The technical idea of ​​​​valuation of the market method. When using the market method to evaluate intangible assets, it is necessary to consider the measurement method of the value of the intangible assets. The measurement method of the value of the intangible assets can be divi

1. Valuation technical ideas of market method

The market method is used to evaluate intangible assets. needs to consider the measurement method of intangible asset value . The value measurement method of intangible assets can be divided into two types: total price measurement method and ad valorem measurement method . Different value measurement methods will produce different evaluation technical ideas.

1. The total price measurement method is also called the absolute measurement method , which measures the value of an intangible asset with a total value. In tangible assets, since they can often function independently. There is no need to form a business asset group with other assets. At the same time, its ability to perform can be determined independently and the expected income it generates can be reasonably determined. Therefore, it is relatively reasonable to adopt this total price measurement method. But for an intangible asset. Because they often cannot function alone, they must form a business asset group with other tangible assets to function together. The ability of the asset group to function is determined by the tangible assets in the asset group. If it is measured using the total price method, it needs to be measured together with the total income generated by the business asset group, that is, the total value of the patented technology and the patent The scale and size of the business asset group that may be composed of technology and other tangible assets are closely related. Only under this valid premise can it be possible to use the total price measurement method to evaluate the patented technology.

2. The ad valorem measurement method, also known as the relative measurement method , measures the value of intangible assets based on the "unit income" obtained from the business asset group composed of the intangible assets. Typical forms include ad valorem measurement with revenue sharing rate as the core parameter and ad valorem measurement with profit sharing rate as the core parameter.

The ad valorem measurement method originates from a specific business asset group, but can be used beyond that specific business asset group. The share rate calculated from a specific business asset group can also be applied to business asset groups of other sizes, and is not limited to specific business asset groups. Capability business asset group.

For example: A transfer agreement for patent intangible assets stipulates that after the transferee of the patent assets uses the transferred patent assets in its own production business, it needs to pay 5% of the sales revenue of the patented products to the patent every year. The transfer pricing model of patent assets, which pays a transfer fee of 5% of sales revenue or 30% of operating profits, is the most typical intangible asset transfer pricing model. Ad valorem measurement of assets.

1. The measurement method is a combination of total price and ad valorem, that is, the measurement method of "entry fee + share". An entry fee is calculated using the total price calculation method, and then an ad valorem measurement method is added.

2. Technical ideas for market method evaluation under the total price measurement method

Technical ideas for market method evaluation under the total price measurement method It is necessary to combine the total price measurement method and the characteristics of the intangible assets themselves , and consider the selection of comparable objects and difference analysis and adjustment special requirements.

1. Comparable object selection

Under the total price measurement method, the subject intangible assets and comparable intangible assets are required to be comparable. It is also required that the business asset group related to the subject intangible asset and the business asset group related to the comparable intangible assets are comparable. When selecting comparable objects in , attention should be paid to the following conditions;

(1) Comparability conditions for intangible assets

1) The underlying intangible assets are the same or similar to the comparable intangible assets. That is, the functions of the underlying intangible assets and the comparable intangible assets are the same or similar;

2) The rights status of the underlying intangible assets and the comparable intangible assets are the same or similar. That is, the rights status of the subject intangible assets and the comparable intangible assets or the "bundle of rights" (the content of rights to use, benefit and disposal) contained in the subject intangible assets are the same or similar;

3) The subject intangible assets are in the same or similar development stage as the comparable intangible assets. That is, the development stage of the underlying intangible asset and the comparable intangible asset (the development stage within its economic life cycle) are the same or similar.

(2) Comparability conditions for business asset groups related to intangible assets

1) The underlying intangible assets and the asset groups related to comparable intangible assets have the same or similar functions as .The asset groups related to the subject intangible assets have the same or similar business operations, and the subject intangible assets and the comparable intangible assets play the same or similar roles in their respective asset groups;

2) The size of the asset group related to the subject intangible assets and the comparable intangible assets , the same size or similar to . Since the production scale of different intangible asset transferees may be different, the transfer price they are willing to accept will be different. Therefore, when using the total price measurement method to determine the value of intangible assets, it is necessary to consider the business assets related to the intangible assets. Group size factor.

2. Difference analysis and adjustment

The adjustment of the total price measurement method includes two aspects: the difference adjustment of intangible assets and the difference adjustment of intangible asset-related asset groups:

(1) The difference adjustment of intangible assets is mainly based on the analysis of the development stages of the two. The difference, that is, the difference in remaining economic life, can be made through the life cycle of the relevant business asset group;

(2) The difference adjustment of the asset group related to intangible assets mainly includes: the size of the business asset group related to the target intangible assets and the comparable intangible assets , size, as well as differences in product gross profit, maintenance expenditure costs of other tangible assets, etc.

