摘要
企业价值评估是企业上市、投资、并购和内部价值管理等经济活动中，各市场参与主体认识企业价值大小的必不可少的重要环节。在长期的评估实践中，逐渐形成了以市场法、收益法和成本法等三大基本评估方法为支柱的企业价值评估方法体系。然而，20世纪八、九十年代以来，社会生产力结构开始从工业化向信息化、知识化转型，知识作为土地、资本和劳动力以外的第四生产要素日益发挥着至关重要的作用。在企业微观层面中，作为无形的知识性要素聚合体的智力资本不仅是企业运营的核心要素，而且已经成为创造企业价值的最主要驱动力。无形性的智力资本替代了传统的物质资本，成为企业价值的最主要的贡献者，对现有的脱胎于以土地、劳动力和货币资本等物质资本为主要生产要素的工业经济时代、并主要基于对物质资本价值创造活动的认识与把握来设计评估思路、忽视智力资本价值创造贡献的传统企业价值评估理论与方法提出了严峻的挑战。尽管一些新近的文献就此展开分析，进行了有益的尝试，以期能够反映智力资本的价值创造贡献。然而，已有的研究还处于探索性阶段，存在着较多局限：不但无法真实、合理地反映智力资本对企业价值的贡献，而且缺乏实用性。因此，对如何能够将智力资本要素纳入评估框架中予以全面、系统地考量、开发出既能合理体现智力资本价值创造贡献，同时具有较强实用性的企业价值评估方法的研究具有理论和现实层面的意义：不仅能够在一定程度上弥补现有的企业价值评估理论与方法在这方面的不足，丰富、扩展企业价值评估的理论方法体系；而且能够帮助企业管理层、外部投资者和评估师较为充分地认识到企业内部智力资本要素的实际价值创造能力与贡献，对相关评估实践进行具有实际意义的指导。
本文首先回顾了智力资本的概念、要素和主要测量方法以及智力资本价值创造的理论基础和微观机理研究，随后详细地评述了成本法、市场法和收益法等传统企业价值评估方法与试图将智力资本要素引进估值模型予以考虑的新近研究的长处和不足，认为：对智力资本价值创造微观作用机理的深刻认识与系统把握的匮乏，是当前这些研究仍未能实现对智力资本价值创造贡献予以全面、准确度量的预期目的的症结所在。接着，本文从当前同类研究的症结根源着手，从内在价值观出发，较为系统地论述了智力资本的价值创造微观机理及其特性、阻碍其正常运作的主要因素。在对智力资本价值创造微观机理及其特性的系统认识的基础上，本文提出了价值创造函数的概念和利用价值创造函数估算企业价值的总体评估思路，并进一步探讨了在资本市场有效性、可比企业价值创造方式相似性的假设前提下，通过多种计量模型的估计与比较，进而求取出企业价值创造函数的具体形式，再根据估计出的价值创造函数和待评估企业实际要素投入情况估算企业价值的具体评估思路和评估流程框架。最后，我们以沪深A股上市公司作为研究样本，对本文所提出的评估思路的可行性进行实证检验，并找到了较有力的支持性证据。
本文在理论层面的主要创新包括：1，通过对现有评估模型、改进方法的剖析，认为这些模型难以合理地体现智力资本价值创造贡献的症结在于我们当前尚缺乏对智力资本如何创造企业价值的微观机理的较为系统、全面的认识与把握，模型的开发与设定没有与智力资本价值创造的实际机理科学地联系起来；2，与已有文献相比，本文从内在价值观出发，较为系统、详尽地分析并归纳了智力资本价值创造机理及其特性；3，提出价值创造函数的概念，并探讨了其可能的函数形态；4，提出利用价值创造函数估算企业价值的评估思路和具体的评估流程。此外，本文还注重运用新近开发的聚类分析方法与计量经济模型作为实证工具：1，率先在企业价值评估研究中使用了自组织树聚类算法、基于模型的凝聚层次聚类算法与自组织特征映射网络算法等多种现代聚类方法，并使用有效性评价指标筛选最佳的聚类结果，克服了以往聚类分析在评估中较为粗糙的应用；2，率先将多元自适应回归样条非参数模型和中位数回归模型应用于企业价值评估研究中，具有一定的先进性。
Business valuation is the important and necessary way for capital marketparticipants to realize the true corporate value in various economic activities, such asfirms' initial public offering, investing, mergers and acquisitions, value-basedmanagement and so on. The business valuation method system, which mainlyincludes the market approach, income approach and cost approach, has been graduallyfounded in the long-term valuation practice. However, in 1980s-1990s, the structureof social productivity began to transfer from industry-driven economy to informationor knowledge-driven economy. Knowledge is viewed as the fourth factor ofproduction besides land, labor and financial capital, and plays a more and moreessential and vital role. For firms, intellectual capital, which is the aggregation ofintangible and knowledgeable items, has already become not only the core factor inbusiness operation, but also the driver in corporate value creation. But current mainbusiness valuation methods were developed in the industry era and designed based onthe understanding about the value creating activities of physical capital, e.g. land,labor and money capital, and ignore the value creating role of intellectual capital,can't meet the great change of value driver from traditional physical capital tointellectual capital. Although some recent studies attempted to reflect the valuecreating contribution of intellectual capital in business valuation models, the researchis still in fancy and has severe limitations: not only incapable of truly and reasonablyreflecting the contribution of intellectual capital to corporate value, but also short ofpracticability. So the research on how to incorporate intellectual capital in thebusiness valuation framework to develop a practical valuation approach which cansystematically and fully reflect the contribution of intellectual capital in value creationhas both the theoretical and realistic significances. It can not only cover the shortageof the valuation method which can reflect the value-creating role of intellectual capital,enrich and extend current business valuation method system, but also help firmmanagers, investors and appraisers to thoroughly realize the true value creating abilityand contribution of intellectual capital in valuation practice.
