农业无形资产的评估27020437.pdf

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1、ValuationofIntangibleCapitalinAgricultureFredC,White*AbstractThisstudyexaminesthevaluationofresearchasintangiblecapitalinagricultureusingTobin’sqtheory.Themarketvalueofpublicresearchcapitalisestimatedtobe8.6timeshigherthanconventionalassets.Privateresearchcapitalisvalued5.2time

2、shigherthanconventionalassets.Theestimatedvaluationmultiplierforallfarmassetsdropped1/3overthelastdecade.Inrecentyearsthevaluationmultiplierhasdroppedbelowadollar,whichindicatesthemarketisundervaluingfarmassets.KeyWords:farmasseta,flexibleinterceptmodel,principalcomponents,rese

3、archevaluation,ridgeregression,Tobin’sqtheoryAgriculturaleconomistshaveforalongonpublicresearchasanintangibleassetwas10timebeeninterestedinthevaluationoffarmassets,timestherateofreturnontangibleassets.especiallyland.Considerableefforthasbeenfocusedonanalyzingtheimpactofcommodit

4、yManyofthebenefitsofpublicagriculturalpricesandgovernmentprogramsonlandvaluesresearchaccruetoconsumersbecauseofthe(Alston;BurGHarris).Valuationofgovernmentinelasticdemandforagriculturalproductsinthequotashasalsobeenaddressed(Vantreese,Reed,short-run.Thehighbenefit-costratiostos

5、ocietyasandSkees).However,marketvaluationofreportedintheliteraturedonotnecessarilyimplyintangibleassetssuchasthestockofresearchhighbenefit-costratiostofarmers.Thereturnscapitalhasnotbeenaddressedinagriculture.frompublicresearchtofarmerswouldbeexpectedtobelowerthanthereturnstoso

6、ciety.SomeIndeterminingthevaluationofintangibleeconomistsarguethatfarmersneedcommodityassetsinagriculture,itisimportanttodistinguishpricesupportprogramstocompensatethemfortheimpactsofresearchonsocietyingeneralandonpossiblewelfarelossesresultingfromagriculturalagricultureinparti

7、cular.Theempiricalstudiesresearch.Valuationofintangiblepublicresearchwhichhavemeasuredtheimpactsofagriculturalcapitaltakesintoaccountthedirectbenefitsofresearchtypicallymeasuretheratesofreturnfromresearchtofarmersandtheindirectbenefitsofpricetheperspectiveofoverallsociety.Huffm

8、anandsupportprogramswhichhelpamelioratetheimpactsEvens