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1、资产评估学配套全册完整教学课件,ASSET EVALUATION,TOPIC 1: 资产评估学教程,The Introduction of Asset Evaluation,第一节 资产概述 一、资产的涵义 经济主体拥有或控制的，能够以货币计量并给经济主体带来经济效益的经济财物。 二、资产类型 （一）有形资产和无形资产 具有实物形态的资产；不具有实物形态的资产。（二）可辨认资产和不可辨认资产能够独立存在的资产（有形资产+除商誉以外的无形资产）；不能独立于有形资产而存在的资产（商誉：股权转让的时候由名称或特许使用的声誉、信誉、历史文化、经验等因素综合形成的，无法单独进行转让；注意：商标可以单独转
2、让，如90年代加多宝租赁广药王老吉商标-红罐王老吉）。 （三）单项资产和整体资产,商誉（Goodwill）：能在未来期间为企业经营带来超额利润的潜在经济价值，或一家企业预期的获利能力超过可辨认资产正常获利能力的资本化价值。,第二节 资产评估的概念及其特点 一、资产评估的概念 对资产在某一时点的价值进行估计的行为或过程。 二、资产评估的特点（一）时点性：评估基准日（二）市场性：市场价值 （三）预测性：预期未来收益 （四）公正性：评估原则、评估程序以及评估方法； 评估人独立性（五）咨询性：参考价值 三、资产评估与会计计价的区别 计价基础：市场价值 Vs. 账面价值 举例：2007.1.1新会计准则
3、引入“公允价值”（Fair Value），企业会计准则第3号-投资性房地产和企业会计准则第22号-金融工具确认和计量，“双刃剑”、金融泡沫的发生器？,第三节 资产的价值类型及评估标准 一、资产的价值类型（一）市场价值 “资产在评估基准日交易的评估值，资产交易是买者与卖者 在适当的市场上自愿、独立进行的交易，并且交易双方都 是精明、慎重、自愿的”国际资产评估标准（二）非市场价值 资产在各种非公开交易市场条件下的最可能价值，如使用价 值、课税价值、清算价值等。 二、资产评估标准 （一）以市场价值为基础的评估标准 评估目的是在公开市场上进行交易 （二）以非市场价值为基础的评估标准 评估目的是保险、税
4、收、投资、清算等（三）以财务报告及会计事项为目的的资产评估标准 评估目的是财务报告及会计事项（四）贷款担保、抵押和债券的评估标准 以市场价值为标准,第四节 资产评估学理论框架,ASSET EVALUATION,TOPIC 2,Time Value of Money,Topics Covered,Present Value analyzing, interpreting, and controlling the organizations accounting and financial records,信贷经理,资金管理经理,税务经理,The Financial Manager,To crea
5、te value, the financial manager should: 1.Try to make smart investment decisions. 2.Try to make smart financing decisions.,Separation of Ownership and Control,The Set-of-Contracts Perspective,The firm can be viewed as a set of contracts. One of these contracts is between shareholders and managers. T
6、he managers will usually act in the shareholders interests. The shareholders can devise contracts that align the incentives of the managers with the goals of the shareholders. The shareholders can monitor the managers behavior. This contracting and monitoring is costly.,JM（1976）：Agency Costs,Do Shar
7、eholders Control Managerial Behavior?,Shareholders vote for the board of directors, who in turn hire the management team. Contracts can be carefully constructed to be incentive compatible（激励相容）. There is a market for managerial talentthis may provide market discipline to the managersthey can be repl
8、aced . If the managers fail to maximize share price, they may be replaced in a hostile takeover.,Ownership vs. Management,Difference in Information Stock prices and returns Issues of shares and other securities Dividends Financing,Different Objectives Managers vs. stockholders Top mgmt vs. operating
9、 mgmt Stockholders vs. banks and lenders,separation of ownership of the assets of the corporation from control of those assets,Two kinds of managerial failures : 1. Failures of managerial competence relate to unwitting mistakes in the discharge of managerial control; 2. Failures of managerial integr
10、ity relate to wilful behaviors of the part of managers that negatively impact the value of the firms assets.,separation of ownership of the assets of the corporation from control of those assets,Shareholders enact ratification, monitoring and sanctioning mechanisms 1. Ratification mechanisms are mec
11、hanisms for validating the decisions of the agent, of giving final approval or veto for an initiative or directive or actionable plan of the agent. 2. Monitoring mechanisms are mechanisms for observing, recording and measuring the output of the efforts and strivings of the agent. 3. Sanctioning mech
12、anisms are mechanisms for providing selective rewards and punishments (i.e. incentives) to agents for the purpose of motivating them to exert effort in directions that are aligned with the interests of the shareholders. 4. The board of directors of the modern corporation plays a critical role in the
13、 enactment of these mechanisms, being fiduciary responsible to the shareholders and having the right to monitor, ratify and sanction the decisions of the managers of the corporation.,The Firm and the Financial Markets,Financial Markets,Primary Markets,Money,Financial Markets,Primary Markets,Secondar
14、y Markets,Money,Financial Markets,Primary Markets,Secondary Markets,OTC Markets,Money,Financial Institutions,Company,Intermediaries Banks Insurance Cos. Brokerage Firms,Obligations,Funds,Financial Institutions,Intermediaries,Investors Depositors Policyholders Investors,Obligations,Funds,The Financia
15、l System,Functional Perspective encompasses the markets, intermediaries, service firms. Institutional Perspective facilitates the allocation and deployment of economic resources, across time and space, in an uncertain environment. Financial Infrastructure and Regulation trading rules, contract enfor
16、cement, accounting systems. Governmental and Quasi-Governmental Organizations,What is Corporate Finance?,Corporate Finance addresses the following three questions: 1.What long-term investments should the firm engage in? 2.How can the firm raise the money for the required investments? 3.How much short-term cash flow does a company need to pay its bills?,The Balance-Sheet Model of the Firm,The Balance-Sheet Model of the Firm,The Balance-Sheet Model of the Firm,The Balance-Sheet Model of the Firm,C
