Based On Fuzzy Mathematical Assessment Of Goodwill, The Traditional Income Approach

Chapter one: the background of study With Chinese open-policy since 80s of twenty century, China's economy has been rapidly developing, and market economy of socialism has made a great progress. Developing of merchandise economy results in property right to be commodity purchased. Meanwhile, annex between enterprises, along with Chinese having been the member of WTO and adjusting economic structure, are going to be the rage. During this hot period of annex, goodwill valuation should be an important part of transactions of enterprise assets. Moreover, reconstructing of stock system, which is carrying on drastically, refers to goodwill. Therefore, goodwill valuation is imperative under the situation. Although enterprises pay more attention to goodwill, goodwill evaluation has defects because of obscure conception of goodwill. Imprecise valuations in goodwill sometimes are reported, such as goodwill of state assets losing reported by sohu.com. An expert in Price Waterhouse Coopers showed that enterprises would pay more attention to goodwill of Time Warner in future. From above all , we can sum up: (1) whether annex or daily management, enterprise will pay close attention to goodwill valuation; (2) valuation inland is non-standard at present and more study about goodwill valuation is to do. Chapter tow: the main methods and clue of study At first, methodologies employed in this paper include the combination of macro and micro analyzing methods, while we stress more on the later aspect. From the macrocosmic aspect, this paper tries to build structure of synthetic and fuzzy valuation theory. From the microcosmic aspect, this paper attempt to introduce specific operation process of synthetic and fuzzy valuation theory.Chapter three: main structure and content This paper breaks into five chapters. The first chapter discusses the essence and characteristic of goodwill, and defines the concept of goodwill in assets evaluation. The second chapter discusses in detail tow popular ways of goodwill valuation, and compares the tow ways of goodwill valuation. We can find that lack of compare between the goodwill valuated and the others is the flaw of Discounted Cash Flow(DCF). The third chapter focuses on introduction of fuzzy mathematics. The fourth chapter is the stress of the paper, and elaborate theory of synthetic and fuzzy valuation theory. The final chapter with an example introduce the specific operation of synthetic and fuzzy valuation theory in practice. Chapter four: innovation and flaw in this paper In this paper we strongly stress on novel and reality oriented characteristics on the topic. When goodwill valuated by Discounted Cash Flow , the lack of compare between the goodwill valuated and the others has been settled in this paper. Because of the limitedness of the time and resources, this paper hasn't yet been tested by vast practice data.