are one of the most important assets of an enterprise.In the era of knowledge economy, intangible asset management is not only a matter of organizational value, but also a key factor in business growth.High-tech enterprises have the characteristics of continuous innovation, high added value, and high concentration of knowledge. They belong to a new form of industry that is highly dependent on intangible assets. For high-tech industries and companies, intangible assets are more important to the creation of corporatevalue.When high-tech companies want to further use intangible assets as a tool for competition, they must face the problem of how to evaluate intangible assets.The traditional accounting methods have inherent limitations and shortcomings in the expression of the value of intangible assets, and cannot reasonably reflect the value of intangibleassets.Based on the characteristics of high-tech enterprises, this paper comprehensively combs and systematically summarizes the methods and application conditions of various intangible assets evaluation, and makes a comparative study on related methods, and discusses how to evaluate intangible assets in order to carry out reasonable capital valuation.Common methods of evaluating intangible assets can be divided into cost method, income method and market method. Each method has its applicability and depends on the professional judgment of the evaluator.(1)Cost method: Based on the principle of substitution, it is assumed that the investor will not increase the cost of initially constructing the intangible asset and invest more money to rebuild another new intangible asset. Therefore, under this method, the intangible asset has more value. The replacement cost is capped. The types of intangible assets that often use this method are: information systems, marketing channels, and human resources.(2)Income method: Estimate the economic benefits that may be generated in the future of the evaluated target, and discount it to the present value of the evaluation date as the fair price. The types of intangible assets that often use this method are: patents, technology, brands, copyrights, customer relationships, software products, etc.(3)Market method: The quoted price of an asset that is similar or comparable to the target being evaluated in the public market is a reference to the fair price. Types of intangible assets that often use this method: information systems, patents, technology, software products, etc.Currently, there are five commonly used methods for evaluating intangible assets of high-tech enterprises: Market/Book value ratio method（MV/BV）： The calculation of the value of intangible assets is the ratio between the market value of the company′s stock price and the book value.When the ratio is greater than 1, it indicates the existence of the value of intangible assets，and the greater the ratio, the higher the value of intangible assets。Tobin Q method：The method was first proposed by Nobel economist Tobin (1950) to predict corporate decisions beyond independent macroeconomic factors.It is defined as ratio of the market value of the company and the replacement value of the company′s assets (Market Value/Replacement costs). If the Q value is greater than 1, it means that the company can purchase more similar assets.Since the calculation of the original Tobin Q is too complicated, Chung & Stephen (1994) proposed a more convenient alternative, Approximate Tobin Q：(MVE+PS+DEBT)/Total Assets. The empirical results show that this alternative method can explain the original Tobin Q variation of 96.6%.Calculated Intangible Value method (CIV)：This is a method developed by the NCI Research Center, a subsidiary of Northwestern University′s Kellogg School of Business, to assess the value of intangible assets.CIV = (1 - tax rate) * excess compensation / discount rate，represents a company that is used to win the industry′s ability to own companies with similar tangible assets. As CIV rises, it is increasingly capable of producing more cash in the future on behalf of a business unit or department.Value Added Intellectual Capital method (VAICTM): It is a tool that provides analysis of managers, shareholders, or other stakeholders to test the efficiency with which companies use their resources to create added value.As proposed by Pulic (2000), the value and efficiency of intangible assets are calculated based on input capital, human capital, and structural capital.VAICTM = Structural Capital Efficiency Index + Human Capital Efficiency Index + Input Capital Efficiency Index.Economic Value Added method（EVA）：EVA is not only a measure of performance, but also a residual income. If a reasonable investment compensation is to be obtained, the amount must be large enough to cover the risk assumed, and the necessary compensation for the risk refers to the capital cost of the debt and equity (Weighted average cost of capital, WACC). What is important is that it converts accounting information into economic reality. When the excess return rate is larger and the invested capital is larger, the excess profits earned by the enterprise each year are higher, and the value of the intangible assets of the enterprise is higher.This paper hopes to provide a methodological reference for the evaluation of intangible assets of domestic high-tech enterprises through comparative analysis of various valuation methods of intangible assets, so as to promote high-tech enterprises to strengthen the awareness of intangible assets management and give full play to the advantages of intangible assets. Establish a long-term competitive advantage for the company and obtain excess returns.

Key words: high-tech firm, intangible assets, intangible assets appraisal