Dissertations / Theses on the topic 'Intangible Asset Valuation'

Context: Intangible assets have recently come under the spotlight because of their growing importance within the business world. Thus, Brand Equity, considered a strategic asset, makes up a substantial intangible asset for most companies. Furthermore, firms’ behavior has changed with innovations incorporated in the development of businesses. Companies seek to optimize all the components of their value chain. And, a major source, is the intangible value referred to as brand equity that has so many behavioral drivers. Objectives: To develop a new integrated valuation model and understand the factors that affect brand equity. This research explores, as well, some sources of brand equity from both internal and external perspectives at its behavioral and financial level to achieve a more accurate brand equity measurement approach. The factors we consider are firm risk, competitiveness, intellectual company weight, the weight of ethical and sustainable investments, governance dimensions of brand equity value and, in addition, the financial structure of the firms. Method: The methodology used is exploratory and follows a deductive and inductive process. The method combines an exhaustive revision of literature to determine the most relevant factors as well as collecting financial information from a list of publicly traded companies of major brand values and generic companies in the United States of America and Europe (S&P500 & EUR600). Applying an eclectic statistical analysis using correlation and regression analysis on a model, it tests the variables that further explain brand equity and the composition of brand equity valuation model. This research also intends to understand the nature of intangible assets, to improve Damodaran ´s brand equity model as an important intangible asset, and aims to understand the factors that affect the brand equity from both internal and external perspective to contribute to both the firm and the society. Results: The first article, Understanding the Complexity of Intangible Assets presents the main developments in intangible assets valuation, an exhaustive literature review and provides empirical evidence for the positive relationship between the increase in the proportion of intangible assets and the rise in market capitalization and sales. The second article, Financial Firm Risk: A Responsible Business Guide Control to Build Better Brand Equity and Company Value, provides practitioners with a simple method to determine a more adjusted value to the reality of brand equity for a branded Company (without bias). As well as studying the factors related to the financial risk of the firm, the findings show that the less risk a company has, the higher their brand equity value is. The third article, Firm Behavior, an Engineering Tool for a Better Brand Value in all Sectors, shows which are the main factors contributing to the improvement of brand value. The sectorial analysis states that corporate socially responsible practices, contribute significantly to improving the company ´s brand value. The fourth article, The Role of Sustainability in Brand Equity Value in the Financial Sector, analyzes some determinants of brand equity in the financial sector (e.g., ethical investments, sustainability, and firm behavior) and, the results obtained raise awareness of the positive impacts of sustainable investments on the brand value in the financial sector. Implications: The main contributions to the literature include both theoretical and methodological aspects created, as well as, considerations on intangible assets, the valuation model and behavioral factors. This thesis proposes a model and a methodology to find a fair value for a branded company by using the average sector as a generic item. It considers the performance factors that affect this intangible asset and aims for a better brand equity value.
Contexto: Los activos intangibles han estado bajo el foco de atención debido a la creciente importancia que está adquiriendo en el mundo de los negocios. Tanto finanzas, contabilidad, estrategia comercial y economía están asimilando cada vez más la importancia de este tipo de activos como un componente fundamental para la empresa. En el contexto de una oferta creciente de productos y servicios, los capitales intelectuales son factores cruciales para la toma de decisiones de inversión. Por lo tanto, la equidad de marca constituye un activo intangible sustancial para la mayoría de las empresas. Para intentar maximizar este activo, la investigación actual ha propuesto varios modelos de valoración de marca. Además, el comportamiento de las empresas ha cambiado con la incorporación de las innovaciones en el desarrollo de los negocios. Las empresas hoy en día buscan la optimización de toda su cadena de valor. Y una fuente importante de valor, es el valor intangible de la equidad de marca, que tiene muchos factores que afectan a su comportamiento. En esta tesis se discuten algunos factores determinantes como el riesgo financiero de la empresa (segundo artículo), el comportamiento de la empresa (tercer artículo), las inversiones éticas y la sostenibilidad (cuarto artículo), como fuentes internas y externas que determinan la equidad de la marca. Objetivos: Desarrollar un nuevo modelo de estimación integrado y comprender los factores que afectan la equidad de marca. Esta investigación también explora algunas fuentes del valor de marca tanto desde perspectivas internas y externas como a nivel conductual y financiero para lograr un enfoque más preciso de medición de la equidad de marca. Los factores que se han considerado son: el riesgo de la empresa, la competitividad, el peso intelectual de la empresa, el peso de las inversiones éticas y sostenibles, las dimensiones de gobernanza del valor de marca y, además, la composición financiera de las empresas. Metodología: La metodología utilizada es exploratoria y sigue un proceso deductivo e inductivo. La metodología combina una revisión de la literatura para determinar los factores más relevantes, así como la recopilación de información financiera de una lista de compañías que cotizan en bolsa de los principales valores de marca y empresas genéricas de Estados Unidos y Europa (S&P500 y EUR600). Se ha aplicado un análisis estadístico ecléctico usando análisis de correlación y regresión en un modelo, probando las variables que explican mejor la equidad de marca y la composición de elementos del modelo de valoración de la equidad de marca. Esta investigación intenta entender la naturaleza de los activos intangibles, con la intención de mejorar el modelo de Damodaran de valoración de marca, como activo intangible, y comprender los factores que afectan al valor de marca desde una perspectiva interna y externa para contribuir tanto a la empresa como a la sociedad.

This paper will cover the reasons as to why the current accounting standards have not been updated as necessary to account for the newly developed, intangible assets or “pho-assets” that companies are either generating or using for future economic benefit. This paper will cover a brief background on the current accounting standards for intangible asset valuation and identification and why they are not sufficient for the current accounting environment. Within this review of the accounting standards, this paper will highlight how the changing financial world has given rise to these new intangible assets, and why current regulations do not allow firms to recognize all the assets that it truly should have on its books, thereby not allowing firms to realize or gain precious valuation. Furthermore, I will provide evidence as to why the accounting standards have made it difficult for investors to properly gauge the risk of intangible investments due to the inconsistencies in valuation that the current standards produce.

Small business owners who attempt to sell their businesses may not receive full value if they do not adequately value their intangible assets. The purpose of this multiple case study was to explore effective strategies business leaders used to value intangible assets when considering the sale of their businesses. The participants for this study were 5 business owners in a metropolitan area in the southeastern United States who had successful valuation experiences during the sale of their businesses. Data were collected through semistructured interviews with participants, methodological triangulation, observations, and review of company documents. Data were analyzed using thematic analysis, coding narrative segments, and reviewing secondary data. The themes that emerged from data analysis include collecting and using company data concerning intangible assets; hiring a reputable accounting firm to assist in valuation; understanding the values of brand, customer base, and goodwill; and choosing the appropriate asset valuation approach. To accurately value the intangible assets of their businesses, the most significant and recurring theme in the participants' responses was the need for assistance from a reputable accounting firm. The implications of this study for positive social change include the potential to enhance the economic investment in local areas where business owners appropriately value intangible assets.

This thesis is concerned with accounting for the brand management function. Two distinct perspectives are taken: the first derives from aspects of organisational and behavioural accounting research, and the second concerns organisational implications of brand valuation. Both perspectives were initially approached by means of exploratory interviews and a literature review. Hypotheses pertaining to the first perspective were analysed via survey data collected in nine strongly-branded, fast-moving consumer goods (FMCG) companies. Propositions concerned with the implications of brand valuation were developed and used as the basis for measuring attitudes to brand valuation. A questionnaire concerned with brand valuation attitudes was administered to senior-ranking officials in strongly-branded, FMCG companies. The final methodological phase, for both perspectives, involved a case study conducted in a strongly-branded, FMCG company. Significant findings arising from this study include: 1) Managers who see their company as being short-termist, hold more positive attitudes to brand valuation. 2) Marketing-orientated managers are more favourably disposed to brand valuation than accounting-orientated managers. 3) Organisational benefits arising from brand valuation are more strategically, than operationally, orientated. 4) Brand manager budget participation is significantly negatively-related to job-related tension, and positivelyrelated to trust in superior and attitude to reliance on accounting performance measures. 5) Budget participation is more effective in reducing jobrelated tension in situations of high, compared to low, task uncertainty situations. 6) Reliance on a brand manager's accounting performance is positively related to brand manager performance and motivation, and negatively associated with job-related tension.

In the theoretical part of thesis: "Trademark as an intangible asset of a company", the theoretical aspects of brand management and methods of valuation of brands as intangible assets are explained. In the practical part of thesis a company analysis is undertaken and brand value is calculated by using adequate methods. Final suggestion and recommendation for trademark registration in the Register of Trade Marks are mentioned in the conclusion of thesis.

O presente trabalho tem como objetivo principal demonstrar que parcela da base de depositantes de instituições financeiras que se utilizam de depósitos (a prazo e a vista) como fonte de financiamento das suas atividades, identificada pelos depósitos estáveis, representa um ativo intangível da instituição depositária. Esse ativo intangível decorrente dos depósitos estáveis, quando passível de identificação específica, explica parte do goodwill da instituição depositária, pelo fato do goodwill ser um ativo residual dependente principalmente da avaliação da empresa como um todo. Sendo o valor do goodwill determinado pela diferença entre o fair value da entidade como um todo, como um ativo único em continuidade, e a soma algébrica dos fair values dos ativos líquidos identificáveis dessa entidade, à medida que novos ativos antes não contabilizados são identificados, está-se explicado a natureza do goodwill, assim como está-se auxiliando na sua atribuição de valor. Portanto a identificação de mais um ativo intangível das instituições financeiras implica na identificação de parcelas componentes do goodwill, que englobava esse ativo intangível antes da identificação do ativo intangível, assim como também implica na explicação econômica de parte do goodwill. Para que o objetivo pudesse ser alcançado, comparou-se as características econômicas e contábeis dos ativos, dos ativos intangíveis e do goodwill com as características econômicas e contábeis dos depósitos estáveis, chegando-se à conclusão de que tais depósitos representam um ativo intangível, identificável em separado e passível de registro contábil. O registro contábil desse ativo intangível nas demonstrações contábeis utilizadas para fins de publicação é atualmente possível somente quando a instituição depositária tiver sido objeto de compra por outra entidade. Caso isso não tenha ocorrido, alternativamente pode-se fazer uso do ativo intangível para fins de controle gerencial. O trabalho também apresenta um caso real de avaliação dos depósitos estáveis como forma de corroborar a possibilidade de identificação e avaliação do ativo intangível decorrente desses depósitos.
The main objective of the present work is to demonstrate that a part of the depository base of financial institutions that make use of (time and demand) deposits as a source of funding for their activities, which is identified by stable deposits, represents an intangible asset of the depositary institution. When its specific identification is possible, this intangible asset, which results from the stable deposits, explains a part of the goodwill of the depositary institution, considering that goodwill is a residual asset that mainly depends on the valuation of the company as a whole. As the value of goodwill is determined by the difference between the fair value of the entity as a whole, that is, as a unique asset in a going concern, and the algebraic sum of the fair values of the entity’s identifiable net assets, to the extent that new assets are identified, which were not recorded before, the nature of goodwill is explained and its value attribution is enhanced. Hence, the identification of another intangible asset in the financial institutions implies the identification of new parts of the goodwill, which incorporated this intangible asset before the identification of the intangible asset, as well as the explanation of the economic nature of goodwill. To achieve this goal, the economic and accounting characteristics of assets, intangible assets and goodwill were compared to the economic and accounting characteristics of the stable deposits, which led to the conclusion that those deposits represent an intangible asset, which can be identified separately and can be registered in the accounting records. The accounting record of this intangible asset in the financial statements, which are used for publication, is only possible nowadays when the depositary institution has been the target of a purchase by another entity. In case this has not happened, the intangible asset can alternatively be used for management control. The present work also presents a real case of stable deposit valuation, so as to corroborate the possibility of identification and valuation of intangibles resulting from the stable deposits.

