Intangible assets have increased the heterogeneity and exclusiveness of enterprises in market competition, and the value of building enterprise competition barriers has become more and more prominent, and the complexity of intangible assets identification and evaluation risk have also increased accordingly. In order to ensure the quality of intangible assets evaluation and the authenticity and accuracy of the evaluation results, understanding and controlling the evaluation risks in the evaluation process has become a very important part of the asset evaluation system. The following is the knowledge I brought to you about the risk assessment and control of intangible assets. Welcome to reading.
First, the significance of intangible assets risk assessment and control
In internet plus, it has gradually penetrated into all fields of social economy. With the coming of Industry 4.0 Revolution, intangible assets have ensured the benign development of technology in market competition, effectively ensured and improved the heterogeneity among enterprises, and improved the competitiveness of enterprises, showing great value in economic activities such as financing, acquisition and joint venture. Intangible assets are formed with the development of economy and technology, and it is precisely because of its unique characteristics such as invisibility, exclusiveness, separability of ownership and use right in transactions, and uncertainty of future income. This increases the difficulty of identification and the complexity of evaluation. As a result, the problems and risks related to intangible assets evaluation in enterprise financing, mergers and acquisitions and other economic activities have become increasingly prominent, attracting more and more people's attention.
Second, the evaluation object and method risk
(1) Risk assessment object
It refers to the possibility that there is a big error in the evaluation value of intangible assets because the evaluation object is not clear in the evaluation process. Article 2 of the new asset appraisal standard "Intangible Assets" implemented by China Assets Appraisal Association on July 1 2009 stipulates that the intangible assets mentioned in this standard refer to the resources that are owned or controlled by a specific entity, have no physical form, can continue to play a role and can bring economic benefits. ? At the same time, 65,438+03 kinds of intangible assets are defined in the Opinions on Operational Standards for Asset Appraisal (Trial), but some intangible assets are added, such as emerging option value, e-commerce platform, Internet application app, etc. , there is no good coverage, and the evaluation of such intangible assets lacks operational guidance and guidance, which is easy to make the owners of such assets suffer losses. On the other hand, intangible assets have synergistic effect, that is, people often say that one plus one is greater than two. If only a single project is evaluated independently, the income increase brought by its combination will be underestimated.
(2)
Evaluation method risk refers to the possibility that there is a big error in the evaluation value due to the deviation in the selection of evaluation methods and the determination of parameters during the evaluation of intangible assets. At present, there are three methods to evaluate intangible assets, namely market method, income method and cost method.
1. For traditional industries, income method and cost method are usually used for intangible assets evaluation. Whether using the income method or the cost method, when forecasting the future trend through historical data and industry data, it is inevitably influenced by subjective factors such as the appraisers' preference for assets and industries and the optimism of the economic environment. For example, from February to August, 2065438+2005, the economic fluctuation caused by China stock market was severe. With the implementation of a series of market stimulus policies by the central bank, such as reducing RRR and interest rates, the appraisers' subjective views on future economic environment changes will affect the determination of income increment and discount rate, thus affecting the appraisers' deviation or distortion of intangible assets appraisal results.
2. For the market method used in the actual operation of innovative industries, that is, by comparing relevant indicators, companies with similar scales are selected for evaluation. However, because every enterprise in the innovation industry has uncertain factors such as business profit model and business realization model, if the market method is adopted, whether the comparable company can be accurately selected will become the key to affect the accuracy of the evaluation. For example, the same industry in internet plus can be subdivided into e-commerce platforms, P2P matchmaking services, social tools and other formats, which makes it more difficult to choose comparable companies under market rules. If the selection is wrong, the evaluation value will be distorted. Even if a comparable company with the same business profit model and business realization model is found, different interpretations of KPI quality will lead to deviations in the comparability of asset evaluation values.
Three. Assess common risks and challenges in practice.
In China's intangible assets evaluation system, there have been many discussions about intangible assets involved in traditional industries. In the evaluation of using income method and cost method, the evaluation standards and operating norms are constantly improving. However, with the rapid development of innovative industries, the definition, corresponding evaluation methods, standards and operating norms of new intangible assets are still not perfect.
