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備註
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Intangible assets or intellectual capital has become important production elements for corporations because they create significant value for corporations especially in the era of “Knowledge Economy” we are now in. Moreover, the value of intangible assets in some industry, especially in the knowledge-intensive industry, like solar energy industry, has surpassed that of tangible assets within a company. The valuation of intangible assets, as a result, has received extensive emphasis.
The ways to value intangible assets generally include rules of thumb, cost approach, market approach, income approach, option method and so forth, while the adaption of each approach varies due to different situation and type of intangible assets. In practice, cost approach, market approach and income approach are usually adapted as foundation of intangible asset valuations.
The study will focus on the recognition and valuation of intangible assets involved in the acquisition deal in solar energy industry, which possess eminent intangible assets in its value. In this case, identifiable intangible assets includes trade name, which is estimated using cash flow method of income approach, and supply contracts, which is expressed as the present value of the expected after-tax royalty savings. The study aims to show the method and process of valuing intangible assets in practice as well as to determine the related numeric such as cash flow, discount rate, β, weighted average cost of capital, royalty rate, growth rate, etc. by taking the company condition and industry analysis into consideration. Finally, the premium of acquisition bid price will be recognized as goodwill.
In order to obtain reliable fair value of intangible assets, the selection of related data, the accuracy of financial statement provided by the corporation must be verified. Also, the determination of cash flow and discount rate is the key element to valid valuation. Moreover, the recognition of intangible assets in accounting principle and industry database should be soundly established in Taiwan to enhance and ensure the accuracy and reliability of corporation fair valuation. |
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