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1、Valuation十一届全国人大常委会议审议资产评估法草案Chapter 2: Valuation Proceduresand Data CollectionKey pointsa)Whats valuation proceduresb)Whats procedure justicec)Procedures and requirements for valuationd)Whats the point for data collectionProcedural justice outcome justiceProcedural justice refers to the idea of fai
2、rness in the processes that resolve disputes and allocate resources. One aspect of procedural justice is related to discussions of the administration of jThe idea of the outcomes model of procedural justice is that the fairness of process depends on the procedure producing correct outcomesustice and
3、 legal proceedings. People V. SimpsonStory 2：郎顾之争“我不反对国企改革，但是目前有些国企通过国退民进，将国有资产以贱卖的方式（包括MBO）转成私人资产以提高效率的做法是我所反对的。”郎咸平，郎咸平，2004国退民进，资产贱卖？MBOMBO（Management Buy-Outs）即“管理者收购”。经济学者给MBO的定义是目标公司的管理者与经理层利用所融资本对公司股份的购买，以实现对公司所有权结构、控制权结构和资产结构的改变，实现管理者以所有者和经营者合一的身份主导重组公司，进而获得产权预期收益的一种收购行为。Story 3: 铁道部的故事 程序：铁
4、道部是否有权拒绝公开信息？铁道部与中国人的春运铁道部一分为二？国有资产监督管理委员会http:/Procedures of valuation1明确资产评估业务基本事项（目的、价值类型、评估风险等）2签订资产评估业务约定书3编制资产评估计划4现场调查5收集资产评估资料6评定估算7编制和提交资产评估报告8资产评估工作底稿归档一、明确资产评估业务基本事项一、明确资产评估业务基本事项1.Basic situation of clients2.Purpose of valuation3.Fundamental states of the objects for valuation4.Type and
5、definition of values5.Base day of valuation6.Restrictive conditions and assumptions7.Other factsRisks of valuation1.The risks of valuation2.The risks of competence3.The risks of independence二、签订资产评估业务约定书二、签订资产评估业务约定书Name and address of clientsPurpose of valuationObjects and scale of valuationBase da
6、y of valuationTimeline for valuation reportUsing scale of valuation reportExpenseRights, obligation and Liability for breach of contractTime for contractOther important information三、编制资产评估计划资产评估规划工作思路实施方案资料搜集清单工作进度工作量安排专业人员调配四、现场调查五、搜集资料六、评定估算Market approachesIncome approachesCost approaches七、评估报告1.
7、评估的委托方、产权持有方和委托方以外的其他报告使用者2.评估目的3.评估对象和评估范围4.价值类型及其定义5.评估基准日6.评估依据7.评估方法七、评估报告（cont.）8.评估程序实施过程和情况9.评估假设10.评估结论11.特别事项说明12.评估报告使用限制说明13.评估报告日14.评估机构和注册资产评估师签章八、资产评估工作底稿归档2. Data Collection and Analysis within ValuationKey pointsa)Data and information required in valuationb)Approaches for data collec
8、tionc)Identification of data and materialsd)Analysis methods for property dataData and information“The Valuer should independently acquire the data and information for valuation”Principle for Valuation, Intangible Property, 2001Avoidance of information asymmetry.Adverse selectionValue of information
9、 during recruitmentInformation in insurance and finance marketInformation 有关资产权力的法律文件或其他证明资料；资产的性质、目前和历史状况信息；有关资产的生于经济寿命和法定经济寿命；有关资产的使用范围和获利能力的信息；资产以往的评估及交易情况信息；资产转让的可行性信息；Information (cont.)类似资产的市场价格信息；卖方承诺的保证、赔偿及其他附加条件；可能影响资产价值的宏观经济前景信息；可能影响资产价值的行业状况及前景信息；k可能影响资产价值的企业状况及前景信息；l其他相关信息。Data and infor
10、mation sourceInside data and information from clients;Outside information sources:GovernmentStock exchangeMediaIndustrial associations and publicationsAcademicals and law publicationsApproaches for data collection1. 业务法2. 系统法确认原始记录制作信息收集卡调查研究统计分析Data identificationDepend on the reliability of data,
11、完全可靠通常可靠比较可靠通常不可靠不可靠无法评价可靠性Logical methods for information analysis（一）比较确定比较标准选择比较方式注意比较内容的深度（二）分析与综合因果分析表象和本质分析相关分析典型分析（三）推理Boston matrix5-Forces Model (M. Porter)SWOT Debt paying ability analysisLiquidity ratio 流动比率Quick ratio 速动比率Debt-to-assets ratio 资产负债率Assets management ability analysisrate of
12、 stock turnover 存货周转率accounts receivable turnover 应收账款周转率Analysis of profitabilitySales of net profit margin 销售净利率Assets net interest profit margin 资产净利率Net capital gains rate 净资产收益率Other approachesCorrelation analysis 相关分析法Regression Analysis 回归分析法Time series analysis 时间序列分析AHP 层次分析法Questions and comments?
