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1、MarketManagementReview,2003,Vol.6,No.1,53-73.Intangibleassetsappraisalandtheout-of-standardcountermeasuresEnzoBaglieriVittorioChiesaAlbertoGrandoABSTRACTIntangibleassetsareincreasinglyconsideredtheultimaterootsofcompany’ssuccess.Thispaperaimstoproposeam
2、ethodtoestimatethevalueembeddedinR&Dactivities,whichcouldbeusedfor:(i)aunatantumevaluationofafirm’svalue,relatedtospecificactionssuchasmergers,acquisition,etc.;and(ii)aperiodicevaluation,withtheperspectiveoftheeconomicreporting,focusedtoestimatetheR&Dsh
3、areholdervaluecreation.TheproposedframeworkisbasedontheassumptionthatthereisastrongrelationshipbetweentheR&DcontributiontoshareholdervalueandtheoperationalperformanceofR&Dactivities.Thepaperdescribessuchaframeworkaswellasanempiricalapplication.KEYWORDS:
4、intangibleassert;Performances;measurement;R&DEvaluation.INTRODUCTIONIntangibleassetsevaluation,moreandmoreproblemscausedbytheattentionofindustryandeconomiccircles.Americansneverseriouslyintangibleassetstotheuniversalattentionintangibleasset,andthisiscer
5、tainlyabigimprovement.But,intheinvisibleAssetappraisal.Workintheoccurrenceofistemperedout-of-standardcausedconcerns.THEPERFORMANCEOFANOMIEA,out-of-standardintangibleassetsevaluationthantangibleassetsevaluation,oftenappearmorecomplexdisorderphenomenon.In
6、tangibleassetsassessmentofout-of-standardmanifestsitselfinmanyways,summarizedupmainlydisplaysinthefollowingfiveaspects. Oneisthelegalanomie.Intangibleassetsassessmentiscertainlaws,regulations,undertheguidanceofthestate,isbasedonthepolicynorms,whatevert
7、henatureoftheenterprise,regardlessofwhatformofintangibleassetsevaluationcannotviolatenationallegalnorms.Butsomeappraisalinstitutionignorethestatelawsandregulations,mademanyviolatestatelawsandregulations,makesomethingintangibleassetsevaluationworktoappea
8、ranomiephenomenon.Someenterprisesinnopropertychanges,hireorthe-18-entrustedassetsevaluationits"goodwill",somestillthroughthenewsmediareleaseditsvalue.Thisisseverelyviolatedtherelevantstatestrictlyprohibitedwithoutpropertytransact