3. Technical ideas of market method evaluation under the ad valorem measurement method

Intangible asset evaluation under the ad valorem measurement method It is usually not necessary to evaluate the absolute value of intangible assets, but to give a relative ratio, such as the revenue sharing rate. or profit sharing rate. Of course, the technical idea of ​​market method evaluation under the ad valorem measurement method also needs to combine the ad valorem measurement method and the characteristics of the intangible assets themselves, and consider the special requirements for comparable object selection and difference analysis and adjustment.

1. Comparable object selection

Under the ad valorem measurement method, the requirements for the comparability of the subject intangible assets and the comparable intangible assets mainly include that the subject intangible assets and the comparable intangible assets are the same or similar, that is, the functions of the subject intangible assets and the comparable intangible assets are the same or similar.

For those who adopt the "entry fee + share" measurement method, it is necessary to reasonably calculate the entry fee and the share rate separately, or use a reasonable method to convert the door fee into a share, or on the contrary, convert the share into a total price measurement. fee.

In practice, the "entry fee" may often be estimated based on the cost required by the transferor of the intangible assets in the process of transferring the intangible assets. sometimes stipulates in the transfer agreement that the transferor needs to send personnel to provide technical training, operational training, etc. to the transferee's personnel. The transferor's above-mentioned costs need to be paid to the transferor by the transferee in the form of "entry fees."

2. Difference analysis adjustment

The adjustment of the ad valorem measurement method mainly includes the difference adjustment of the contribution of the underlying intangible assets and comparable intangible assets to the respective product income, as well as the difference adjustment of the impact of the absolute value of the entry fee on the sharing.

The positions of the underlying intangible assets and comparable intangible assets within their respective economic lives determine their remaining economic lives, as well as their current and future product sales profit margin levels. Therefore, you can refer to the difference in sales profit margin to adjust the difference in the contribution of the subject intangible assets and comparable intangible assets to the income of their respective products.

For the transfer of the right to use intangible assets, you also need to pay attention to the impact of the transfer period in the transfer agreement on the value of the intangible assets. Influence.

IV. Determination of the main parameters and indicators

There are two main methods of calculating the share rate through the market approach : comparative company method and market transaction case method.

1. Use the comparative company method to calculate the share ratio

The comparative company method selects companies in the same industry as the enterprise to be evaluated for intangible assets to be implemented as "comparison companies" among domestic listed companies. Since the way and functions of the intangible assets of the comparison company are the same or similar to the way and function of the evaluated intangible assets in the enterprise to be implemented, they are comparable. Therefore, the income created by the comparable intangible assets in the company can be compared to the total income. Use the ratio to calculate and compare the company's share rate of intangible assets.The calculation formula is as follows:

compares the company's intangible assets share ratio = compares the company's contribution of intangible assets to total income ÷ compares the company's total income

can be calculated by comparing the average of the company's comparable intangible asset share ratios, and after adjusting for relevant influencing factors, Calculate the share rate of the subject intangible assets of the enterprise being evaluated. That is:

The appraised enterprise’s intangible asset sharing rate = Comparing company’s average intangible asset sharing rate Sales gross profit margin/compared to the company's average technical intangible asset product sales gross profit margin

The adjustment coefficient reflects the key factors that affect the share rate of this type of intangible assets. For example, it is related to the size of technology-related intangible interest rates. Technical products with high profit margins will have high technology shares, and vice versa.

2. Use market transaction cases to calculate the share rate

When using the market method to evaluate intangible assets under the ad valorem measurement method, the share rate can also be calculated by obtaining market license fee transaction case data.

It should be noted that when using market license fee transaction cases to query the license rate, the calculation caliber of the license rate needs to be clarified based on the search criteria. The license rate can be a license rate calculated as a percentage of sales revenue, based on a pre-tax basis, or a license rate calculated as a percentage of net profit, based on an after-tax basis.

5. Precautions for using the market method

1. The applicability issue of the total price measurement method

Comparable intangible assets and their related business asset groups are difficult to find, so the market method assessment through the total price measurement method is generally not applicable.

1. The relationship between the ad valorem measurement method and the license fee saving method

In practical evaluation, the evaluation result of intangible assets under the ad valorem measurement method may not be an absolute value, but a relative ratio (profit sharing rate/income sharing rate ), comparable objects can also be obtained through market cases or through logical calculation. However, this form of evaluation results is rarely accepted in current domestic practice. After the market obtains the ad valorem measurement share rate of an intangible asset, it still has to combine it with a specific business asset group to estimate the An absolute amount of value. In current practice, the license fee saving method in the evaluation of intangible assets income method adopts such a logic.

3. Issues that should be paid attention to when adjusting the share rate

The essence of the share rate is the ratio of unit product income that should be allocated to intangible assets. The

share rate is an indicator of the contribution rate of intangible assets. It is not necessarily related to the profitability of the business asset group to which the intangible assets are attached, and has nothing to do with the capital structure of the attached business asset group. Therefore, the profitability of the asset group related to intangible assets has nothing to do with the contribution rate of intangible assets.