This dissertation firstly reviews the basic concept, elements and principalmeasurement methods of intellectual capital, the theoretical basis of value creation ofintellectual capital and recent research about the value creating mechanism ofintellectual capital. Then the author analyzes the advantages and disadvantages of thetraditional valuation approaches, i.e. cost approach, market approach and incomeapproach, and the studies that tried to incorporate intellectual capital in the businessvaluation model in detail. The author finds that disability of fully and accuratelyreflecting the value creating contribution of intellectual capital in the former researchresults from the shortage of in-depth understanding about the micro value creatingmechanism of intellectual capital and its characteristics. Starting with the commondrawback of former research, this dissertation systematically discusses the valuecreating mechanism of intellectual capital and its characteristics in the view ofcorporate intrinsic value, and further explores the factors that would hinder the regularworking of the mechanism. Based on the understanding of value creating mechanismof intellectual capital and its characteristics, the author introduces the concept of valuecreation function and the gentle idea of valuing firms using value creation function.Further more, the dissertation proposes a detailed valuation process framework: basedon the hypotheses of efficient capital market and similar value creating mode ofcomparable companies, one can derive the value creation function by estimating andcomparing several econometric models and then substitute the actual factor input dataof the target company into the estimated value creating function to get the valueestimate of target company. Finally, the dissertation empirically investigates thefeasibility of the proposed valuation idea and process using a sample of listedcompanies in Shanghai and Shenzhen Stock Exchanges, and finally finds theconvincing and supporting evidence.
There are four main innovations in the view of theory. 1. The dissertation findsthat the shortage of fully understanding about the micro value creating mechanism ofintellectual capital and the mismatching of valuation model specification and valuecreating mechanism result in disability of reasonably reflecting the value creatingcontribution of intellectual capital in the valuation models proposed by former research. 2. In comparison with the former research, the dissertation systematicallyanalyzes and concludes the micro value creating mechanism of intellectual capital andits characteristics in the view of corporate intrinsic value. 3. The author introduces theconcept of value creation function, and discusses the possible function forms. 4. Theauthor proposes the gentle idea of valuing business using value creation function andthe detailed valuation process. The dissertation also uses the newly developed clusteranalysis technique and econometric methods as empirical tools: 1. The author adoptsthe modern cluster analysis technique, e.g. self-organizing tree algorithm,model-based agglomerative hierarchical clustering and self-organizing feature map,and cluster validity indicators to derive the best clustering result. This conquers therough application of cluster analysis technique in valuation before. 2. The dissertationestimates the value creation function by using the multivariate adaptive regressionspline model and median regression model which haven't been applied in businessvaluation.
引文
[1]中国资产评估协会[2004]134号，《企业价值评估指导意见(试行)》。
[2]中国资产评估协会[2007]189号，《资产评估价值类型指导意见》。
[1]我国2006年发布的《企业会计准则第6号--无形资产》。
[1]中评协[2004]134号。即由中国资产评估协会颁布的《企业价值评估指导意见(试行)》，自2005年4月1日起施行。
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