The valuation of an asset is one of the most important thing with accounting, though one of the most difficult thing as well. However, in deciding useful service life for an intangible asset and property, plant and equipment, there are quite a margin for the companies, which creates a difference between companies and industries. When computing the value of the inventories there are a few possibilities available for the companies, which also can generate differences

between companies and industries. Although these differences can occur, there might be some similarities in the companies’ estimates. Hence, the purpose of this essay is to establish whether there are any differences in how companies are assessing their useful service life of intangible assets, property, plant and equipment and deciding the value of inventories. To be able to accomplish the purpose, company’s annual reports were used along with other necessary sources, for instance books about accounting principles and theories. The study, furthermore, concluded that there are small differences between companies within the same industry and industries altogether, in their judgment on useful service life and the value of the inventories.

Frågeställningar:                  Vilket tillvägagångssätt används för att samla in relevant information för värderingen? Finns det en generell metod för varumärkesvärdering eller använder sig företag inom bankbranschen av olika metoder? Hur redovisas kostnaderna för varumärket i årsredovisningen?   Syfte:                                     Syftet med studien är att jämföra två företag inom banksektorn med internt upparbetade varumärken genom att studera likheter och skillnader i hur de värderar sitt varumärke.   Metod:                                   Metoden som använts i denna studie är en kvalitativ metod med en deduktiv ansats. Både sekundärdata och primärdata har använts till denna studie. För att samla in den primärdata som behövdes för att besvara de frågeställningar som tas upp i denna studie har det genomförts tre semistrukturerade intervjuer. Två av dessa intervjuer skedde via mail. Den tredje var en telefonintervju.   Slutsats:        Både SEB och Länsförsäkringar Södermanland mäter kundlojalitet och kundnöjdhet genom att göra undersökningar där frågor till konsumenter ställs om deras uppfattning av varumärket. Dock finns det skillnader i hur de värderar sitt varumärke genom val av metod vilket främst beror på att Länsförsäkringar Södermanland är ett onoterat företag och att SEB är börsnoterat

Market value of firms and book value of firms are rarely the same. The difference, which is attributed to unrecorded or unrecognized intangible assets, has increased significantly since the 1970s. The issue of appropriately valuing these intangible assets, however, still remains unresolved. The purpose of this study is to address this lack of understanding of valuing intangible assets in the hospitality industry. Five intangible asset investments: Research and Development, Training, Advertising, Labor, Pension, and one business model, Franchising, are chosen as the valuation constructs in this study based on previous research in the hospitality industry. The valuation models for the casual dining restaurant industry and the quick service restaurant industry are compared. The sample of this study includes 13 casual dining restaurant firms and 12 quick service restaurant firms. Compustat North America is the primary data source for this study. The annual data for casual dining restaurant firms from 1980 to 2011 is collected from this database. There are 238 firm-years in total. Two firm-years are excluded due to systematic missing values, and 15 firm-years are excluded due to missing share price information. Thus, the final count of data points for casual dining restaurant firms usable for analysis purposes is 221. The annual data for quick service restaurant firms from 1980 to 2011 is also collected from the Compustat North America database. There are 251 firm-years in total. Eight firm-years are excluded due to systematic missing values, and 47 firm-years are excluded due to missing share price information. Thus, the final count of data points for quick service restaurant firms usable for analysis purposes is 196. Pearson correlation and multivariate analyses are performed to answer the four research questions in this study. Two hypotheses are supported while one hypothesis is not supported and one hypothesis remains unanswered due to Multicollinearity issues identified in multiple regression models. The results of this study show that 1) R&D, training, advertising, labor and pension are all important valuation constructs in the hospitality industry, and 2) there are some differences, however, between casual dining restaurant firms and quick service restaurant firms. This study fills the gap in the current literature by providing a quantitative method to value intangible assets in the hospitality industry that uses the valuation constructs identified in previous hospitality research. The practical implications of this study will provide managers in the hospitality industry with helpful insights for strategic decision making, specifically in regards to research and development, advertising and employee compensation.
Ph. D.

Abstract The purpose of this dissertation is to investigate the valuation of intangible assets in different financial environments. Value relevance of intangible investments has been largely recognized by indicating their close relatedness on future operating performance and valuation of firms. The financial environment of the country (market- or bank-based) is also found to be an important determinant of the economic performance of the firm. This thesis combines these two important issues by examining how a country's financial system affect the firm's investments and valuation of intangible assets. The study consists of four essays and an introductory section. Essay I investigates the firm's investments in human capital in different legal- and financial environments. The results of this study indicate that human capital asset constitutes an essential part of the market value of firms in all our sample countries. The results also suggest that firms make investments in human capital to increase their innovation capabilities and to improve their future benefits. Essay II investigates the firm's investments in R&D capital in different financial systems. The common result concerning both financial system is that the estimated R&D capital constitutes a great part of the firm's unrecorded goodwill. The main finding of the study is that the effects of the firm's past profitability and growth on its estimated R&D capital are stronger in bank-based than market-based financial systems. This result emphasizes the role of bank-based financing over market-based financing in the efficiency of resource allocation to R&D investments. Essay III investigates the stock market's response to the firm's R&D investments in different financial systems by taking account of lead-lag structure between the firm's R&D investments and its market value. The main result of the study is that the stock markets' response to current R&D investments varies between different financial systems with regards to the point in time against which the stock market response is examined. This study suggests that information disclosure policies, level of stock-market expectations and attitude towards risk are the most important potential factors that explain the valuation differences of R&D between market- and bank-based financial systems. Essay IV investigates the effect's of a country's financial system on current R&D investments and the future profitability of the firm. The main results of this study can be summarized as follows: the firm's current R&D investments are more strongly associated with the level of future firm profitability in bank-based than market-based financial system whereas current R&D investments are more strongly associated with the uncertainty of future firm profitability in market-based than bank-based financial system. The findings of this study suggest that differences in the valuation of R&D between market-based and bank-based financial systems mainly depends on the information asymmetry between the firm and its investors.

PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO
COORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR
PROGRAMA DE EXCELENCIA ACADEMICA
Esta tese apresenta uma nova metodologia para valoração dinâmica do Capital Intelectual, aplicada ao Capital Humano. Trata-se de oferecer, ao tomador de decisão, uma ferramenta capaz de calcular e comparar o retorno do investimento em ativos intangíveis, como ocorre com outros ativos tangíveis. Através da metodologia proposta, denominada KVA-ACHE, é possível estimar a quantidade potencial de conhecimento humano, utilizado na geração do resultado financeiro da empresa. Essa metodologia também permite medir variações de desempenho nos processos-chave que compõem a cadeia de valor da empresa e o impacto do investimento em educação em um determinado processo. O método KVA-ACHE é composto de cinco módulos, que são executados em três fases. Na primeira fase se avalia a empresa de forma agregada, segundo seu modelo estratégico e, na segunda fase, avalia-se a quantidade de conhecimento potencial e disponível, associado a cada processo-chave. A terceira fase é aplicado o método KVA e obtido o indicador de desempenho ROI. Ao final da sua aplicação, essa metodologia permite: identificar os processos que estão drenando resultado da empresa, através da observação de indicador financeiro adaptado, como o ROIK (Return on Investment on Knowledg), identificar a necessidade individualizada de treinamento para se atingir o máximo de desempenho em um determinado processochave; analisar o impacto percebido em termos percentuais do investimento em educação, realizado em determinado processo-chave; e, finalmente, dar uma visão sobre os recursos de conhecimentos e habilidades disponíveis na equipe de colaboradores, os quais poderão ser aproveitados na avaliação de novos negócios e desafios para empresa. A principal inovação dessa metodologia está no fato de se utilizar a Teoria dos Conjuntos Fuzzy e de Sistemas de Inferência Fuzzy - SIF para transformar conceitos relacionados à disponibilidade e ao uso de conhecimento humano em valores que, dessa forma, permitem a comparação de ativos intangíveis com ativos tangíveis.
This thesis presents a new methodology for dynamic valuation of Intellectual Capital, applied to the Human Capital. It offers, to the decision-maker, a computational tool able to quote and compare the return on investment in intangible assets, as with tangible assets. Through the proposed methodology, called KVAACHE, it is possible to estimate the potential amount of human knowledge, used in generating the company’s financial results. This approach also allows the measurement of variations in performance in the key processes that make up the value chain of the company and the impact of investment in education in a given process. The method KVA-ACHE is composed of five modules, which are executed in three phases. The first phase evaluates the company on an aggregate basis, according to its strategic model, and, in the second phase, the amount of potential and available knowledge, associated with each key process, is evaluated. The third phase applies KVA method. This methodology allows: the identification of the processes that are draining the company’s income by looking at the adapted financial indicators, such as ROIK (Return on Investment on Knowledge); the individualized need for training to achieve maximum performance in a particular key process; the analysis of the impact noticed in terms of percentage of the investment in education, held in a certain key process; and finally, an insight into the resources of knowledge and skills available in the team of collaborators, which may be used in the assessment of new challenges and business to the enterprise. The main innovation of this methodology lies in the use of Fuzzy Set Theory and Fuzzy Inference Systems - FIS to transform concepts related to the availability and use of human knowledge into values, and thus allow the comparison of intangible assets with tangible assets.

