会计学院知识库

       自 1990 年以来，世界范围内出现了一系列管理理念，价值管理作为其中之 一被企业重视及认可程度越来越高。与此同时，随着我国对人工智能产业的重视， 国家密集出台相关政策推动人工智能企业的发展。在这一背景下，科学、合理评估出人工智能企业价值不仅有益于人工智能产业的发展，还能进一步优化人工智能企业的价值管理活动。

       本文以人工智能企业为研究基础，从价值管理视角出发，探讨适合其特点及 价值特征的估值方法。首先，本文对人工智能企业的类别、发展现状、特点和价 值特征进行介绍，并论述了传统企业价值评估方法应用于人工智能企业存在的局 限。其次，介绍了价值管理的内涵、特征、流程及与价值评估的关系，且以价值 管理流程为基础分析了人工智能企业的价值驱动因素。通过梳理相关文献得知， 在评估时应考虑非财务因素的影响，因此根据分析得出的非财务因素建立了非财 务因素指标体系。接着，将非财务因素指标体系通过层次分析法及模糊综合评价 法计算得出的调整系数与企业自由现金流量折现模型相结合构建一个估值模型。 最后，本文以人工智能应用层企业——海康威视为例，并将运用该模型求出的海 康威视价值与评估基准日市值进行对比分析。研究结果表明：（1）传统估值方法 对人工智能企业存在一定的局限性；（2）在评估时考虑了非财务因素的影响，能 更好的反映人工智能企业真实价值；（3）人工智能企业价值驱动因素的分析为企 业的价值管理活动提供方向；（4）该评估方法对人工智能企业进行价值评估而言 具有较强的适用性。

       希望通过本文的研究，不仅能为人工智能企业提供一个科学、合理的估值方 法，还能向人工智能企业的评估提供新的可行性思路。

    Since 1990, a series of management concepts have emerged around the world, and value management as one of them is being paid more and more attention and recognized by enterprises. Meanwhile, as China attaches importance to the AI industry, the state has intensively issued relevant policies to promote the development of AI enterprises. In this context, scientific and reasonable assessment of AI enterprise value is not only beneficial to the development of AI industry, but can also further optimize the value management activities of AI enterprises.

    In this paper, we take AI enterprises as the basis of research and explore the valuation methods suitable for their characteristics and value features from the perspective of value management. Firstly, this paper introduces the categories, development status, characteristics and value features of AI enterprises, and discusses the limitations of traditional enterprise value assessment methods applied to AI enterprises. Secondly, the connotation, characteristics, process and relationship between value management and value assessment are introduced, and the value drivers of AI companies are analyzed based on the value management process. By combing the relevant literature, we learned that the influence of non-financial factors should be considered in the assessment, so we established a non-financial factor index system based on the non-financialfactors derived from the analysis. Then, we combined the adjustment coefficients calculated by the hierarchical analysis and fuzzy comprehensive evaluation method with the discounted free cash flow model to build a valuation model. Finally, this paper takes Hikvision, an artificial intelligence application layer enterprise, as an example, and compares the value of Hikvision derived by applying the model with the market value on the valuation benchmark date. The research results show that: (1) the traditional valuation method is not applicable to AI enterprises; (2) the influence of non-financial factors is considered in the valuation, which can better reflect the true value of AI enterprises; (3) the analysis of value drivers of AI enterprises provides direction for the value management activities of enterprises; (4) the valuation method is highly applicable to AI enterprises for value assessment .

     It is hoped that the research in this paper will not only provide a scientific and reasonable valuation method for AI companies, but also provide new and feasible ideas for the evaluation of AI companies.