资产评估学配套全册完整教学课件.ppt

1、资产评估学配套全册资产评估学配套全册 完整教学课件完整教学课件 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（Good

2、will）：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新会计准则引入“公允价值”（Fair Value），企 业会计准则第3号-投资性房地产投资性房地

3、产和企业会计准则第22号-金融工具金融工具 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、税收、投资、清算等 （三）以财务报告及会计事

4、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 Topics Covered nPresent 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 create value, the financial manager should: 1.Try to make smart inve

5、stment 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. The managers will usually act in the shareholders interests. The

6、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 Shareholders Control Managerial Behavior? Shareholders vote for the

7、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 replaced . If the managers fail to maximize share price, they may be

8、 replaced in a hostile takeover. Ownership vs. Management Difference in Information nStock prices and returns nIssues of shares and other securities nDividends nFinancing Different Objectives nManagers vs. stockholders nTop mgmt vs. operating mgmt nStockholders vs. banks and lenders separation of ow

9、nership 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 integrity relate to wilful behaviors of the part of managers th

10、at 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 mechanisms for validating the decisions of the agent, of giv

11、ing 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 mechanisms are mechanisms for providing selective rewards and

12、 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 enactment of these mechanisms, being fiduciary responsib

13、le 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 Secondary Markets Money Financial Markets Primary Markets Seconda

14、ry 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 Financial System nFunctional Perspective encompasses the markets,

15、 intermediaries, service firms. nInstitutional Perspective facilitates the allocation and deployment of economic resources, across time and space, in an uncertain environment. nFinancial Infrastructure and Regulation trading rules, contract enforcement, accounting systems. Governmental and Quasi-Gov

16、ernmental 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?

17、 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 Capital Structure Corporate Securities as Contingent Claims on Total Firm Value The basic feature of a debt is that it is a promise by the borrowing firm t

18、o repay a fixed dollar amount of by a certain date. The shareholders claim on firm value is the residual amount that remains after the debtholders are paid. If the value of the firm is less than the amount promised to the debtholders, the shareholders get nothing. Debt and Equity as Contingent Claims PUT CALL Combined Payoffs to Debt and Equity