The main objective of this thesis is the valuation of distribution rights of the company TROJA MOTO s.r.o.. Derivative goal is the specification of an intangible asset (distribution rights), including a comparison of benefits and costs that result from the usage of this right for the company. For the valuation of distribution rights, I apply the valuation method of multi-period excess-earnings, which is suitable for the valuation of specific intangibles. The main part are the strategic and financial analysis, which are important basis for the financial plan. The final chapter includes the calculated value of distribution rights themselves.

The purpose of financial reporting is to provide information that is useful for decision making. Recently, however, there has been a systematic decline in the usefulness of such information. Indeed, the current reporting model seems to be no longer sufficient mainly due to the fact that it ignores many of the nonfinancial intangible factors which are increasingly becoming important in determining corporate value and performance. That is, there is a need for the traditional reporting model to be modified or at least broadened to reflect Intangible Assets (IA) in order to enhance the usefulness of information being provided to different stakeholders. In the absence of mandatory reporting requirements, one alternative way of disseminating information regarding IA is to engage in voluntary disclosure practices. It has also been suggested that companies which would benefit the most from such practice are those originating from emerging economies looking to expand into international markets. While there exists an array of empirical studies which have examined the voluntary disclosure practices of corporations from developed economies, less considered are the reporting practices of emerging market companies regarding their IA. The purpose of this thesis is to examine the voluntary disclosure practices of the top 200 emerging market companies regarding the variety, nature and extent of IA and to consider some of the factors that may be associated with the level of such disclosure. Using a disclosure index based on the Value Chain Scoreboard??? (Lev, 2001), narrative sections of the 2002 annual reports of the top 200 emerging market companies are analysed. The findings indicate that emerging market companies engage in voluntary disclosure practices in order to disseminate different varieties of mainly quantitative IA information to their global stakeholders. Further, the variety and the extent of IA disclosure are associated with corporate specific factors such as leverage, adoption of IFRS/US GAAP, industry type, and price to book ratio. Contrary to the existing literature on voluntary disclosure, however, firm size and ownership concentration are not found to be associated with the IA disclosure level. Country specific factors such as the level of risks associated with economic policy and legal system are also found to be significantly associated with the IA voluntary disclosure level.

[Truncated abstract] The primary aim of this study was to examine, and compare, the value relevance and any bias associated with the reporting of intangible assets in Australia and the US over the ten-year period 1994 to 2003. The study adopts a disaggregated form of the Feltham and Ohlson (1995) valuation model and associated linear information models (LIMs) to allow goodwill and identifiable intangible assets to be separately examined using unbalanced panel regression analysis. The results for the Australian sample suggest that the adaptation of the Feltham and Ohlson (1995) valuation model used in this study is particularly useful in examining Australian equity securities. For example, the pooled sample analysis results in an adjusted R2 of 71%, which is consistent with similar US studies by Ahmed, Morton and Schaefer (2000) and Amir, Kirscenheiter and Willard (1997). Further, the results from the disaggregated Feltham and Ohlson (1995) valuation models suggest that the information presented with respect to intangible assets (both goodwill and identifiable intangible assets) under Australian GAAP is value relevant. However, the results from the valuation models also suggest that (for the average Australian company) the market believes goodwill is reported conservatively and identifiable intangible assets aggressively. ... As noted earlier, the increasing importance of intangible assets in the `new-economy’ suggests that (wherever possible having regard to the measurement difficulties) all intangible assets should be recognised in financial statements to maximise the value relevance of those statements. It should be noted, however, that there was some evidence to suggest that certain Australian companies (that is, those not consistently reporting positive abnormal operating earnings) might be reporting goodwill and/or identifiable intangible assets aggressively and this is an area that standard setters might need to carefully consider in future. I trust that the findings presented in this study will prove helpful to both researchers and those involved with formulating international accounting standards in this particularly difficult area of intangible assets. I also hope the results will help to allay any fears regulators (and others) might have that providing managers with accounting discretion will (necessarily) lead to biased reporting practices; based on the findings of this study for the majority of Australian and US companies, any such fears appear unwarranted.

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Fundo Mackenzie de Pesquisa
In the last decades the world has seen great dissemination of powerful brands, local and world-known, not infrequently assessed in billions of dollars, leading to massive sales of products and services associated with them. And in that context it is clear the impact of the intrinsic value of the intangible assets brand of companies in mergers and acquisitions.Nowadays, it has been clear that a Company valuation has a relevant amount related to intangible assets and, among these, brands have significant importance. This study aimed to investigate what is the general perception, the control method and the valuation of brands on companies operating in Brazil, by gathering information about the companies where students and recent graduates of post-graduate in business administration related courses used to work.Thus, from the sample group of 134 companies operating in Brazil, were extracted details of five dimensions of brand: awareness about its importance, financial valuation of the brand,accounting recognition of brand value, management of this intangible asset and its use as a tactical and strategic performance ratio. The methodology used was a survey that, from statistical tests Chi-square Pearson test led to the conclusion that there is no significant relationship between the fact that companies sell products and services and aspects relating to each of the five dimensions studied. Other variables statistically compared by using the chisquare test meant for the sample companies, among other findings, the significant correlation between large companies and the fact that companies evaluate brands or negotiate them. Also, the study took into account the criteria of attitude scores of respondents based on the Likert scale. The resulting data reveal that the brands are still in need of greater attention from companies. It is a minority in the sample studied the incidence of financial valuation of the brand, as well as the proper focus on accounting and management reports. Internal control over brand management and variable compensation system based on ratios of the brand,though present, such items were observed in low intensity in the sample companies.
Nas últimas décadas o mundo tem assistido à grande proliferação de marcas poderosas, local e mundialmente conhecidas, avaliadas não raramente em bilhões de dólares, levando a vendas em massa de produtos e serviços a elas associadas. E nesse contexto é notório o impacto do valor intrínseco do ativo intangível marca no valor das empresas em movimentos de fusões e aquisições. Hoje sabe-se que um valuation conta com parte relevante de seu montante relacionado a ativos intangíveis e, entre tais, as marcas possuem significativo destaque. Este trabalho objetivou investigar qual é a percepção geral, o método de controle e a avaliação das marcas em companhias em operação no Brasil, a partir de levantamento de informações sobre as empresas em que trabalhavam estudantes e recém egressos de cursos de pós-graduação profissional em áreas ligadas à administração de negócios. Assim, da amostra pesquisada de 134 companhias atuantes no país, foram extraídos detalhes de cinco dimensões da marca:percepção sobre sua importância, avaliação financeira, reconhecimento contábil de seu valor,gestão desse ativo intangível e de seu uso como indicador de performance tática e estratégica. A metodologia utilizada foi um levantamento (ou survey) que, a partir de testes estatísticos qui-quadrado de Pearson , permitiu a constatação de que não há relacionamento significativo entre o fato das empresas comercializarem produtos e serviços e aspectos ligados a cada uma das cinco dimensões estudadas. Outras variáveis comparadas estatisticamente pelo teste de qui-quadrado resultaram para as companhias da amostra, entre outras constatações, a significativa correlação entre as empresas de grande porte e o fato das empresas avaliarem marcas ou as negociarem. O estudo também levou em conta o critério de escores de atitudes dos respondentes baseado na escala Likert. Os dados resultantes revelam que as marcas carecem ainda de maior atenção por parte das empresas. É minoritária na amostra estudada a incidência de avaliação financeira da marca, assim como o devido enfoque em relatórios contábeis e gerenciais. Os controles internos de gestão da marca e o sistema de remuneração variável baseado em indicadores da marca, embora existam, mostraram-se itens pouco observados nas companhias da amostra.

Bakgrund

Majoriteten av alla svenska företag är familjeföretag. Forskning inom området har inte bedrivits i någon större utsträckning förrän på senare år. Därtill kommer att forskning inom värdering av familjeföretag är närmast obefintlig. Familjeföretag skiljer sig på många sätt från icke-familjeföretag, t.ex. när det gäller kultur, ägande och ledning. Härav finns det anledning att tro att familjeföretag värderas annorlunda än icke-familjeföretag.

Syfte med uppsatsen

Syftet med denna uppsats är att beskriva hur värdering av familjeföretag går till från ett uppköpande företags synvinkel.

Metod

För att utföra denna uppsats har ett kvalitativt, hermeneutiskt tillvägagångssätt använts för att förstå helheten av fenomenet familjeföretags värdering. Vi har genomfört en fallstudie bestående av tre familjeföretags uppköp gjorda av Företag X som noggrant har studerats.

Slutsats

När ett familjeföretag värderas är det avgörande att ha erfarenhet, branschkännedom, intuition och framför allt kunskap och erfarenhet om familjeföretag. De immateriella tillgångarna i ett familjeföretag, som till exempel rykte, kultur och kunskap bidrar tillsammans med olika värderingsmodeller till ett rättvist värde av familjeföretaget.

Background

The vast majority of all Swedish companies are family businesses. Research within the field of family businesses has not until recent years been developed. Moreover, the research regarding valuation of family businesses is close to non-existing. Family businesses differ in many ways from non-family businesses, for example when it comes to culture, ownership and management. Hence, there is a possibility that family businesses are valuated differently from non-family businesses.

Purpose of this thesis

The purpose with this thesis is to describe how valuation of family businesses is done from the perspective of an acquiring company.

Method

For this thesis a qualitative, hermeneutic approach was applied in order to understand the whole picture of the valuation of the family business phenomenon. A case study approach was carried out by carefully studying three acquisitions of small private family businesses in the service sector made by Company X.

Conclusions

The crucial skills to possess are experience, industry knowledge, intuition and most of all family business knowledge and experience when determining a fair value of a family business. The intangible assets of a family business, for instance reputation, culture and knowledge, together with different valuation methods contribute to the estimation of the value of a family business.

