| In 2019,as the world economic growth slows down and the domestic economic downturn increases,under the current situation,how to further deepen the reform of mixed ownership to promote economic development is particularly important.The state-owned enterprise reform is the top priority of China’s economic system reform and mixed ownership reform is one of the very important reform methods.Successful mixed ownership reform should be the integration of State-owned capital and non-state-owned capital,not the integration of State-owned capital and state-owned capital.As China’s mixed ownership reform continues to advance,mixed ownership reform gradually presents more complex reform connotations.The accurate valuation of target companies is the key to the success of mixed ownership reforms and the valuation of target companies often involves valuation of intangible assets.The valuation of the company’s intangible assets must be reasonable otherwise it will hinder the successful implementation of the mixed ownership reform.Due to the particularity of its status,intangible assets have great difficulty in accurately assessing them.How to objectively and fairly evaluate the value of an enterprise’s intangible assets has become an important issue in current research.China is at a critical time for mixed ownership reform at present,state-owned enterprises often have problems with the loss of state-owned assets.One of the most common ways to cause the loss of state-owned assets is the valuation of intangible assets.Judging from the current research,few scholars have paid attention to and studied issues related to the valuation of intangible assets in the reform of mixed ownership.Therefore,this paper takes this as a breakthrough point to study the valuation of intangible assets under the background of mixed ownership reform.This article takes the literature review method,case analysis method and comparative analysis method for research.By reviewing and combing past literatures such as valuation methods,intangible assets,and mixed ownership reforms,the basic views are refined and summarized,so as to generate a basic understanding of the mixed ownership reform intangible asset valuation theory.And then this paper selects the income method and the real option method to evaluate the intangible assets of the case company.The valuation results of the two methods are analyzed in detail,and the motives of the mixed ownership reform of the enterprise are analyzed,and finally a valuation summary is drawn,and corresponding suggestions are made to the enterprise and the government.This article believes that for enterprises,special attention should be paid to the rationality of mixed ownership reform valuation,especially the valuation of intangible assets.At the same time,enterprises that conduct mixed ownership reform must have a reasonable business motivation from the perspective of investors,only by protecting the interests of investors can the success of mixed ownership reform be guaranteed.As far as the government,it is necessary to lower the profit performance requirements of enterprises undergoing mixed ownership reforms and allow them can to trade below the results of asset evaluation on market conditions.The case D company selected in this article,launched a mixed ownership reform plan in 2018 and ended in failure.The case intangible assets valuation of D company in the process of mixed ownership reform has major problems,so research on it has special value.This article takes the asset audit assessment knowledge and mixed ownership reform knowledge as the starting point,researches and explores the problems in the process of intangible asset assessment of target enterprises in the mixed ownership reform,and can make a certain contribution to the mixed ownership reform in China.This article also makes up for the lack of research and exploration of intangible asset evaluation in the mixed ownership reform,and has certain research and contribution significance. |
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