1 Risk assessment of intangible assets in innovative industries
For innovative industries, the definition and valuation of intangible assets included in their industries are relatively vague. Assets such as e-commerce platforms and social tools do not conform to tangible assets in form, but they are not included in the traditional definition of intangible assets, but they conform to intangible assets? Without material form, resources that can continue to play a role and bring economic benefits? Property of. When evaluating the value of these assets, the market method is usually adopted, but there is a lack of a more operational guidance system when selecting reference objects or comparable companies. Today, with the vigorous development of innovative industries, especially Internet enterprises, there are many financing or trading activities. When the appraiser evaluates, if the companies with similar scale are selected by KPI and evaluated based on the financing amount or transaction amount of these similar companies, the evaluation results may be greatly deviated. For example, when selecting comparable companies in the same sub-industry, generally by comparing the total number of users, monthly active users (MAU), weekly active users (WAU), daily active users (DAU) and daily active time, and referring to the recent valuation of comparable transactions/companies, the evaluation values of companies with similar data sizes converge. However, due to the inconsistent data quality, such as the quality of active users, the free distribution of income per active user, the different commercial liquidity and other factors, the evaluation results are likely to be distorted.
2. Valuation risk of M&A synergy effect of industrial chain extension
In the M&A process of industrial chain, there may be synergy between intangible assets. In traditional industries, in order to control raw material channels and reduce the cost of further development of a production enterprise, when evaluating the value of intangible assets such as patented technology of the acquired party, if the synergistic effect between intangible assets is considered, a higher asset valuation will be given. The valuation increment brought by synergy is more prominent and significant in innovative industries. For example, Aofei Animation (002292)20 13 acquired the Pleasant Goat brand production team for 540 million yuan in September, while the net asset value of the consulting port company with Pleasant Goat brand was only HK$ 54 million as of June 30, 2065 438+03.
3, including goodwill, intangible assets impairment measurement.
Because most intangible assets lack an active and transparent market, it is extremely challenging to determine the fair value of these assets or test the impairment of intangible assets. Intangible assets such as copyright and patent right appear with the development of economy and technology, which is a process of continuous upgrading, so this kind of intangible assets has its life cycle. In addition, in most practical cases, outsourcing enterprises are integrated into the activities of the acquired enterprises, rather than operating independently, which leads to self-created goodwill mixed with outsourcing goodwill or replacing part of outsourcing goodwill. This makes us pay attention to the measurement of impairment when evaluating intangible assets. At the same time, if the financial statements and audit reports of enterprises are not properly analyzed and explained, it will also interfere with the appraiser's proper impairment measurement of intangible assets including goodwill. The evaluation for the purpose of intangible assets impairment measurement is not for trading, but to reflect the income increment brought to the enterprise under the premise of continuous use.
Four. Risk control of intangible assets evaluation
The risk control of intangible assets evaluation should run through the whole evaluation activity, and the effective risk control means and methods mainly include the following aspects:
No. 1
For appraisers, we should first strengthen their professional ability, then raise their awareness of professional risks, and finally learn and abide by the basic principles of professional ethics to enhance the sense of responsibility and professional ethics of practitioners.
NO2
When evaluating the value of the target assets, we must have a comprehensive grasp of the economic, political, cultural environment, legal policies, technical strength, competition barriers and strategic direction of the countries and regions where the assets are evaluated through detailed and professional due diligence, so as to make a relatively accurate judgment on the asset value. When appraisers lack knowledge of the industry where the appraisal object is located, they should strengthen consultation and communication with experts in the industry such as accountants, lawyers, financial consultants and technical consultants. Especially for the new intangible assets in innovative industries, it is necessary to accurately understand and grasp the asset value with the help of professionals to ensure the effectiveness of the evaluation.
third place
In view of the complexity and arduousness of intangible assets evaluation, appraisers need to strengthen the study and accumulation of evaluation cases and comparable objects in peacetime, not only to fully consider the synergistic effect on the incremental income of intangible assets in industry integration and mergers and acquisitions, but also to avoid overestimation of assets caused by excessive amplification of synergistic effect.
fourth
In the process of evaluation, appraisers should not only refer to the measurement of intangible assets in the financial statements and audit reports of enterprises, but also avoid misinterpretation and interference in asset impairment testing, and avoid the possibility of deviation of evaluation results caused by taking transaction value or fair value as the use value of intangible assets. For traditional manufacturing enterprises, whether to master the core technology and whether this technology has become or will become the leading direction of the future industry is the most important thing related to the value of assets and must be fully valued.
Fifth place
In the process of intangible assets evaluation, we should not only identify the risks existing in the assets themselves, but also pay attention to systemic risks such as macro-situation and government intervention. On the other hand, it is necessary to strengthen the research of evaluation theory, improve the evaluation parameters and data collection in the operation of evaluation methods, and enhance the scientificity and effectiveness of evaluation.
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