This study develops a bibliometric and empirical analysis of the relevance of accounting information when biological assets are measured at fair value versus at historical cost, using an international sample of firms with biological assets.

The diploma thesis focuses on comparing the accounting treatment and reporting of intangible assets in accordance with rules in the CR and IFRS. This thesis is concentrated on finding significant differences. A practical example shows the form of intangible assets in practice a few selected companies from different sectors.

Background: Companies operate in a dynamic and challenging business environment with a constant battle to become and stay competitive and achieve sustainable growth. The business environment has transformed rapidly in the past decade due to major globalization and internationalization processes, which have created a demand for mapping and understanding business value and core competences. Parting from the traditional, the focus within companies and research is shifting from tangible assets to human capital, such as knowledge, as the primary competitive resource. Knowledge is a concept that is both complex and volatile. Knowledge emerges and develops through processes of each individual and also from individuals merging together into groups – making it hard to manage. Sadly, without proper management of such resources and processes, it is competitive advantage cannot be exerted. Nowadays, most companies can be identified as knowledge intensive firms, where competitive advantage is related to the ability to create and apply new knowledge through mergers and acquisitions. For about 3 decades, researchers, governments and companies have been trying to develop methods to evaluate and measure intangible assets, but there is a lack of research on how it is done in reality.                                                 Purpose: The purpose of the study is to investigate Swedish holding companies’ approach to working with intangible assets, primarily knowledge; investigating the way it is leveraged and used in the holding structure to create knowledge as a competitive resource across the entire corporation.   Method: A qualitative research is used with a sample of 10 Swedish holding companies varying in size, structure and sector in order to test a proposed integrative model formulated on theory. Purposive sampling is used for participant selection based on personal networks.   Conclusion: Firstly, we found that the majority of the Swedish holding companies do not have a method for evaluating intangible assets in general. In the event of mergers and acquisitions, on the other hand, human capital is emphasized as a main factor for decision making. From the managerial point of view, there is an elevating need for developing a systematic approach to assess human capital when acquiring new subsidiaries, primarily in order to understand the value and context of knowledge. Secondly, Swedish holding companies have internal structures and work-approaches to identify key persons within the newly acquired subsidiaries and transfer their knowledge to the mother company. Furthermore, they try to maintain and create knowledge by investing on education and leadership, but in general, knowledge management is done subconsciously. Therefore, the general finding of this research is that the concept of knowledge management is in the beginning of its lifetime and there is a clear need to put more managerial emphasis on restructuring processes.

The aim of the diploma thesis is to evaluate a portfolio of Krušovice trademarks which is part of a wider trademark portfolio of the Czech beer producer Heineken Česká republika, Ltd. At first, a portfolio of Krušovice trademarks needs to be identified and selected. Secondly, it is essential to carefully choose method for valuation based on the importance and significance of trademark portfolio for the company. Two income methods will be used for valuation of Krušovice trademarks. Consequently, value of all intangible assets of Heineken is determined and the share of Krušovice trademarks on the total intangible assets of Heineken is discussed.

At the current level of the world and Russian economy development industrial enterprises can get important advantages due to the effective formation and use of intangible resources which have a significant impact on the activities of these enterprises. The purpose of the thesis is to assess the impact of intangible assets on the industrial complex enterprises activities. The information and empirical base of the research was based on legislative acts and regulations governing commercial organizations and enterprises accounting of intangible assets, normative acts, monographic research, periodical materials, international accounting and reporting standards, guidelines, scientific works and publications of foreign and domestic economists, official statistic data of the intangible assets use by commercial organizations, reporting documents of the investigated industrial enterprise. Domestic and foreign literary sources analysis shows the unified approaches absence to the study of the problems of accounting and valuation of industrial enterprises intangible assets. Therefore, in the course of writing the master’s thesis the author’s definition of “intangible assets” was given, the classification of industrial enterprises intangible assets was clarified, and a multifactor model for evaluating the industrial enterprise’s activities results taking into account the influence of various factors including intangible assets considered and not accounted for was developed. This multifactor model which was tested on research enterprise will help to give not only an assessment of the degree of these factors impact, but also allow for a predictive check of changes in the results of the enterprise’s activity under various development scenarios.
При современном уровне развития мировой и российской экономики промышленные предприятия могут получить существенные преимущества за счет эффективного формирования и применения нематериальных ресурсов, которые оказывают значительное влияние на деятельность этих предприятий. Целью диссертационной работы является оценка влияния нематериальных активов на результаты деятельности предприятий промышленного комплекса. Информационно-эмпирическая база исследования основывалась на законодательных актах и положениях, регламентирующих коммерческие организации и ведение бухгалтерского учета нематериальных активов предприятиями, нормативных актах, монографических исследованиях, материалах периодической печати, международных стандартах учета и отчетности, методических рекомендациях, научных трудах и публикациях зарубежных и отечественных экономистов, официальных статистических данных об использовании нематериальных активов коммерческими субъектами, отчетных документах исследуемого промышленного предприятия. Анализ отечественных и зарубежных литературных источников показывает отсутствие единых подходов в изучении проблематики учета и оценки нематериальных активов промышленных предприятий. Поэтому в ходе написания магистерской диссертации дано авторское определение «нематериальные активы», уточнена классификация нематериальных активов промышленных предприятий, а также разработана многофакторная модель оценки результатов деятельности промышленного предприятия с учетом влияния различных факторов, в том числе учитываемых и не учитываемых в балансе нематериальных активов. Данная многофакторная модель, которая была апробирована на исследуемом предприятии, поможет дать не только оценку степени воздействия этих факторов, но также позволит провести прогнозную проверку изменения результатов деятельности предприятия при различных сценариях развития.

My thesis deals with a topic of valuating a software company and adjustment accounting information for this purpose. The company I valuate, is a unique company. That is the reason why I use adjusted process of valuating. The first target of my thesis is to give an advice to the management of this company making a decision of selling the company. The second target is to make people talk about the increasing meaning of intangible assets not included in a system of financial reporting.

Brands can be one of the most valuable assets a company holds. These intangible assets are difficult tovalue and brand valuation is today a debated subject. By register or incorporate a trademark you can getsole right to it. This legal protection is a big part of the brand. The purpose of this essay is to analysethe value of a brand in an economical historical perspective with institutional theory and law andeconomics. I will describe how the legal framework for accounting (Bokföringslagen andårsredovisningslagen) and trademarks (varumärkeslagen) changes from 1960 to 2010. By looking atarticles from Nordiskt immateriellt rättsskydd (NIR) about trademarks and brands from 1960 to 2010 Iwill try to analyse how the view of brand valuation changes during these years. My result is that brandsget more and more popular and the value of a brand is more important in 1990 and forward then it wasin the 1960’s. I also find it hard to decide whether brands should be activated in company’s balancesheet because of the uncertainty and subjectivity in brand valuation.

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The process of determining the worth of a company (valuation) aims to calculate the fair value using several methodologies. Considering that, the value of a company is a result of its potential production; valuation methods should measure the capability to generate future benefits from the company's assets, which may be tangible (machinery, stock, etc.) and intangible (brands, the quality of its administration, strategy, etc.). Intangible assets, besides being more difficult to measure, are fundamental to the organization, contributing to the company's value. Several methods have been identified, making more difficult to choose the method to be used. Thus, the present study sought to analyze the main valuation methods and their applications, both those traditionally used and those that used for intangible assets. It was also observed if the governance of the company and involvement in fraud and corruption are considered during the evaluation. The identification of the practices of using which evaluation methods are most appropriate to each type of organization was elaborated from the data collection through the application of a structured questionnaire with professionals of the area and the evaluation of the results by a discussion group composed by specialists. The research findings can contribute to the choice of methods for evaluating companies, depending on their segment, size and concentration of assets: tangible and intangible. The results of this work demonstrate that, despite the existence of several methods of valuation of companies and intangible, the cash flow discounted method is the most used, but can also be complemented by other methods.
O processo de avaliação de uma empresa (valuation) tem como objetivo calcular o valor justo (fair value), sendo que esse cálculo pode ser realizado mediante a utilização de diversas metodologias. Considerando que o valor de uma empresa é representado pelo o que poderá produzir, os métodos de avaliação devem, em princípio, mensurar a capacidade de geração de benefícios futuros, originados dos ativos da empresa, que podem estar sob a forma de ativos tangíveis (imóveis, máquinas, estoques, etc.) e intangíveis (marcas, a qualidade de sua administração, sua estratégia, etc.). Os ativos intangíveis além de apresentarem maior dificuldade de serem mensurados, possuem importância fundamental na medida em que seu adequado gerenciamento gera vantagens competitivas à organização, contribuindo para a alavancagem do valor da empresa. Foram identificados diversos métodos, o que dificulta a escolha do procedimento a ser empregado. Assim, o presente estudo buscou verificar a aplicação dos principais métodos de avaliação, tanto os tradicionalmente utilizados, como os que tratam de avalição dos ativos intangíveis. Procurou-se observar se a governança da empresa e envolvimento em fraudes e corrupção são consideradas quando da avaliação. A identificação das práticas de utilização de quais métodos de avaliação são mais adequados a cada tipo de organização foi elaborado a partir da coleta de dados mediante a aplicação de um questionário estruturado com profissionais da área e da avaliação dos resultados por um grupo de discussão composto por especialistas. Os achados da pesquisa podem contribuir para a escolha de métodos para avaliações de empresas, em função do seu segmento, porte e concentração de ativos: tangíveis e intangíveis. Os resultados deste trabalho demonstram que, apesar da existência de diversos métodos de avaliação de empresas e de intangíveis, o método do fluxo de caixa descontado é o de maior utilização, podendo, porém, ser complementado por outros métodos.

Sammanfattning

Datum: 2008-06-04

Nivå: Kandidatuppsats i företagsekonomi

Författare: Kristina Andersson Anette Titze

Enköping Västerås

Handledare: Matti Skoog, universitetslektor

Titel: Immateriella tillgångars värde i två företagsspecifika situationer

konkurs relaterat till företagsförvärv

Problem: Intressenter som verkar kring ett företag måste kunna få en

helhetsuppfattning om dess värde. Redovisningsteoretiker har länge

ansett att immateriella tillgångar bör redovisas i större omfattning i

balansräkningen, både de som kan aktiveras enligt regelverket samt

de osynliga så som personalen. Svårigheten med att värdera dessa

tillgångar är med andra ord ett problem, därav den fortgående

debatten. Därför är det intressant att studera hur tillgångarna behåller

sitt värde i händelse av konkurs, sett i relation till företagsförvärv.

