I 摘要 2018 年，华谊兄弟传媒股份有限公司涉及的商誉价值争议引发了舆论热议， 其中涉及到文化企业商誉的形成和价值，著名导演和演员所具有的无形资产应如 何认定，如何评估和估值方法的合理性方面等相关问题。这些问题的产生和争议， 反应出当前文化企业的无形资产的界定和评估方法等都亟待深入研究。 文中首先对我国文化企业的发展现状及相关无形资产类别进行了梳理，对常 规评估方法的理论特点和适用范围进行分析。 然后以华谊兄弟“商誉”案例的价值评估作为研究对象，分析其无形资产定性 和评估方法，并在此基础上对估值模型进行重构。进而通过传统的收益法对所涉及 无形资产进行价值评估，并通过实物期权法对企业主动管理进行价值评估补充。并 通过对比两种评估方法结果，研究产生评估差异的理论原因并分析方法适用场景。 最后本文还在分析案例重新评估过程的基础上，总结了文化企业无形资产的 评估工作的重点和难点，评估方法的适用条件和注意事项，并对建立规范的无形资 产评估体系提出建议。 本文研究的案例和结论具有较强的现实意义和参考价值。在对案例重新评估 时，灵活的运用一些新的评估方法和技巧，探索一些无形资产评估实务中具有实用 性和可操作性的经验。通过案例实务分析，本文更进一步对我国文化企业无形资产 的价值界定、评估方法和规范化管理等方面进行了研究，并提出较为具体建议。 关键词，文化企业，无形资产，评估方法ABSTRACT II ABSTRACT In 2018, the controversy over the goodwill of HY Brothers had attracted much attention. It involves the formation and value of the goodwill of cultural enterprises, the rationality of the service contract with famous directors and actors. It is all about intangible value assessment of cultural enterprises. The definition, disposal and value evaluation of intangible assets of cultural enterprises need a further study. First of all, this paper analyzes the development status of cultural enterprises in China, classifies the intangible assets, analyzes the theory and scope of application of conventional evaluation methods. Then the paper analyzes the forming process and evaluation method of goodwill value in the HY Brothers case, and reconstructs the valuation model on this basis. Evaluates the intangible assets with DCF-NPV, and Complements the value of active management with real option valuation. By comparing the results of the two evaluation methods, study the theoretical reasons for the differences, and analyze the applicable scenarios of these two methods. Through the process of valuation reconstruction, this paper analyzes and sorts out the key points and difficult points about the intangible assets evaluation of cultural enterprises. This paper also presented some suggestions for instituting a well-designed management system. The research about this case has strong practical significance and reference value. This study can explore some practical and operable experience in intangible assets evaluation practice. In this paper, a further study is conducted on the value definition, evaluation method and standardized management about the intangible assets of cultural enterprises in China. Keywords: Cultural Enterprise，Intangible assets，Evaluation methods目 录 III 目 录 第一章 绪论.................................................................................................................... 1 1.1 选题背景与意义 ............................................................................................. 1 1.1.1 选题背景 ................................................................................................ 1 1.1.2 研究意义 ................................................................................................ 2 1.2 研究范围与目标 ............................................................................................... 2 1.3 研究思路及研究方法 ....................................................................................... 3 1.3.1 研究思路 ................................................................................................ 3 1.3.2 研究方法 ................................................................................................ 4 1.4 研究内容 ........................................................................................................... 4 1.4.1 研究主要内容 ........................................................................................ 4 1.4.2 研究重点与难点 .................................................................................... 5 第二章 文化企业无形资产评估方法的相关概念和理论............................................ 6 2.1 文化企业和无形资产相关概念 ....................................................................... 6 2.1.1 文化企业的界定 .................................................................................... 6 2.1.2 文化企业无形资产的概念与分类 ........................................................ 6 2.2 资产评估概述与主要评估方法 ....................................................................... 6 2.2.1 资产评估概述 ........................................................................................ 6 2.2.2 主要的资产评估方法 ............................................................................ 7 2.3 本章小结 ........................................................................................................... 9 第三章 华谊兄弟案例中无形资产价值评估问题分析.............................................. 10 3.1 华谊兄弟“商誉”价值的背景分析.................................................................. 10 3.2 案例所涉无形资产的评估问题分析和评估思路 ..........................................11 3.2.1 案例所涉无形资产评估中的问题分析 ...............................................11 3.2.2 案例所涉无形资产的性质界定和评估范围 ...................................... 14 3.3 华谊兄弟无形资产的评估 ............................................................................. 14 3.3.1 评估的基础背景 .................................................................................. 14 3.3.2 评估方法的选择分析 .......................................................................... 15 3.3.3 收益法评估及应用说明 ...................................................................... 17 3.3.3.1 未来预期收益Rt的预测................................................................... 17 3.3.3.2 折现率i的预测.................................................................................. 24目 录 IV 3.3.3.3 收益法评估结果 ............................................................................... 25 3.3.4 实物期权法评估及应用说明 .............................................................. 26 3.3.4.1 构建实物期权法的应用框架 ........................................................... 26 3.3.4.2 评估模型的选择 ............................................................................... 26 3.3.4.3 各项参数的测算 ............................................................................... 27 3.3.4.4 评估结果及说明 ............................................................................... 27 3.3.5 评估结论分析 ...................................................................................... 28 3.3.5.1 收益法评估结果敏感性分析 ........................................................... 28 3.3.5.2 实物期权法评估结果敏感性分析 ................................................... 29 3.4 本章小结 ......................................................................................................... 29 第四章 基于案例对文化企业的无形资产评估方法的分析...................................... 31 4.1 文化企业无形资产评估的重点和难点 ......................................................... 31 4.1.1 文化企业无形资产评估的重点 .......................................................... 31 4.1.2 文化企业无形资产评估的难点 .......................................................... 32 4.2 文化企业的无形资产评估方法的研究结论 ................................................. 34 4.2.1 文化企业无形资产评估方法的案例结论分析 .................................. 34 4.2.1.1 收益法案例研究结论分析 ................................................................ 34 4.2.1.2 实物期权法案例研究结论分析 ....................................................... 35 4.2.2 收益法的适用范围和注意事项 .......................................................... 37 4.2.3 实物期权法的适用范围和注意事项 .................................................. 37 4.2.3 文化企业无形资产评估中收益法与实物期权法的对比关系研究 .. 38 4.3 文化企业的无形资产的规范管理建议 ......................................................... 39 4.4 本章小结 ......................................................................................................... 40 第五章 结论.................................................................................................................. 41 5.1 本文的研究成果和创新 ................................................................................. 41 5.2 本文的不足之处 ............................................................................................. 41 5.3 研究展望 ......................................................................................................... 42 致谢............................................................................................................................ 43