Industry information
Industry information
当前位置: Website homepage > News Center > Industry informationIn 2012, the Notice on Carrying out the Reporting of New Business of Assets Appraisal issued by the China Assets Appraisal Association clearly pointed out that the new business of assets appraisal refers to the new business of appraisal, evaluation, investigation and management consulting that appears with the application of new appraisal technologies and methods, as well as the emergence of new economic behaviors and new types of assets, mainly including the extension business in the traditional appraisal field, As well as emerging businesses outside the traditional evaluation field, involving economic construction, government and social management, ecological construction, cultural construction and other fields.
In 2019, the China Appraisal Association issued the Guidelines for Market Development in the Asset Appraisal Industry (2019). According to the existing laws, regulations and relevant policy documents, the guidance more clearly divides the business of the asset appraisal industry into appraisal business, appraisal business and consulting business, which not only covers the traditional appraisal business, but also covers most of the new businesses that are worth the active development of the appraisal institutions.
According to the review of new business by Jiangsu Provincial Asset Appraisal Association in recent years, the types of new business of asset appraisal mainly include the following aspects.
The restructuring and listing of scientific and technological innovation enterprises involves the evaluation of equity value, intellectual property rights and estimated market value. With the opening of the Science and Technology Innovation Board of the Shanghai Stock Exchange, the establishment of the Beijing Stock Exchange, and the reform of the Growth Enterprise Board of the Shenzhen Stock Exchange, a large number of science and technology innovation enterprises and specialized new "small giant" enterprises have listed one after another, and have gradually carried out mergers and acquisitions. Such enterprises are in the initial stage or high growth stage, and their future development has great uncertainty. The application of asset evaluation methods and the selection of key parameters test the professional level and analytical judgment ability of asset appraisers. Traditional evaluation methods may be difficult to objectively reveal their true market value, and need to further innovate the evaluation concept and explore new evaluation paths.
New business triggered by new economy and new business type. For example, the evaluation of Internet enterprises, new media enterprises, e-commerce enterprises, various APP, websites, domain names and other assets related to the platform economy.
Valuation of private equity and venture capital funds. With the continuous establishment of multi-level capital markets, more and more state-owned investment funds need to carry out pre-investment, post-investment and exit evaluation or valuation in the process of operation. The valuation of funds involves a large number of investment projects, and its share is relatively small, which is different from the traditional enterprise value evaluation to a certain extent. In addition, the valuation of the underlying assets by the Fund is different from the traditional asset valuation. The main way to eliminate cognitive bias is to communicate and learn from each other. All sectors of society need to abandon unrealistic expectations of the asset appraisal industry, and the asset appraisal industry needs to constantly innovate, improve and improve its own professional skills.
Evaluation business for the purpose of financial reporting. For example, the evaluation of the fair value of other equity instruments, such as the evaluation of share-based payment (employee option), financial instruments, convertible bonds, etc., requires the majority of asset valuers to select the appropriate evaluation method to evaluate them on the basis of further study, understanding and mastering the relevant accounting standards, so that the evaluation results are more in line with the spirit of the accounting standards. As for the assessment of goodwill impairment test and the assessment of fair value in the merger consideration allocation, due to the regulatory documents such as accounting regulatory risk tips and expert guidance issued by the securities regulatory department and the industry association, and after years of practice in the industry, it can be classified as conventional asset assessment business.
The evaluation of copyrights involved in economic activities such as the transformation and restructuring of cultural enterprises. Such as film and television works, short videos and other intellectual property evaluation.
Evaluation of data assets in the era of digital economy. At the end of 2019, the China Appraisal Association issued the Guideline for Assets Appraisal Experts No. 9 - Data Assets Appraisal. In the practice of asset evaluation, how to identify data assets, reasonably analyze and quantify the factors affecting the value of data assets still faces many challenges and needs further research. At the same time, asset valuers need to constantly strengthen the digital empowerment assessment and innovate the technical means of value analysis and value judgment with the help of digital transformation.
