会计学院知识库

    目前，智力资本无法通过现有的财务指标客观、完整地衡量出其真实的价值创造能力，且年末的财务报表存在着未披露某些尚未被利用的智力资本的价值及往后带来的收入的情况，这将导致三大传统评估方法难以体现出企业的真实价值。因此，如何向评估委托人、产权持有人等资产评估报告使用者出具一份客观、合理、公正的评估报告成为了评估理论界和实务届的一个难题。

    因华为内部具有较为丰富的智力资本,所以本文将以华为为评估对象,进一步研究智力资本引入收益法评估思路的有效性和合理性。基于以上背景,本文内容安排如下：首先，系统梳理相关的理论、文献和评估方法后，探究了智力资本与华为内在价值的积极效应、实现途径及特征。然后，以通讯设备行业的沪深A股公司的2018-2020年的相关数据为研究总样本，运用了描述性统计、聚类分析、多元线性回归等多种统计工具构建了基于智力资本的收益法评估模型。最后，在深入分析华为所属行业概况、华为发展趋势和智力资本现状后，将基于智力资本的收益法评估模型应用于华为企业价值评估并证明了该模型在一定程度上具有可行性和合理性。

    基于智力资本的收益法评估模型将在一定程度上优化企业价值评估方法与理论。同时，为今后的企业价值评估实务研究带来一个新的方向和为其他知识密集型企业提供估值参考。

    At present, the intellectual capital can't through the existing financial indicators to measure the real value creation ability of the enterprise, and the financial statements is a failure to disclose some untapped value of intellectual capital and the income of back, this will lead to the three traditional evaluation methods are difficult to reflect the real value of the enterprise.Therefore, how to issue an objective, reasonable and fair evaluation report to users of asset evaluation reports such as evaluation clients, property rights holders, etc. has become a difficult problem in evaluation theory and practice.

    Since Huawei has abundant intellectual capital, this paper will take Huawei as the evaluation object to further study the effectiveness and rationality of the introduction of intellectual capital into the evaluation idea of income method .Based on the above background, the content of this paper is arranged as follows. First of all, after systematic review of theories, literature and evaluation methods, and then discuss and analyze the positive effects, realization ways and characteristics of intellectual capital into the intrinsic value of the enterprise.Second, with the data from 2018 to 2020 of Shanghai and Shenzhen A-share companies in the communication equipment industry as the total sample, many statistical tools are used to construct the income evaluation model based on intellectual capital.Finally, after in-depth analysis of huawei's industry profile, development trend and the status of intellectual capital, the income evaluation model based on intellectual capital is applied to evaluate Huawei’s corporate value and proved that the model is feasible and reasonable to a certain extent.

    The income evaluation model based on intellectual capital will optimize the enterprise evaluation methods and theories to a certain extent.At the same time, it will provide a new direction for future research on enterprise value evaluation and provide valuation references for other knowledge-intensive enterprises.