Buffett once had said the look: "If must I choose a financial index, I choose net assets yield " , without doubt, the net assets yield of an enterprise is higher, the efficiency that creates wealth for partner is taller. But Where is the quality of net assets yield that how judges an enterprise? This is about to read company balance sheet " business praise " , this represents the incorporeal type capital fund of company competition ability, be in however the field of A stock market of the beginning of the year lifts this year " thunderstorm " , make invest battle of bravery of popular feeling Jing, today, great rich takes everybody to learn business together praise knowledge, for you stock investment escorts the Emperor convoy.
One, business praise definition
Chinese new standard the 20th " the enterprise is amalgamative " in regulation: "Buy just be more than to amalgamative cost the buyer that be bought is obtained to be able to identify in incorporating the balance of share of value of net assets evenhanded ought to think truly business praise.
Business praise (Goodwill) , it is to be able to make the element such as the person in the enterprise, money, content is in economic activity interaction, form a kind " groove " objective existence. The potential economy value that brings super profit can be managed for the enterprise during future, or an enterprise anticipates gain profit ability can identify more than asset gains profit normally ability (if the society invests return rate on average) capitalization value. Business praise the component that is enterprise whole value. When the enterprise is amalgamative, it is to buy an enterprise to invest cost to exceed the margin of value of evenhanded of net assets of company be incorporatinged.
Here has 3 points:
① business praise metric it is to be in an enterprise amalgamative moment calculative.
② business praise cannot break away from particular industry to exist.
③ business praise it is to as a result of,point to an enterprise a variety of reasons, higher prestige, management circumstance is enjoyed in the user particularly good and cause of formation prep above person of the same trade is common of the level gain profit ability. Namely business praise it is a kind of attribute, a kind of ability.
2, business praise the relation with intangible assets
Business praise do not belong to intangible assets.
Basis " company treasurer standard the 6th -- intangible assets " regulation: Intangible assets is to point to what the enterprise is had or pilot does not have objective configuration to be able to identify, asset of blame money sex. This shows, as a result of business praise belong to cannot identify asset, because this does not belong to intangible assets, can count only " aeriform project " . But, business praise contented still asset acknowledges a condition, ought to think truly enterprise an asset, alone in the balance sheet row is shown. (remarks: Intangible assets includes patent normally, be not patent technology, trade mark right, copyright, chartered right, land access; The rich such as the natural gas that natural intangible assets includes not to provide hypostatic material form)
Above all, business praise cannot differentiate, intangible assets can differentiate. Should differentiate an asset, have to provide corresponding tangible evidence. Intellectual property serves as common intangible assets, can have patent letter; Software serves as intangible assets, have development documentation or copyright patent card; Brand serves as intangible assets, mark having business registers a proof. And business praise, cannot take a corporeal proof, the most typical is to go up synergism that speak of. This incorporates in two companies only after several years, ability proved this synergism to produce the result truly.
Next, intangible assets is OK and annual depreciation, business praise do not need depreciation, but business praise every are in debt to asset day must do asset to reduce value test.
Finally, intangible assets serves as the asset of the enterprise, own all property that content counterpoises, can sell one's own things, guaranty. But business praise although be in asset kind the capital fund that attributes an enterprise, cannot sell one's own things and guaranty.
3, be not amalgamative company business praise metric
We know business praise is a kind of attribute constitutionally, a kind of ability. This ability earns those who surpass gain of coequal price capital namely " exceed capacity " . This kind " exceed capacity " reflect where be? On financial forms for reporting statistics " net assets yield " , it showed the ability superiority that the company profits directly. I am for instance beautiful 10 million a parking lot was written in Manhadu, spent likewise with me 10 million a parking lot was written in the the Sahara, both the economic benefits that brings me has great difference.
But the problem is business praise be when the enterprise is amalgamative ability body comes out now, when this kind happening to trade between the enterprise, how should be I calculated the discretion of this kind of profitable ability. Yield of net assets of in the final analysis just reflected the discretion of ability, but did not tell me this kind of ability has how old economy value. I get a this number numerate, because net assets yield is business praise the entrance and map. Begin from net assets yield.
