Asset appraisal is the behavior and process of professional institutions and personnel to analyze and estimate the value of assets and express their professional opinions according to national laws, regulations and asset appraisal criteria, according to specific purposes, following appraisal principles, following relevant procedures and using scientific methods. The following is an analysis paper on the types of asset appraisal value that I compiled for you, hoping to help you.

Abstract: The value type of asset appraisal is the value scale of asset appraisal, and it is a qualitative analysis of asset appraisal activities. The complexity of the evaluation object determines the diversity of value types. The appraised value of assets represented by different value types is not only different in nature, but also different in quantity. Therefore, it is very important to know and choose the value type of consideration in asset appraisal. This paper analyzes the connotation, types and application conditions of value types.

Keywords: the connotation of value types of assets appraisal

I. Assets Appraisal and Value Types

Asset appraisal is the behavior and process of professional institutions and personnel to analyze and estimate the value of assets and express their professional opinions according to national laws, regulations and asset appraisal criteria, according to specific purposes, following appraisal principles, following relevant procedures and using scientific methods. Asset appraisal is a quantitative research activity on assets. This kind of quantitative research has very strict restrictions. For example, specific purposes, evaluation principles, relevant procedures, and selection of appropriate value types, the value of the same asset will be significantly different under different promotion conditions. Among many preconditions, the first is the choice of value type of asset appraisal.

Everything is the dialectical unity of quality and quantity. To study its quantity correctly, we must first understand its essence, and qualitative analysis is the basis of quantitative research. The value type of asset appraisal is a qualitative analysis of the appraisal object and a prerequisite for correctly judging the asset value under a specific purpose. Value type refers to the value attribute and its manifestation of asset appraisal results, that is, the value scale of asset appraisal. Due to the complexity of asset state, there is more than one value scale, that is, the ruler for measuring asset value is different in length. Different value types reflect the value attributes of assets from different angles. The value types of different attributes represent different asset appraisal values not only in nature, but also in quantity. Therefore, it is very important to know and choose the value type of consideration in asset appraisal.

Second, the types of assets appraisal value

Due to different angles and different understandings of the value types of asset appraisal, there are many ways to classify the value types of asset appraisal, among which the following two are more important.

The types of value expressed by asset appraisal in the form of valuation standards include replacement cost standard, current market price standard, present value standard of income and liquidation price standard. This classification method has been applied in China's evaluation practice for more than ten years. Although these standards are rarely used in asset appraisal reports at present, it does not mean that these valuation standards are outdated, and it plays an irreplaceable role in our understanding of the connotation of value types.

Replacement cost is the cost of resetting assets by function and making them continue to be used under current conditions. The replacement cost is the same as the historical cost, but calculated according to the existing technical conditions and price level. The replacement cost standard is applicable on the premise that the assets are in use. The current market price is the selling price of assets in a fair market. The current market price standard comes from a fair market and is applicable to the normal realization of assets in the market. The present value of income is based on the expected profitability of assets in the future. To make a profit? Reverse thinking. With Lisbon. , convert future income into present value at an appropriate discount rate or capitalization rate. The prerequisite for the application of the present value standard of income is that the direct purpose of investors is to obtain expected income. Clearing price refers to the price that restricts the auction of assets in an abnormal market, which is generally lower than the current market price. The prerequisite for applying the liquidation price standard is that the assets are in bankruptcy liquidation.

Why does asset appraisal have different types of value? To explore the reasons, we must seek the answer from the objective state of assets as the evaluation object.

In social and economic activities, assets exist in two States: one is to participate in the process of social reproduction. In the production, distribution, exchange and consumption of social reproduction process, various assets coexist one after another; The second situation is that assets are temporarily separated from the reproduction process and are in the circulation field, circulating in different markets. Assets are in different stages of reproduction process, circulating in different markets, and their respective value attributes are different. Therefore, in asset appraisal, it is a scientific embodiment of asset appraisal to choose the value type that matches the state of the appraised object to analyze and judge the asset value.

The four links of production, distribution, exchange and consumption in the process of social production are simplified into two stages: input and output. The value attributes of assets in the input and output stages are different, that is, the basic factors that determine the value of assets are different. Take an enterprise as an example. At the beginning of the enterprise, it was in the investment stage. As a general factor of production, the basic factor that determines its value is cost. However, in asset appraisal activities, the current (appraisal base date) value of assets is evaluated, not the value at the time of asset purchase, so it is appropriate to choose its replacement cost instead of historical cost. When assets are in the output stage, output is profit or profit for enterprises. At this time, it is obvious that the overall value of an enterprise can not be measured by cost, but by income or profit. From the perspective of economic theory, the income of assets is the expected income in the future, and the value of assets appraisal is the present value on the benchmark date, so the value type at this time should choose the present value standard of income.