Evaluation of sports intangible assets. With the successful holding of the Beijing Summer Olympic Games and the Winter Olympic Games and the launching of the national fitness campaign, the sports industry has entered a new stage of vigorous development, which involves the management and valuation of sports intangible assets. To this end, the China Appraisal Association issued the Guiding Opinions on the Evaluation of Sports Intangible Assets at the beginning of this year. The guidance points out that sports intangible assets mainly include copyrights related to sports, such as radio broadcasting rights, television broadcasting rights and information network transmission rights of sports events, copyrights of emblems and mascots used in sports activities, computer software developed or purchased by sports organizations, and other intangible assets such as trademark assets, special sign assets, contract rights and interests assets, franchise rights assets. The evaluation of sports intangible assets may be unfamiliar to most asset valuers, and it needs to be learned and understood in depth.
Evaluation business under the "double carbon" strategy. Such as carbon emission right assessment, ecological compensation value assessment, environmental loss assessment and forest ecological value assessment. In addition, how to introduce the concept of green development and sustainable development into the traditional asset evaluation and consider the impact of ESG on asset value are also a new challenge for the asset evaluation industry.
Evaluation and consulting services in PPP projects. In recent years, some evaluation institutions have participated in the evaluation of PPP projects, including the evaluation of the implementation of stock PPP projects, the evaluation of the transfer of Chinese assets and equity of stock PPP projects, and the evaluation of the transfer of assets after the expiration of the cooperation period of PPP projects. However, few of them have been involved in the consulting business, such as the preparation of the implementation plan, the value for money evaluation report, the financial sustainability demonstration report, and the PPP project social capital procurement and the drafting of PPP contract documents. In fact, in the past 10 years since the implementation of PPP projects, the China Appraisal Association has not only issued the Operation Guidelines for PPP Project Asset Appraisal and Related Consulting Business, but also jointly organized several sessions of PPP business training with Beijing National Institute of Accounting and other institutions, and the asset appraisal industry has the professional advantages of due diligence, analysis, evaluation and evaluation. Therefore, while actively participating in the appraisal business, the asset appraisal industry is fully capable of undertaking the development of the consulting business, so as to provide customers with more efficient, comprehensive and whole-process professional services.
Financial fund performance evaluation, enterprise internal control and risk control system setting and evaluation, enterprise performance evaluation and other evaluation businesses. At present, the China Appraisal Association has issued the Operational Guidelines for Performance Evaluation of Financial Expenditure (Project Expenditure) (for Trial Implementation). Some evaluation institutions have actively participated in the performance evaluation of financial funds, which has been affirmed and recognized by financial departments at all levels. In fact, asset evaluation can better meet the professional needs of performance evaluation including financial investment evaluation.
Application of new evaluation methods. The new business promotes the asset appraisal industry to establish new ideas, open up new ideas, apply new methods, and add new verification methods. Therefore, the projects adopting new evaluation methods are classified as new business. At the end of 2021, the "Guidelines for Assets Appraisal Experts No. 14 - Assets Appraisal of Scientific and Technological Innovation Enterprises" issued by the China Appraisal Association fully showed the new methods that may be involved in the appraisal of scientific and technological innovation enterprises, mainly including the real option pricing method (Black-Scholes model and binary tree model), the modified economic value added model (REVA), the segment aggregation method (SOTP), the period-adjusted price-earnings multiple method (CAPE) P/E ratio relative profit growth ratio method (PEG), scenario analysis method, risk-adjusted discounted cash flow method, and risk-adjusted discounted cash flow method (rNPV) based on R&D pipeline in the chemical and biological pharmaceutical industry at the early stage of research and development, probabilistic adjusted scenario hypothesis analysis method and other evaluation methods. These methods need to be thoroughly studied and reasonably applied by asset appraisers in combination with specific projects.
The development of new business in the new era requires not only new evaluation methods, but also new verification methods and analysis tools. The assessment needs to use new information technologies such as big data, intelligence, cloud computing, and data analysis software such as machine learning to strengthen the verification and verification means of the new economy, especially the platform business, and coordinate with IT experts to assist in the completion if necessary.