Transcript Chi-Ming Wu,

Intangible Valuation
Chiming Wu, Ph.D., CFA
Associate Professor
Department of Finance
National Chengchi University
[email protected]
2006.7.14
Introduce myself
• Professional Area
– Business Valuation (with one popular
valuation case study book)
– Intangible Valuation (nine types of intangibles)
– Merger, Acquisition, and Restructuring
– CFA charter holder (Level II: focus on Asset
Valuation)
– EMBA course: Value Creation Strategies
Why is this issue important
• Sustainable growth
– The formula :g = IROIC * reinvestment rate needs adjustment, Example:
eBay, IC design, 104 Human bank, etc.
• Accounting net worth is not equal to true liquidation value
– Example:台視值多少錢
– 如果成長價值 < 0企業價值 =Max(零成長價值,資產清算價值)
– 資產清算價值= 有形資產清算或重置價值 + 可辨識的無形資產價值
• Valuation Creation (next three slides)
–
–
–
–
Example:台鐵的火車站辦公室值多少錢
Du Pont Analysis is useless for discovering key value drivers
联發科的員工紅利配股是否合理? Human Capital Valuation (Next Slide)
Indirect exploitation- Outright sale / Licensing/ Join ventures/
Extension/Franchising
• Value of a specific intangible asset is unique to specific parties
– 一個分行值多少錢
• 商譽不代表所有無形資產
– 商譽 = 企業價值 -有形資產價值 - 可辨識的無形資產價值
High Sales/Earnings growth rate with low tangibles investment rate
Measuring and valuing intangible
capital in the wireless communications
industry
依變數 廣告
執照
q
54.532
(3.584)
3.6486
(3.153)
62.49
(4.504)
3.7084
(4.289)
ln(q)
q
ln(q)
50.908
(2.087)
7.114
(3.518)
35.014
(1.321)
6.3027
(2.995)
訂戶
新增加 R2
顧客
0.00291 _
0.683
(2.226)
0.00019 _
0.549
(1.884)
_
0.0074 0.66
(2.68)
_
0.006 0.556
(2.78)
殊途須同歸
價值須能拆解才能管理
重估有形資產價值
類似公
司比價
法
+
企業評價
折現法
==
兩邊等式
相等是評
價挑戰
可辨識無形資產評價
+
商譽評價
(投資財務面/落後指標)
類似公
司比價
法
(營運面/領先指標)
折現法
市場視為資產
Valuation Issues
• Valuation Purpose
– 忽略了交易目的忽略了綜效 (e.g. 國內金控引進國外策略性股東)
– Ethical issues: MBO / 評價師受一方委託
• Valuation methods
–
–
–
–
–
–
–
Cost method is value-irrelevance
Value is max value for 所有運用用途 – weighting system is incorrect.
折現率須大於WACC (next slide)
商譽外的無形資產風險與企業經營無關
折現 FCF or EVA 而非會計盈餘 (missing capital charge)
杈利金比率法(Royalty rate method)將低估無形資產價值
經濟效益如何分攤給各別的無形資產
• Data quality and availability
– 沒有交易市場/沒有類似交易
– 市場未必效率
– 沒有資料庫決定經濟年限 (Assuming infinitive life is unrealistic)
Business Asset Characteristics
Special Purpose
Value in use
General Purpose
Inventory
Versatility
Receivables
Cash
Monetary
Tangible
Risk
Return
Requirement
Financing
Investment
Qualities
Intangible
Market
condition
Liquidation Value
8-10%
10-15%
15-40%
Debt
Debt & Equity
Equity
Liquid
Versatile
Nonliquid
Narrow Market
Possible solutions
• Valuation Purpose
– 確認是否應考量綜效
– 交易双方皆應有評價報告
• Valuation methods
– 降低Cost method的使用
– 由WACC推估無形資產的折現率
– 建立各項無形資產的杈利金比率的調查估算資料庫
• Data quality and availability
– 建立拍賣市場機制
– 建立各項無形資產經濟年限估算資料庫