Syfte: Syftet med denna studie är att diskutera problematiken kring

värderingen av de immateriella tillgångarna och studera i vilken

utsträckning värdet behålls i förvärvs- respektive konkurssituationer.

Metod: Författarna har använt regelverk, relevant litteratur, samt artiklar

inom området där värderingsproblematik har diskuterats. Vidare har

primärdata samlats in i form av handlingar från företag där konkurs

har avslutats och intervjuer med sakkunniga inom området för att

kunna studera praxis. Studien har således en kvalitativ ansats.

Slutsats: De immateriella tillgångarnas värden påverkas olika då det gäller

huruvida de behåller sitt bokförda värde i händelse av konkurs och

företagsförvärv. I konkurs tenderar denna tillgång att tappa hela sitt

bokförda värde, vilket är viktigt för företagets intressenter att känna

till. Särskilt de intressenter med säkerhet i företagets tillgångar. Vid

företagsförvärv behålls det bokförda värdet och kan till och med öka,

vilket har betydelse för tidigare ägare till företaget då denne erhåller

betalning även för företagets osynliga resurser.

Sökord: Immateriella tillgångar, konkurs, värdering, intressenter

Abstract

Date: 2008-06-04

Level: Bachelor thesis in business administration

Authors: Kristina Andersson Anette Titze

Enköping Västerås

Advisor: Matti Skoog, Lecturer

Title: The value of intangible assets in mergers and bankruptcy situations

Problem: Stakeholders operating on a company must be able to get the full

ramifications of its value. Researchers have long believed that

intangible assets should be reported to a greater extent on the balance

sheet, both those that can be activated under the regulatory

framework and the invisible, for example the company staff. The

difficulty in valuing these assets is a problem, hence the continuing

debate. Therefore, it is interesting to study how the assets will retain

its value in the event of bankruptcy, in relation to acquisitions.

Purpose: The purpose of this study is to discuss the problem of valuation of

the intangible assets and to study the extent to which the value is

retained in mergers and bankruptcy situations.

Method: The authors have used the regulatory framework, relevant literature,

and articles in the area where the problem regarding valuation have

been discussed. Furthermore, the raw data collected in the form of

documents from companies in which the bankruptcy has been

completed and interviews with experts in the field to study the

practice. The study therefore has a qualitative approach.

Conclusion: The intangible asset values are affected different in terms of whether

they retain their book value in the event of bankruptcy and

acquisitions. In bankruptcy they tend to lose their book value, which

is important for the company's stakeholders to know. In particular,

those stakeholders with security in the company's assets. At

acquisitions the book value is retained and may even increase, that is

relevant to the former owner of the company when receiving

payment for the company's invisible resources.

Keywords: Intangible assets, bankruptcy, valuation, stakeholders

Cada vez mais tem sido evidenciado pela performance das empresas nos mercados financeiros que uma parcela significativa do seu valor não está vinculado aos ativos tangíveis que ela possui. Diversos estudos acadêmicos sugerem que outros ativos são responsáveis por esta geração de valor adicionado nas empresas: os ativos intangíveis. Dentre os vários ativos intangíveis que aportam valor a uma empresa, a marca tem sido destaque em diversos trabalhos. Existem evidências que marcas fortes geram valor adicionado às empresas, sendo a sua mensuração um grande desafio. Diante disso, neste estudo elaborou-se uma metodologia alternativa de mensuração do valor de marcas baseada no método do fluxo de caixa descontado. Para tal, foi desenvolvida uma ferramenta denominada Scorecard da Marca que identifica e quantifica a influência que a marca exerce na capacidade de geração de fluxos futuros de uma empresa. A metodologia alternativa foi aplicada a empresas de diferentes segmentos de mercado, a saber: Banco Itaú e Unibanco do setor de Serviços Financeiros e Perdigão e Sadia do setor Alimentício. Ficou demonstrado, pelos resultados obtidos, que a metodologia proposta captou as diferenças entre as empresas analisadas e possibilitou a mensuração do valor específico de cada uma das marcas. Assim, foi possível incorporar, de maneira mais abrangente, o impacto que as marcas agregaram aos resultados financeiros das empresas.
The performance of companies in the financial markets for the past few years has led to the conclusion that a very significant portion of their value can not be directly explained by the tangible assets they possess. Recent academic studies have suggested that the value creation in these companies are caused by the intangible assets. Amongst the various different intangible assets that help create value in companies, the brand has been focus of several studies. Empirical evidence have shown that strong brands help create added value for the companies that control them. Additionally, the identification and calculation of the value of brands has posed as a huge challenge. In this context, the main objective of this study was the development of an alternative methodology for brand valuation, based on the Discounted Cash Flow (DCF) model. In order to accomplish this objective, an instrument called Brand Scorecard was developed in order to capture the brand’s influence in the companies’ excess cash flow creation. This alternative methodology was applied to four different companies, participating in two distinct market segments. They are: Banco Itaú and Unibanco of the Financial Services segment and Perdigão and Sadia from the Food segment. The results indicate that the proposed methodology was efficient in capturing the main differences among the companies and brands. The methodology was also capable of capturing the value of the brands by identifying and isolating their relationship with the companies’ excess cash generation capacity.

Desde a onda de abertura de capital ocorrida com o setor de real estate brasileiro entre 2006 e 2007, a discussão em como identificar por meio de informações disponíveis ao público o valor das empresas que compõem esse importante setor se intensificou tanto entre seus gestores como nos analistas do mercado de capitais. Os modelos tradicionais de avaliação de empresas se mostraram inadequados e necessitam de adaptações para serem utilizados em empresas do setor, bem como a identificação e caracterização dos direcionadores de valor. Esta tese tem como objetivo desenvolver uma rotina de avaliação de empresas de Real Estate e sua relação com os direcionadores de valor, intangíveis ou tangíveis, identificando quais são os ativos que possuem maior influência na geração do valor e o porquê dessa influência, possibilitando aos investidores e analistas avaliar melhor o valor de empresas do setor. A partir de uma revisão bibliográfica em conjunto com a análise dos prospectos de abertura de capital e das demonstrações financeiras disponibilizadas ao público, foi proposta uma taxonomia para medir o valor das empresas de real estate em quatro dimensões: capital de propriedade, capital humano, capital de mercado e capital relacional. Em cada dimensão foram mapeados os ativos tangíveis e intangíveis que as formam e estes relacionados à geração de valor por meio de indicadores e benchmarks.
Since the wave of IPO occurred in the Brazilian real estate sector between 2006 and 2007, the discussion on how to identify by disclosure information the fair value of those companies intensified both among its managers and capital market analysts. Traditional valuation models proved inadequate and require adaptations for use in those companies, as well as the identification and characterization of value drivers. This dissertation aims to develop a routine valuation of Real Estate from the drivers of value, tangible or intangible, identifying which are the assets that have greater influence on the value generation and why this influence, enabling investors and analysts to better assess the value of companies in the sector. After a literature review as well as the analysis of the IPO Prospectus and the financial statements available to the public, taxonomy was proposed to measure the value of the real estate companies in four dimensions: property capital, human capital, market capital and relational capital. In each dimension were identified tangible and intangible assets and these related to value generation through indicators and benchmarks.

Background: Accounting of intangible assets have increased during the last years which have created a debate about if trademarks should be accounted as assets with the uncertainty of the value in mind. Valuation and accounting of trademarks are of interest for accountants and investors. These should be able toget information about the assets that are of importance for the company. A solid brand can be of great value for a company, which should be accounted for.

Purpose: The purpose of this master is to examine the function of the brand in the different companies in the study and map the definitions that the different companies have of brands. We also want to describe and investigate how and why companies choose to present its brands and also investigate the reliability of the used methods of valuation. Accomplishment: To fulfil our purpose, the annual reports from the companies on the Stockholm Stock Exchange were studied. An inquiry was sent to complement the collected information. For further draught we interviewed a lender and a brand expert.

Result: Companies define a brand from three different perspectives; marketing-, accounting- and legally perspectives. The companies definitions differ depending on which line of business they work. The most important functions of the brand also differ depending on which line of business they work, generally the companies bring out the distinction and the customer loyalty functions of the brand. Six of the 33 companies in the study has valuated their trademarks. These also have chosen to activate the obtained values. The fact that all companies that have valued its trademarks also activate them may have its reason in that they don´t see a relevance in just valuating the trademark for internal use. The methods of valuation the companies have used are the Cash-flow method, the cost- based method of valuation and the market-based method of valuation. In accounting of trademarks the companies bring out the precautionary principle and solely aquired trademarks are activated in accordance to RR15.

Dissertação apresentada à Universidade Fernando Pessoa como parte dos requisitos para obtenção do grau de Mestre em Ciências Empresariais
Já lá vai o tempo em que saber quanto vale uma empresa era apenas necessário quando se pretendia efectuar uma aquisição ou fusão, que ocorria com uma frequência relativa. Na última década, e um pouco por todo o mundo, tem-se assistido a movimentos de concentração de empresas. Paralelamente, os grandes grupos económicos desenvolvem estratégias de diversificação sectorial e geográfica. Deste modo processo de avaliação de uma empresa é de vital importância neste contexto. Para um conhecimento mais aprofundado desta matéria, é sempre necessário ter presente que as empresas são constituídas por diversos tipos de activos. Em consonância com as actividades que desenvolvem estes activos são divididos e classificados em dois grandes grupos: tangíveis e intangíveis. Este trabalho tem como objectivo o conhecimento de metodologias para mensuração dos activos intangíveis, no âmbito da avaliação da empresa. Demonstra-se nesta investigação que múltiplos intangíveis contribuem e têm um impacto nos resultados das empresas. Foi também concluído que não existe consenso quanto ao método de valorização de activos intangíveis a utilizar.
It’s has been a long time since companies only wanted to know its value when one acquisitions or mergers were considered which occurred with relative frequency in the past. In the last decade, and all over the world, one has observed a movement of concentration. Meanwhile, the big economic groups are developing strategies for sectorial and geographical diversification. In this context the evaluating process is of vital importance for a company. For a deeper understanding of this issue it is always necessary to bare in mind that companies are made of different types of assets. Based on the type of work that they do they are divided and classified into two major groups: tangible and intangible. This work aims to deeper the knowledge of methodologies for measuring intangible assets. It was found that intangibles play an important role in creating value in companies. This research also demonstrates that multiple intangibles contribute and have an impact on corporate results. It was concluded that no consensus was found on the method for the valuation of intangible assets.

