The Valuation Of Light-asset State-owned Enterprises In Joint-stock Reform

As a special form of enterprise in China’s economic development, state-owned enterprises has made tremendous contributions in China’s economic development, which is the backbone of economic development. But since last year, influenced by the factors at home and abroad, China’s economic growth rate has declined, while as the main "victims" target, state-owned enterprises attracted wide attention. Analysts pointed out that compared to2013, the loss-making of state-owned enterprises has increased significantly.lt is all because of the unbalanced economic development structure, unreasonable manner and unsustainable long-term development. How to promote the reform of state-owned enterprises into stock companies, how to promote diversified development of the ownership structure, has become important topics of scholars again. However, during the joint-stock reform of state-owned enterprises, because of the lack of standardized operating on misinterpretation and understanding, there are still some problems to attention, among which is the loss of state assets caused by improper operation. The so-called light-asset enterprises and heavy-asset enterprises is a group of relative concepts.The company which has a few inventories and fixed assets belongs to an light-asset enterprise. Light-asset companies are very normal in the new industry, it is an increasing proportion of the national economy, and a large number of state-owned enterprises which features as light assets emerged. Moreover, the evaluation process is much different from the traditional state-owned heavy-asset model business. As we all know, an important part of changing state-owned enterprises into stock companies is to assess the value of state assets through an objective assessment agencies. Evaluation report,as a reference value, is objective and fair for the protection of state assets. There are four characteristics compared with State-owned light-asset model and the traditional type of heavy-asset. First of all, light-asset state-owned companies has few equipment, products and factories. The main operating way is OEM production. Secondly, the financing operates mainly by special payment, loan liabilities is relatively low, the whole companies operates by profit. And thirdly, state-owned light-asset cash reserves are more general, cash flow is enough for the whole business. Finally, the supply chain is more efficient in the management system. Therefor, its characteristics determine that there is a big difference between state-owned heavy-asset and light-asset companies in the choice of assessment methods. Cost method has been widely used in conventional heavy assets, while it is unable to evaluate the light-asset company’s earnings growth capability, however, although the income approach are complex to operate, it overcomes the cost method’s shortages such as the assessment of profitability forecast problems. The value of light-asset state-owned company are reflected in not only current control of physical assets, but also in the business planning, strategic analysis, scientific research and innovation and marketing public relations capacity and other aspects, these capabilities can not reflect by means of physical assets or the cost method. Therefore income method has advantages in the assessment of light-asset state-owned company’s survival and development capacity.In this paper, we’ll analyze the evaluation method from the aspect of state-owned joint-stock reform, combined with a state-owned evaluation case in the use of two methods of assessment, the conclusion is:the joint-stock reform of state-owned enterprises in the light-asset should use the income approach.This can be seen, on the premise of the profit prediction, the process in the case of A company as the representative of the state-owned light-asset stock system reform, compared to the cost method, income method is more realistic to assess light-asset state-owned enterprise value in the shareholding reform, its performance are as follows:firstly, the proportion of light assets is high, the cost method can only assess enterprise who owned heavy assets, the value of light-asset state-owned enterprises reflects in the coordination of the whole company assets, the value of the creation of the whole company is far greater than the asset value.Secondly, through the analysis of the state-owned light assets’ability in the joint-stock reform, we can service for the construction of socialist modernization better.