Cite here the computational method of investor Tang Chao, I agree with quite:
Want to assume from logic above all, as a result of the behavior pursueing interest of capital all the time, instantly is all the return rate of asset is effective it is consistent (can bring about the behavior that cover interest to happen otherwise, till achieve,agree or difference is less than the cost that cover interest) , all is invariable N -- N can take return rate of value calm danger.
Let us list an equation of elementary school maths to elaborate it, that is:
(business of economy of net assets A+ praise G) Roe of × of A of net assets of ＝ of profit of net of × N ＝ .
In this equation, unknown has a G only.
Equation of this elementary school is pushed, can gain an equality about unknown G:
G= (Roe/N-1) × A
It indicates economic business praise a corresponding relation between G and Roe: Roe is bigger, g value is greater; Roe is smaller, g value is less; When return rate of danger of Roe ＜ calm, g value is negative.
Then, if do not have venture return rate for 6% , yield of a net assets is the enterprise armour of 30% , its economic business praise = (30%/6%-1) A=4A; Yield of a net assets is the enterprise second of 3% , its economic business praise for - 0.5A; And yield of a net assets is - the enterprise third of 6% , its economic business praise for - 2A.
From this, we can discover with Pb on any account measures company value, it is an absurdity affection. Same Zhang this getting on of the record is 100 yuan of net assets, but 100 yuan of armour, can earn 30 one year, and 100 yuan of second can earn 3 yuan one year. 100 yuan of of armour net assets add business of on 400 yuan of economy praise, if 100 yuan of of equal in value Yu Yi net assets are added - 50 yuan of business praise, that ability is done not have just about really providential!
4, business praise ability attribute
We a moment ago calculated for breach through net assets yield business of the company when undertaking the enterprise incorporates praise economic price: G= (Roe/N-1) × A, we discover the N in the environment in the static state, ROE, A is preparative number, we can be calculated the static trader that gives a company praise economic value.
Can you be dynamic? 3 are variable completely. The business of this specification enterprise praise also be dynamic change, he more resembling is a kind of attribute, our computation just nods in a time " take a picture " , but be in of time " kinescope " in, business praise economic value size is changing all the time.
We regard this kind of ability as attribute look upon when, will measure with rate more objective. For instance the business of A enterprise praise, ability is 20% , can bring the net assets of 20% to gain profit to the enterprise that is to say ability appreciation. So when the enterprise net assets is 100 billion, business praise namely 20 billion, when the enterprise net assets is 1500 with, business praise namely 30 billion. Of the static state with trends is two dimension are spent, union rises in light of, more comprehensive.
5, business praise operate risk
Business praise it is to point to the potential economy value that can be battalion of already of look forward to bring super profit during future, or an enterprise anticipates gain profit ability can identify more than asset gains profit normally ability (if the society invests return rate on average) capitalization value. Business praise the definition that accords with asset, ought to give affirm. But business praise give very hard accurate and metric, the dealer that the row in the balance sheet notifies praise amount is an enterprise the subsidiary that in incorporating, confirms cannot identify the disbursement of asset is right valence. When undertaking decreasing is worth a test, business is included in property group praise, when reducing a cost need rushs above all reduce trade praise Zhang face value. Do so, because,be business praise use historical cost metric, nonexistent objective asset is corresponding, undertake to its hard metric. Business praise character brings about his very incidental reduce a cost, and vertical,its affirm it is very easy that means causes its amount again, because of this business praise amount is exorbitant not be meddlesome.
Business praise produce the difference at accountant and commerce. The accountant is objective, commerce is subjective, so business praise even if be,have larger space. A kind commonner is, through plan promote big business praise decrease a value to achieve " bathe greatly " purpose, promote follow-up year profit thereby. One kind commonner is, begin to underestimate business praise value, avoid sequel plan to raise profit of the influence that reduce a cost thereby.