The aim of the thesis is valuation of the domain name heureka.cz on the date 1.7.2010. The thesis consists of strategic analysis, financial analysis, analysis and prognosis of generators of value and financial plan. The value of the domain name is determined by the excess earnings method and as additional method is used residual method based on DCF equity and market coparison.

Syfte

Syftet med denna uppsats är att analysera vilka effekter införandet av internationellt gällande redovisningsregler har på den svenska redovisningen. Detta ska belysas genom studerandet av hur IAS 38 har påverkat redovisningen av varumärken.

Metod

Studiens kommer att bedrivas med en kvalitativ ansats där datainsamlingen kommer att ske genom intervjuer och skriftliga källor.

Slutsatser

Studien visar att implementeringen av IAS 38 ej görs på ett enhetligt sätt och att inte samma metoder för att värdera varumärken används av företagen vilket skapar problem med jämförbarheten mellan olika företag. Vidare visar studien att varumärken är en av de vanligaste tillgångarna som identifieras vid förvärv och att företagen oftast överväger en särskiljning av varumärket från goodwill vilket visar att implementeringen av IAS 38 är på god väg. Slutsatser som dras av studien är att det kommer att krävas tid och även en specialisering inom revisionsbranschen för att implementeringen av internationaliseringen ska få full effekt, vilket är att skapa enhetlighet, jämförbarhet och ett rättvisare värde på företaget på en internationell nivå.

Aim

The aim of the thesis is to analyse what impact the current international accounting standards have on Swedish accounting. This will be illustrated through the study of the affect of IAS 38 on the accounting of brands.

Methodology

The thesis will be investigated through a qualitative approach with collected data from interviews and written sources.

Conclusion

The study shows that the implementation of IAS 38 is not carried out in a homogeneous way. The companies are not using the same methods in their valuations of brands and that causes problems when comparing different companies. Moreover, the essay demonstrates that the brand of a company is one of the most common assets identified in company acquisitions. That companies often consider a distinction between the brand and goodwill shows that IAS 38 is well on its way to be established. The conclusions drawn from this study are that for the implementation of the internationalization to succeed it will require both time and a specialization within the accountancy branch. The aim of the adaptation of IAS 38 is to create homogeneity, comparability and a more equal value of the companies on an international level.

Thesis is focused on the necessary adjustments to the accounting information required for or the purpose of valuating a company using method EVA. The first part is focused on the development of accounting and accounting systems, in second part is defined by basic terms of valuating a company and the third section describes the accounting information (the necessary adjustments) divided by valuation phase. The most important part of the third part is the transformation of accounting data for economic (financial leasing and intangible assets).

This research project endeavors to frame a methodology that can be used to categorize firm value strategies (production logics) and choices of factor inputs (tangible and intangible assets), which are used to fuel production cycles for goods and services outputs. A secondary goal of the research is to attempt to determine what asset group combinations (resources) are combined by various classes of firms to produce sustainable outcomes for the A/E/C firms in the survey. The National Bureau of Economic Research recently issued a system of national accounts (acknowledging both tangible and intangible assets) that reflects the macro-economy but at the same juncture, lamented the fact that a firm-level micro-economic schema did not exist to mirror the national system. This study makes an effort to redress that void by investigating how such a system of accounts - measured on the input side of the ledger -- could begin to fill in a gap in information and understanding as pointed out by participants in the National Academy of Sciences symposium of 2009 entitled "Intangible Assets: Measuring and Enhancing Their Contribution to Corporate Value and Growth." In brief, the research represents an effort to make a contribution to a growing body of knowledge about intangible assets by solidifying a framework within which both tangible and intangible assets may be more appropriately conceptualized and more adequately measured for purposes of current and future investigations. The research also provides a methodology for beginning to understand how some design and construction industry firms rely on specific asset categories for operating success, corporate stock value and business continuity. It is conceivable that managers would use a variation of the methodology to better balance ongoing investments in their firm's portfolio of tangible and intangible resources. The mixed methods used in this research support the following conclusions: 1) In terms of rank order of asset deployment categories by firms, intangible assets appear to have a modest edge over tangible assets for deployment by value shop firms (architecctural and engineering design firms), but these emphases are not consistent among value chain-oriented (construction) firms. 2) Although pronounced differences were expected, there was little evidence of differences in rank order of asset category accumulation and deployment by firms (according to the Delphi panel) regardless of whether the firm was focused on continuity and longevity or (alternatively) short-term profit maximization. 3) Because of their ambidexterity in production logic, the expert panel had difficulty placing EPC (Engineer - Procure - Construct), design-build and integrated services firms in a single Stabell - Fjeldstad value logic category, and a new composite category was posited based on Delphi panel feedback.

A sociedade está cada vez mais competitiva e baseada no conhecimento. Neste sentido, ganha significativa importância o estudo dos ativos intangíveis relacionados ao conhecimento, como pesquisa, inovação, relacionamentos, denominados Capital Intelectual (CI). Nos anos 90 surgem as primeiras experiências no ambiente industrial de identificar e mensurar estes ativos intangíveis, identificados como diferencial competitivo. Na virada do século, as instituições de ensino superior (IES) e centros de pesquisa também passam a perceber a importância da avaliação do CI, uma vez que estes ativos intangíveis são ao mesmo tempo seus principais insumos e também seus resultados. A partir de então, a literatura aponta diversas iniciativas para identificar, mensurar e gerir o CI das IES, entre outras motivações como forma de agregar valor às suas atividades de produção e disseminação do conhecimento. É neste contexto que se insere este trabalho que busca propor uma estrutura de indicadores para apoiar a gestão dos ativos intangíveis de CI das Instituições Federais de Ensino Superior (IFES) A partir da revisão da literatura foi possível identificar características comuns às iniciativas existentes, em particular às relacionadas ao ambiente acadêmico. Com base nestas características optou-se pela divisão do CI em 3 componentes: humano, organizacional e relacional. Cada um destes componentes foi dividido em diferentes elementos intangíveis, e estes em indicadores. Durante a etapa de construção da proposta de estrutura foi necessário fazer alguns ajustes de forma a alinhar as experiências internacionais com a realidade das IFES brasileiras. Como forma de testar a eficiência da proposta foi realizado um estudo aplicado na Universidade Federal do Rio Grande do Sul. O resultado deste estudo aplicado possibilitou a avaliação da estrutura e dos indicadores, ajustados ao contexto particular da instituição. Além disso, foi possível sugerir algumas formas de análise dos indicadores apurados, bem como identificar o peso de cada um deles no contexto da instituição.
Society is increasingly competitive and knowledge-based. In this sense, is gaining importance the study of intangible assets related to knowledge, such as research, innovation, and relationships, called Intellectual Capital (CI). In the 90s, it occur the first experiences in the industrial environment to identify and measure these intangible assets, identified as a competitive differential. At the turn of the century, higher education institutions (HEI) and research centers also come to realize the importance of IC assessment, since these intangible assets are at the same time their main inputs and also their results. Since then, the literature points several initiatives to identify, measure and manage the HEI IC, among other motivations as a way of adding value to its activities of production and dissemination of knowledge. It is in this context that this work is inserted to seeks to propose a structure of indicators for the intangible assets of CI of Brazilian Federal Institutions of Higher Education (IFES). From the literature review it was possible to identify characteristics common to existing initiatives, in particular those related to the academic environment. Based on these characteristics, we chose to divide the IC into 3 components: human, organizational and relational Each of these components was divided into different intangible elements, and these into indicators. During the construction phase of the structure proposed it was necessary to make some adjustments in order to align the international experiences with the reality of the brazilian IFES. As a way to test the efficiency of the proposal, a study was carried out at the Federal University of Rio Grande do Sul. The results of this study allowed the validation of the structure and the indicators, adjusted to the particular context of the institution. In addition, it was possible to suggest some ways of analyzing the identified indicators, as well as to identify the weight of each of them in the context of the institution.

The aim of my thesis is the issue concerning tangible and intangibe fixed assets. The topic is processed from the perspective of Czech accounting and tax adjustment. The attention is paid to the characteristic and distribution of fixed assets both from accounting and tax perspective. I deal with valuation, technical assessment, tax and accounting depreciation. I focus on disposals of assets and deferred tax. I explain the difference between accounting and tax reporting of fixed assets by way of practical examples of one business company.

This thesis attempts to analyze a part of the big and complex process of how intellectual property ownership and technological innovation influence the performance of firms and their revenues. Here I analyze a firm's stock market performance as a function of the quantity and quality of intellectual property (patents) owned by the firm in context of the three US high-technology sectors, Pharmaceuticals, Semiconductors and Wireless. In these sectors, value of a firm is predominantly driven by the technologies which a firm owns. I use citation based indicators and number of claims to measure the quality of patents. This research presents empirical evidence for the hypothesis that in high-tech sectors, companies which generate better quality intellectual property perform better than average in the stock market. I also posit that firms which are producing better quality technologies (good R&D) invest more in R&D regardless of their market performance. Furthermore, though smaller firms get relatively less returns on quality and quantity of innovation, they tend to invest a bigger fraction of their total assets in R&D when they are generating high quality patents. Larger firms enjoy the super-additivity effects in terms of market performance as the same intellectual property gives better returns to them. In addition, returns to R&D are relatively higher in the pharmaceutical industry than semiconductor or wireless industries.

