Chi-MingWu.pptVIP

Intangible Valuation Chiming Wu, Ph.D., CFA Associate Professor Department of Finance National Chengchi University ericwu@nccu.edu.tw 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 Measuring and valuing intangible capital in the wireless communications industry 殊途須同歸價值須能拆解才能管理 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 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 * High Sales/Earnings growth rate with low tangibles investment rate 0.006 (2.78) 0.0074 (2.68) _ _ 新增加 顧客 0.66