If assets are temporarily divorced from society, the process of reproduction will inevitably circulate in the market. There are general factor markets and capital factor markets in circulation, and the asset value attributes of different markets are also different. The determinant of asset value in general factor market is cost, while the determinant of asset value in capital market is income, because the essence of capital is proliferation.

To sum up, the complexity of asset objects involved in asset appraisal determines the diversity of asset appraisal value types. When the evaluation object is in the input state, the replacement cost standard should generally be selected; When the evaluation object is in the output state, the present value standard of income should be selected; If the continuous operation is interrupted and the assets exit the production process and enter the market circulation, the assets that normally exit in the normal market should be realized by choosing the current market price standard; The assets that are forced to withdraw are realized in the abnormal market, and the liquidation price standard is selected. If the appraisal object is temporarily divorced from the social reproduction process and circulates in the market, the assets in the general factor market should choose the replacement cost standard; Assets in the capital market should choose the present value standard of income.

According to the market conditions on which the assets are appraised and the usage of the appraised assets, the types of assets appraisal value can be divided into market value and off-market value.

Market value. China's "Guiding Opinions on Value Types of Assets Appraisal" defines market value as? The Buyer and the Seller act voluntarily and rationally, without any compulsion, and estimate the value of the appraised object in normal and fair transactions on the appraisal benchmark date. ? The core point of market value refers to the estimated value of the most likely exchange value of the assets in the best use state in the open market on the benchmark date. The essence of market value is the assumption of the state, trading environment and conditions of the assets being evaluated, which can also be called the constraint condition of market value. On the premise of satisfying the constraints of market value, the conclusion of asset appraisal is market value.

Value other than market value. Values other than market value are also called non-market value and other values, and all asset value types that do not meet the definition conditions of market value belong to values other than market value. The value other than market value is not a specific form of asset appraisal value, but a series of value forms that do not meet the definition conditions of asset market value. Besides market value, the value types that are often used in appraisal practice mainly include: use value, investment value, liquidation value, surplus value, etc.

Among them,? Use value? Refers to the value that a specific asset, as a part of an enterprise, can bring to its affiliated enterprises, whether it is the best use of the asset or the realization of the asset. ? Investment value? It refers to the estimated value of the appraisal object to a specific investor or a certain type of investor with clear investment objectives, also known as the specific investor value. As can be seen from the above list, the fundamental difference between market value and value types other than market value is that market value is applicable to any market subject in the open market; All values other than market value are special and are aimed at specific asset subjects.

Generally speaking, the results of asset appraisal with market value nature are mainly applicable to the asset business with changed property rights. The evaluation results of value nature other than market value are applicable to both asset businesses with property rights changes and asset businesses without property rights changes. The value beyond the market value is only fair and reasonable to the specific asset business parties, that is, it is recognized by the local market. In short, the scope of market identification of market value and values other than market value in the evaluation basically defines the scope of application and use of the evaluation results of the two value types.

Statistical classification theory shows that each specific classification only restricts and restricts the classification conditions, and the changes of other conditions do not affect the scientific nature of the selected classification standards. The two classification methods of the above value types do not conflict, but the classification angles are different. According to the classification method of appraisal standard, it is more important to pay attention to the different value attributes of the social reproduction process in which the appraisal object is located; Market value and value classification methods other than market value pay more attention to market restrictions when assets are traded.

Third, the role of value types in asset appraisal.

Defining the value type in asset appraisal practice is helpful for appraisers to understand the appraisal conditions and the nature of appraisal results, and to explain the exact meaning of appraisal results more clearly when writing appraisal reports. Value type is an important factor that affects and determines the connotation of asset appraisal value quantity. The appraisal value of assets is the value performance of assets under certain conditions, and the appraisal results of different value types are different. The international evaluation standard points out:? Professional appraisers should avoid unqualified use? Value? Concept. Instead, you should describe the specific value types involved in detail. The type and definition of value need to be adapted to the specific asset appraisal business, and the change of value definition will have a substantial impact on the value of various assets. ? Therefore, the assessed value of each asset is a conditional specific value, not the objective value and intrinsic value of the asset itself. In the evaluation work, the evaluator must first make clear the meaning of value type, that is, on the basis of correct qualitative analysis, scientific quantitative evaluation can be carried out. Only in this way can the exact connotation of the evaluation results be more clearly expressed in the evaluation report.

Defining the value type in the practice of asset appraisal is convenient for appraisers to define the applicable scope and use of their appraisal results. As mentioned above, any evaluation result is conditional. Different evaluation purposes and market conditions determine its different value significance and evaluation value. Defining the applicable scope and use of the evaluation results is one of the responsibilities of the appraisers. The appraisers put forward the appraisal value quantity in the appraisal report, and make clear its value type and definition, which can make the entrusting party better understand the value connotation of the appraisal result and use the appraisal conclusion correctly.

References:

[1] Compilation of Examination Books for National Certified Asset Appraisers. Group assets appraisal [M]. Economic Science Press. 20 14.

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