Varumärket – vår tids viktigaste tillgång. Det är en immateriell tillgång som erbjuder ettexklusivt värde för konsumenten och en möjlighet för företag att utmärka sig från sinakonkurrenter. I genomsnitt upp till 50 % av ett företags balansräkning kan bestå avvarumärket och det beskrivs som lika viktigt som produktens kvalité. Immateriella tillgångarär dock svåra att identifiera och på grund av detta uppstår svårigheter vid erkännande ochkapitalisering. Det saknas även en aktiv marknad för varumärken, vilket försvårarvärderingsprocessen. För att underlätta värderingen har standarder så som IAS 38, IFRS 3 ochISO 10668 framtagits. I dessa finns bland annat definitioner, erkännandekriterier och metoderför beräkning av varumärkets värde.Med detta som utgångspunkt är studiens huvudsyfte att analysera värdering av varumärken ipraktiken. Syftet är också att undersöka hur redovisningsstandarder som ISO 10668, IFRS 3IAS 38 underlättar för professionen vid värdering. För besvara syftet har intervjuer på tre avde största revisionsbyråerna utfösts. Studiens empiri består även av en textanalys av sju olikaföretags årsredovisningar, med syfte att undersöka hur de har värderat sina varumärken.Teorin visar att det finns flera olika värderingsmetoder, där studien presenterar fem av dessa.Resultatet av studien visar att de framtidsorienterade metoderna är de som främst används vidvärdering av varumärken. Relief from royalty är den metod som är vanligast bland deinkomstbaserade tillvägagångssätten. Metoden innebär att man beräknar hur mycket företagettjänar på att äga varumärket istället för att leasa det och få en royaltyavgift, därav namnet,relief from royalty. Det är även möjligt att beräkna värdet med hjälp av förväntade framtidakassaflöden.Slutsatsen i denna studie är bland annat att varumärken utgör en viktig del av företagensbalansräkning, att inte erkänna de skulle ge en felaktig bild av företaget. Även om varumärkeär svårt att definiera och värdera är det bättre att redovisa ett något felaktigt värde än att inteerkänna det alls. Standarderna IAS 38 och IFRS 3 utgör ett ramverk som stödjer ochunderlättar värderingen. Det framkommer dock att ISO 10668 sällan används i praktiken.Metoder som inriktar sig på framtida uppskattade värden är osäkra eftersom de till stor delinnebär bedömningar av händelser som inte har inträffat. Värdering enligt dettatillvägagångssätt ger mer relevanta värden än vid historiska kostnader som bas. Beloppenanses dock brista i tillförlitlighet. För att årsredovisningarna ska kunna vara både relevantaoch tillförlitliga är studiens slutsats att man vid värdering av varumärken bör använda två ellerfler värderingsmetoder. Blir resultatet likvärdigt vid beräkning enligt båda metoder är dettroligt att beloppet är tillförlitligt.
Program: Civilekonomprogrammet

Thesis deals with the valuation of a trademark as an intangible property of a firm. In the theoretical part is a treatise on the difference between brand and trademark. There is also explained the importance of brand essence and brand building. It also described the area, benefiting from brand valuation. The selected company is subjected to several analysis and the value of its brand is recognized by the method license analogy.

Depuis une dizaine d’années, les personnes publiques prennent conscience du potentiel économique que représente leur "patrimoine immatériel". A l’analyse, celui-ci présente une grande diversité dans sa composition et comprend ainsi tout à la fois des éléments non appropriés et des éléments appropriés, qualifiables de "propriétés publiques immatérielles". Les personnes publiques doivent impérativement trouver un équilibre entre différents impératifs dans la valorisation qu’elles opèrent de leur "patrimoine immatériel". Elles doivent en effet pouvoir en tirer de nouvelles ressources financières en les exploitant tout en en assurant une protection adéquate. Les éléments non appropriés du "patrimoine immatériel" font souvent l’objet de régimes juridiques autonomes qui, dans l’ensemble, permettent aux personnes publiques d’en envisager une valorisation équilibrée. Quant aux propriétés publiques immatérielles, la démonstration se concentrera sur les difficultés rencontrées pour les faire bénéficier du régime de la domanialité – qu’elle soit publique ou privée –, puis sur les options envisageables pour mettre un place un régime juridique susceptible d’en assurer une valorisation optimale
Over the past decade, public entities have become aware of the economic potential of their "intangible assets". Upon analysis, such assets are highly diversified and include both irrelevant and relevant items, which can be described as "intangible public properties". It is critical for public entities to achieve a balance between different constraints when promoting their "intangible assets". They must be able to generate new financial resources from such assets by exploiting them while ensuring its adequate protection. Irrelevant elements usually included in the "intangible assets" are often subject to autonomous legal regimes which, taken altogether, allow public entities to contemplate a balanced valuation. As for intangible public properties, the analysis will focus on the challenges faced while incorporating them into the domain regime - whether public or private - and then on the available options to implement a legal regime capable of ensuring an optimal valuation

Syfte: Studiens syfte är att undersöka svenska och amerikanska företagsmäklares inställning till kundkapitalet och dess värderingsmodeller. Studien syftar även till att finna konsekvenser som en explicit redovisning av kundkapitalet skulle ha på företagsvärderingar.   Tidigare forskning: Centrala modeller i studien är Customer Lifetime Value, Customer Equity, Customer Profitability och Multi-Period Excess Earnings Model. Tidigare forskning hittas i Edvinsson och Malone (1997), Gupta et al (2004), Villanueva och Hanssens (2007), Wiesel et al., (2006) samt Hofstedes forskning om nationella dimensioner.    Metod: Studien använder metodtriangulering. Huvudsaklig primärdata genereras ur webbaserade enkäter som skickas till svenska och amerikanska företagsmäklare. Vidare utförs tre semi-strukturerade intervjuer med representanter från KPMG, Deloitte och UC. Ett chi-tvåtest utformas för att se om det finns ett samband mellan nationalitet och företagsmäklares inställning till att beakta kundkapitalet.   Slutsats: 72 procent av de deltagande företagsmäklarna och samtliga intervjupersoner anser att det är viktigt att värdera kundkapitalet. Trots detta är det endast 38 procent av enkätrespondenterna som svarar att de beaktar kundkapitalet vid värdering av kundbaserade företag. En jämförelse mellan nationaliteterna visar att svenska företagsmäklare är mer positiva till de ”nya” kundvärderingsmodellerna, främst Customer Equity och Customer Profitability. De är också mer benägna att använda dessa. Amerikanska företagsmäklare tenderar istället att använda den traditionella Multi-Period Excess Earnings Method.
Purpose: The purpose of this thesis is to investigate Swedish and American business appraisers’ attitude towards customer capital and its valuation models. This thesis also aims to find consequences that an explicit accounting of customer capital would have on business valuations.  Previous Research: Central models in this study are Customer Lifetime Value, Customer Equity, Customer Profitability and Multi-Period Excess Earnings Method. Previous research is found in Edvinsson and Malone (1997), Gupta et al., (2004), Villanueva and Hanssens (2007), Wiesel et al., (2006) and Hofstedes research regarding cultural dimensions. Method: This study uses a triangulation of methods. The main primary data is generated through internet-based questionnaires which was sent to Swedish and American business appraisers. Furthermore, three semi-structured interviews are conducted with representatives from KPMG, Deloitte and UC. A chi-Squared test is made to see if there is any relationship between nationality and business appraisers’ attitude towards taking heed of the customer capital. Conclusion:  72 per cent of the participated business appraisers and all interviewees think that it is important to value customer capital. Despite this, there are only 38 per cent of the survey respondents who say that they account for customer capital when valuing customer-based companies. A comparison between the nationalities show that Swedish business appraisers are more positive towards the “new” customer valuation models such as Customer Equity and Customer Profitability. They are also more inclined to use these. American business appraisers tend to use the more traditional Multi-Period Excess Earnings Method.

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There are evidences suggesting a growing importance of the intellectual capital (IC) and the intangible assets in the economy. Therefore, it is critical to find ways to measure the companies IC, and to understand the relationship between it and their value generation. The pressure for it, affects not only managers, who have a broad and differentiated access to all the operational aspects of their companies, but specially, investors and other stakeholders that are external to these companies. For the former, the formulation of indexes, capable to measure the stock and the flows of companies IC, based on the financial information available, and the analysis of the association, between these indexes and companies value generation, can bring a completely new perspective, fundamental for supporting their investment decisions in intellectual capital intensive companies. This dissertation makes usage of CIV (Calculated Intangible Value) and ICE (Intellectual Capital Efficiency) to measure IC stock and flows respectively. Through the usage of multivariate regressions and application of static panel data models, the influence of IC indexes on companies value generation is analyzed. The value generation perspective is captured by using: ROE (Returnon-Equity), ROA (Return-on-Assets) and ROS (Return-on-Sales) ratios. The research utilizes a non-probabilistic sample, built with secondary data coming from the Exame magazine Maiores e Melhores annual survey database, which contains 628 observations from 237 companies in the period between years 2000 and 2005. The following question is addressed: What is the relationship between the stock and flow of IC and company s value generation? Results found, suggest the existence of a positive relation between both CIV and ICE and the dependent variables ROE, ROA and ROS. It also shows that IC seems to be a more relevant indicator of value generation than the stock of financial and physical assets.
As evidências apontam para uma participação crescente do capital intelectual e dos ativos intangíveis na economia. Esse fato torna crítico encontrar formas para medir o capital intelectual das empresas e entender a relação deste com a criação de valor das mesmas. Afetando assim, não apenas os gestores, que possuem um acesso diferenciado e abrangente aos diversos aspectos operacionais das empresas, mas principalmente, os investidores e demais partes interessadas externas às empresas. Para os últimos, a construção de índices capazes de medir capital intelectual da empresa, desenvolvidos com base em informações financeiras e contábeis disponíveis, e o estudo da associação desses índices, com a geração de valor das empresas, podem fornecer uma perspectiva nova e fundamental para a análise de investimentos em empresas intensivas em capital intelectual. Esta dissertação faz uso do CIV (Calculated Intangible Value) e do ICE (Intelectual Capital Efficiency), como medidas de estoque e fluxo de capital intelectual respectivamente. Através de tratamento estatístico por regressões multivariadas, e do uso de modelos estáticos de dados em painel (panel data), efetua-se a análise da influência desses índices de capital intelectual, na geração de valor das empresas, aqui medida através dos índices de: ROE (retorno sobre patrimônio líquido); ROA (retorno sobre ativos) e ROS (retorno sobre vendas). O estudo é feito com base numa amostra não probabilística, utilizando dados secundários provenientes da base de dados do anuário Maiores e Melhores da revista Exame e contendo 628 observações relativas a 237 empresas no período entre 2000 e 2005. Responde-se assim à questão: Qual é a relação entre o estoque e o fluxo do capital intelectual e a geração de valor da empresa ? Os resultados da pesquisa mostram a existência de relação positiva em relação ao CIV e ao ICE e as variáveis dependentes ROE, ROA e ROS. Mostram ainda que o capital intelectual parece ser um direcionador mais relevante do que o estoque de ativos físicos e financeiros para a geração de valor das empresas.