6, business praise permanent losing risk
Business praise it is to show the enterprise is below coequal condition normally, can obtain prep above to invest pay to lead forms value normally. Because the enterprise is located,this is of situation advantage, or because manage efficiency,be tall, history quality of long, personnel is advanced a variety of reasons, compare with enterprise of person of the same trade, can gain super profit.
Business praise it is to point to the potential economy value that can be battalion of already of look forward to bring super profit during future, or an enterprise anticipates gain profit ability can identify more than asset gains profit normally ability (if the society invests return rate on average) capitalization value. Business praise the component that is enterprise whole value. When the enterprise is amalgamative, it is to buy an enterprise to invest cost to exceed the margin of value of evenhanded of net assets of company be incorporatinged.
We say trader praise the ability attribute that is an enterprise, this is absolutely; Business praise static appraise value is quantitative attribute, this is opposite.
We consider, business praise this attribute, have may permanent loss? Be in than consistent home restaurant the gold position of the city zone, the government develops new developed area, a large number of capital and stream of people are transitional; Than company of consistent home high-tech, those who get military thing is fluctuant; Than company of consistent home technology, tendency of the day is gone forever. Because immortal biology is vaccinal security problem, business praise clear. If is Haikangwei inspected install those who prevent terminally to photograph greatly how to encounter legal obstacle to do like the head? Because Coke Cola company takes seriously to health increasingly for people, how is sales volume gone forever to do? Does Yi profit share happen again 3 get together how does cyanogen amine do?
Tang Chao says the net assets of industry forms for reporting statistics is fluky, do not have a meaning, I feel is go to extremes.
business praise regard as big baby is being offerred, also be another extreme. Business praise have very strong mutability, fluctuation, this bit of investor has to take seriously. Be aimed at this kind of circumstance, our country new standard sets: The business that amalgamative place forms the company praise, ought to undertake decreasing is worth a test in year of every year end. Business praise advertisement word: Shang Yuheng is ages ago, decrease a value to never be over. Of course this kind reduces a cost also is Zhang face go up dormant, the trade that the enterprise orders in a certain time praise value is OK still calculative.
7, business praise accountant processing
This part is accounting major knowledge, those who be interested is OK browse, as deepen pair of business praise the auxiliary data of understanding, OK also skip over business praise how to undertake the accountant is handled, group of each country accounting has different view, be like below 3 kinds of processing techniques commonly:
business praise think truly alone an asset, list charge with amortize inside the effective fixed number of year that its predict. After this kind of viewpoint thinks to carry out amalgamative enterprise to be gotten to take the super profit of a certain number of year, happened to be expended above quota, this one above quota cost makes clear by and the enterprise has business praise existence. Business praise the definition that accords with asset likewise, it and other asset are same, effect is being produced in the process of income of future of generation of amalgamative main body, its itself also is met loss, wait like organization expenses give like delaying capital fund, should give regularly amortize, get with place above quota accrual is compared suitably, this accords with authority duty to happen make a principle, also accord with dovish sex principle, can increase profit in prospective empty otherwise.
business praise regard as project of countervail of a rights and interests, cancel instantly when incorporate, rush directly those who decrease amalgamative enterprise is current accrual or keep accrual. This viewpoint thinks, business praise value is very doubtful calm, cannot exist alone and change now, and form business praise the element is controlled for company place hard, after incorporate, business praise differ will surely surrive. Be like advantageous before situation, as a result of urban development and development, now or the position that still still is not in an advantage certainly in the future; Because main administrator human affairs is fluctuant, now or management level of future still does not have certainly so tall before, etc. If arrange its trade praise not amortize or amortize, do not accord with dovish sex principle. Accordingly, amalgamative business praise the shareholder rights and interests that should be the same as amalgamative enterprise directly on its accountant processing, namely keep accrual undertakes rushing selling, or rush directly those who sell amalgamative business is current accrual (the one part money amalgamative enterprise overpay regards the charge related to amalgamative business as) .
