The Case Research On The Improvement Of The Enterprise Specific Risk Rate On The Valuation Of The AM Company Patents

The calculation of discount rate of intangible assets is an important factor affecting the accuracy of intangible assets evaluation.In practice,the risk accumulation method and weighted average cost method are used to determine the discount rate of intangible assets.The American evaluation practice usually adopts the CAPM model and extended accumulative model to determine the discount rate of intangible assets evaluation.But so far there has not been a unified relatively perfect model.In the process of using the income method to evaluate intangible assets,the discount rate has a great influence on the valuation value.Its small differences will bring tens of thousands of differences to the valuation value.It must be carefully determined.But existing assessment methods have many disadvantages,even affecting the use of patent value,this problem is well worth thinking and improving in the industry.Based on this idea,this paper analyzes a specific assessment case and hopes to further improve the evaluation method of patented technology in China's intangible assets and improve the level of intangible assets assessment.HG co.,LTD.Is an investment company that engaged in scientific research and technical services and use its own funds to invest in high and new technology industry.The company intends to set up a subsidiary in China,and AM plans to invest in the 19 intangible assets that it holds.The new venture will use proprietary technology such as x86 to develop server chips sold only in China.Assessment agencies use income approach to evaluate 19 patents,in the process of appraiser estimated enterprise specific risk rate of return,the empirical value is 3%,this approach is too subjective and too simple,the result is lack of foundation and objectivity.Similar evaluation is also lack of unified method and standard,so it is necessary to improve the determination method of the company specific risk rate,in order to improve the assessment accuracy,so that the evaluation result will be more accurate,the evaluation process will be more standardized.Based on Fama-French three factors model as the theoretical basis,with the aid of Wind database,introduce a new regression analysis method,calculate the comparable companies' enterpris scale excess rate of return(RPs),then recalculated the evaluation results,it is 160.54 million dollars.Comparing with the actual transaction amount,It is found that the new evaluation results are closer to the actual turnover than the original evaluation results,and the difference in the amounts is as high as 25.16 million US dollars,which verifies the rationality and accuracy of the model to a certain extent.It confirms the superiority of using the model to determine the RPs,and provides reference for similar assessment projects,in order to inspire the academic and practical aspects of asset assessment,and improve the accuracy and efficiency of future assessment work.