La mutation des économies a transformé les richesses en profondeur en les désincarnant. Ce phénomène s’est traduit par l’accroissement de valeurs sans matière au sein des entreprises et, incidemment, lorsqu’elles éprouvent des difficultés. La notion d’actifs incorporels place la valeur au centre des préoccupations et renvoie à une réalité tant juridique qu’économique. Cette approche révèle leur singularité dans un contexte de défaillance à travers l’observation des opérations d’évaluation et de réalisation. D’une part, l’évaluation des actifs incorporels se montre défectueuse, révélant les carences de la comptabilité française, qui peine à retranscrire la valeur de ces actifs, et plus largement, mettant en exergue les limites des méthodes d’évaluation de ces actifs dans un contexte de difficulté. D’autre part, la réalisation des actifs incorporels est complexifiée par les modes de cession ou des garanties constituées. Ainsi, la singularité des actifs incorporels rend difficile leur maîtrise. Partant, des solutions peuvent être trouvées dans le cadre du droit des entreprises en difficulté. Une grille de lecture des actifs incorporels peut d’ores et déjà s’articuler autour de la valeur et de son interaction avec l’exploitation. Certains actifs incorporels, tels qu’un logiciel ou un fichier-client, sont directement corrélés à l’activité de l’entreprise et ont tendance à se dévaloriser au fur et à mesure des difficultés de celle-ci. D’autres actifs incorporels, tels les créances et les droits sociaux, reposant sur des éléments extérieurs à l’entreprise, ne perdent pas automatiquement leur valeur en présence de difficultés. La division des actifs incorporels peut donc s’opérer entre les actifs incorporels dont la valeur s’établit à l’aune de l’exploitation, et ceux dont la valeur ne lui est pas directement liée. Ces actifs incorporels suscitent par ailleurs une évolution du droit des entreprises en difficulté au niveau des opérations d’évaluation et de réalisation afin d’être mieux appréhendés. La prise en compte de ces évolutions est indispensable. L’importance grandissante des actifs incorporels au sein des entreprises en difficulté, ne doit pas être ignorée au risque sinon de les affaiblir davantage, de décrédibiliser le cadre judiciaire du traitement des entreprises en difficulté
The mutation of the economy has fundamentally transformed wealth by disembodying it. This has led to the increase in intangible wealth within companies and, incidentally, when they experience difficulties. The concept of intangible assets places centers on value and refers to both a legal and economic reality. This approach reveals their exceptional character in a context of default by observing operations related to valuation and transfer. On the one hand, the valuation of intangible assets is defective, revealing the shortcomings of French accounting, which struggles to translate the value of these assets, and more broadly, highlights the limits of the methods used to value these assets in a difficult context. On the other hand, the transfer of intangible assets is made more complex by the methods of sale or guarantees provided. Thus, the exceptional nature of intangible assets makes them difficult to master. However, solutions can be found in law governing companies in financial difficulty. An index for measuring intangible assets can already be based on value and its interaction with business operations. Some intangible assets, such as software or client files, are directly correlated to the company's activity and tend to devalue as the company's difficulties arise. Other intangible assets, such as receivables and social rights, based on elements external to the company, do not automatically lose their value in the event of difficulties. The division of intangible assets can therefore be made between those intangible assets whose value is established based on exploitation, and those whose value is not directly related to it. Consideration of valuation and transfer operations in relation to intangible assets has led to changes in the law governing companies in difficulty. It is essential to take these developments into account. The growing importance of intangible assets within companies in difficulty must not be ignored at the risk of weakening them further and undermining the judicial framework for such companies

The main goal of this work is to evaluate the market value of the Internet domain, Fotečky.cz, at the 1st in January 2012, for the purpose of subsquent selling the domain on the market to the potential buyer. To correct evaluation, method of multi-period excess earnings and method of the license analogy are used.

碩士
國立高雄第一科技大學
財務管理所
94
Abstract In the knowledge-based economy, what contributes most to the corporate value are intangible assets, known as intellectual capital assets, instead of tangible assets. Thus, the valuation of intangible assets has became important nowadays. Two of the most important conclusions from this research are as follows: 1. Although there are various theories and methods, the three most applied methods for valuation are Market Approach, Cost Approach and Income Approach. 2. Fair price refers to a price calculated logically under specific given conditions. This fair price can have very different price conclusion with different economic environment, legal limit, users, places and time.

碩士
輔仁大學
金融研究所
89
This paper describes the Financial Accounting Standards Board''''''''s proposed statement of Business Combinations and Intangible Assets as well as the International Accounting Standards Committee''''''''s International Accounting Standard IAS 38, Intangible Assets. These two important international accounting pronouncements can be applied to account for the trend in treatment of intangible assets. This paper also addresses the theories, and valuation approaches, in addition to reporting methods of intangible assets. Many studies analyze the effects of R&D, advertisement, and recognized intangible assets on stock price by using multivariate regression models. This paper analyzes not only the above items but also director and employee bonus in order to address the significance of human capital in firm valuation. The conclusions of this paper show that R&D and employee bonus, in particular stock bonus, are value-relevant.

M.Comm.
Intangible assets are increasingly becoming the critical determinant of value creation and future profitability of most businesses. There is a clear distinction between the accounting treatment of physical assets and are reported on the firm’s balance sheets, but intangible assets are by large written off in the income statement, along with regular expenses such as wages, rents and interest. This distorted treatment of intangibles in an accounting sense, has dire consequences for managers, investors and policymakers relying on financial information, thus giving an extremely limited view of a company’s potential for value creation and are virtually worthless as a basis for assessing the value of intangible assets as a whole. This paper is limited to the valuation of intellectual property and intangible assets not reflected on the balance sheet and is primarily aimed at researching, exploring and identifying various intangible asset valuation techniques used to make investment decisions; the advantages and disadvantages of each valuation method so identified; identifying which one or more of the valuation methods identified is the most appropriate measure to valuate intangible assets; identifying the accuracy of the most appropriate valuation method selected as compared with the other methods. The problems posed by intangible assets appear to be based on two levels. The first is the difficulty to identify, collect and analyse data regarding intangible assets. The second overlapping level is the lack of external financial reporting on intangibles. The problem herein manifests itself in the lack of recognition of the current accounting principles, thus resulting in intangible assets not being systematically reported in financial statements leading to a lopsided view of the assets employed by a company to generate revenues.

碩士
中華大學
科技管理學系碩士班
99
With the rapid progress of technology and the advent of a knowledge-based economy, the importance of intangible assets has replaced visible assets as the most efficient source of profit for enterprises. Among various types of intangible assets, “patent rights” denote a tool that protects corporative R&D results best and one of the critical indices for measuring corporative strength in technical innovation. This may be explained by the nature of the patent system. The so-called “patent right” is as such “an ‘exclusive’ right granted to a patent applicant entitling him/her to preclude other persons from manufacturing, making an offer for sale, selling, using, or importing for above purposes the patented article without his/her prior consent to reward him/her for opening his/her technology.” Hence, a patent applicant is encouraged to disclose in detail the technology or product he/she develops with efforts in a patent specification and accompanying drawings (if any), which will receive a course of due examination and be published lawfully. Therefore, through such a patent system, patent applicants are driven to contribute their commercially valuable technologies to the patent databases, being accessible to everyone who wants to study and bring further technical development, innovation and improvement on the basis of the published technologies, thereby benefiting the public. As there is a saying that “more than 90% of the open technical literature is included in patent databases”, we can simply learn from the astonishing ratio the importance of the data included in the patent databases to technological and industrial researchers and business administrators. After establishing a significant amount of patents (patent applications) and trademarks (trademark applications), an enterprise may benefit from merger, license, trade, assignment, funding, auction or patent-based technology-stock. All these are dependent on the assessment of intangible assets such as patents, trademarks and technologies. Thus, this study aims at the assessment of intangible assets for the purpose of merger with a case study of an LCD display manufacturer. Since the targeted LCD display manufacturer owns a huge number of patents and trademarks, many methodologies for assessing intangible assets have been implemented in this study, including: Actionable Value Approach, Market Approach, Income Approach and Relief from Royalty Method. This study provides reference and guidance for industrial practice of merger and acquisition in selecting assessing tools for intangible assets.

碩士
元智大學
會計學系
93
In a knowledge based economy, the importance of intangible assets is growing. This can be manifested by the figures that the value of intangible assets is 3.8 times the value of tangible assets for S&P 500 companies. However, the issue of intangible assets valuation is quite complicated as it depends on many factors such as the purpose of valuation, the object and the industry under valuation as well as the personal experience and knowledge of the person performing the valuation. Therefore, one objective of this study is to build a decision support system in helping decision maker on valuation issues. This study combines model database, regulation database, case database and scoring sheet for non-financial data to facilitate the valuation process. In the model database, there are three models, cost based method, market value method and income method, to be selected for preliminary valuation. Regulation database and case database provide an interface for the user to search related regulations and case data so that user can be assisted to make proper model selection. The preliminary result is adjusted by the scores from the non-financial data sheet. The system allows the user to accumulate experiences and lower their cost in the valuation process.

碩士
國立交通大學
科技管理學程碩士班
91
In recent years, the ratios of market-to-book value for many firms seem to ride on a rising tide. The evidence seems to suggest that investors have systematically changed their valuation on those firms. In this so-called knowledge-based economy, intangible assets, such as customer relation, goodwill, knowledge management, have become the major source of value for many firms. For better decision making in resource allocation, managers need a reliable method to measure the value of intangible assets. The purpose of this thesis is to discuss and apply the capitalized excess earnings method in the measurement of the value of intangible asset for Taiwan’s listed firms. This method was first introduced and mandated by the Treasury Department of the United States government. Financial data for all listed firms in Taiwan over the period from 1994 to 2002 were collected and analyzed. Panel data regression models were then proposed and tested. The results of our study showed that six industries of food, plastic, electrical, rubber automobile, and information electronics posted positive value of intangible assets. To our surprise, among them, the automobile industry took the lead in the value of intangible assets. Further, we also found that the explanatory power of the value of intangible assets on the market value of the associated firms is significant.