business praise as a permanent capital fund, do not grant amortize. This viewpoint thinks, business is bought outside praise it is the super profit that the enterprise buys what when trading, obtain to be able to exceed above of normal gain level to buy an enterprise to bring, it is an asset consequently. As asset, business praise should give capitalization. The business that successful company owns praise will get permanent maintain, value won't fall. In addition, in by and enterprise before each cost that in producing management course, produces already was formed not of enter an item in an account start business oneself praise. Before these charge all already plan enter charge, sustain the earnings that reduced the past, after be passed now and be being bought by the business that buys an enterprise to will affirm praise undertake amortize, cause repeat computational business praise charge.
1. falls in new standard system, the company that leaves to be different from one control is amalgamative involve trade praise accountant processing.
Chinese new standard the 20th " the enterprise is amalgamative " in regulation: "Buy just be more than to amalgamative cost the buyer that be bought is obtained to be able to identify in incorporating the balance of share of value of net assets evenhanded ought to think truly business praise. " can see, china with respect to business praise initiative affirm reach metric the regulation with international accounting standard is completely consistent, be balance type namely is indirect and metric. According to China new promulgated company treasurer standard, involving the accountant processing with amalgamative enterprise to should distinguish above all is the enterprise below same control amalgamative, still be different from the enterprise below one control to incorporate. Amalgamative to the enterprise below same control, asset is mixed related new standard regulation be in debt to all be worth with Zhang face value metric, amalgamative excessive price can adjust capital only fair accumulate and keep accrual, do not confirm trade praise.
2. is different from the content of amalgamative cost below one control.
Basis new standard the 20th, be different from the enterprise below one control to incorporate, buy the part of one's job when just undertaking Zhang Wu is handled not to decide according to criterion amalgamative cost and in incorporating, obtain be bought just can identify the portion of value of net assets evenhanded, bother the size between. Incorporate among them cost should include the following 3 content: 1. Buy the buying party be being bought day to obtain what happen or assume is the capital fund that square control counterpoises and gives, indebted and the evenhanded value of the negotiable securities of sex of rights and interests that issue; 2. It is each direct and relevant cost that undertake the enterprise incorporates and produces; 3. The prospective item that agrees in amalgamative contract or agreement affects amount to the likelihood of amalgamative cost, but should the premise that amount plan enters amalgamative cost is: Buying day can item happens probably and reasonable estimation should not was opposite the influence amount of amalgamative cost can reliable and metric.
Be like amalgamative cost is more than the taking buyer that be bought to be able to identify the portion of value of net assets evenhanded ought to think its balance truly business praise; And if former be less than latter, answer above all both metric have review a case in which a death sentence has been passed by a lower court, if after classics check former still be less than latter, criterion its balance plan is entered current increase and decrease.
That is to say, new standard to business praise with negative business praise took different processing kind. To business praise, new standard regulation should think truly alone an asset. Link the demand of the 2nd criterion, in confirm trade praise while still answer the long-term equity that decides by amalgamative cost place to invest initiative investment cost to undertake be adjustmented accordingly. To losing business praise did not use give the way that extends accrual in installment plan into increase and decrease, incorporating however current one-time plan into increase and decrease.
The company that does not form parent subsidiary concern is amalgamative trade, absorb namely incorporate and set newly amalgamative, trade can confirm alone in buying day to buy square Zhang Wu to handle praise, individual row is shown in the alone balance sheet that puts add company after incorporate thereby, and form what parent subsidiary concerns to accuse amalgamative trade, because be in in Wu of amalgamative day Zhang in the amalgamative cost that invests cost enter an item in an account as long-term equity,include business praise value, the business in the alone balance sheet that buys the buying party in amalgamative day so praise newspaper of not alone row, include however in " long-term equity invests " in the project, and in amalgamative day the ability in amalgamative balance sheet needs alone row to sign up for amalgamative business praise.
About business praise share ended, what doubt does everybody still have? I am great rich, dedicated stock, like my character, can nod an assist.
