無形資產(chǎn)折現(xiàn)率

1、無無形形資資產(chǎn)產(chǎn)回回報報率率計計算算表表評評估估基基準(zhǔn)準(zhǔn)日日：2008年年12月月31日日 序序號號 對對比比對對象象股股票票代代碼碼 營營運(yùn)運(yùn)資資金金比比重重%(Wc)營營運(yùn)運(yùn)資資金金回回報報率率%(Rc)有有形形非非流流動動資資產(chǎn)產(chǎn)比比重重%(Wf) 有有形形非非流流動動資資產(chǎn)產(chǎn)回回報報率率 %(Rf)無無形形非非流流動動資資產(chǎn)產(chǎn)比比重重%(Wi) 無無形形非非流流動動資資產(chǎn)產(chǎn)回回報報率率 %(Ri)1寶信軟件600845.sh16.63%5.09%3.43%10.91%79.94%17.9%2恒生電子600570.sh6.38%5.09%5.03%10.51%88.59%21.6%3用友

2、軟件600588.sh10.40%5.09%8.05%11.21%81.55%13.5%4金證股份600446.sh37.63%5.09%16.75%10.99%45.62%24.0%5對對比比公公司司平平均均值值19.2%6折折現(xiàn)現(xiàn)率率取取值值19.2%注注釋釋:(1)表中數(shù)據(jù)均為2008-12-31財務(wù)報告(2) Wc 為流動資產(chǎn)公平市場價值/（股權(quán)公平市場價值+債權(quán)公平市場價值）(3) Rc 取一年內(nèi)銀行貸款利率的平均利率(4) Wf 為固定資產(chǎn)公平市場價值/（股權(quán)公平市場價值+債權(quán)公平市場價值）(5)Rf 取5年以上長期銀行貸款利率(6)Wi = 1- Wc-Wf (7) (8) WA

3、CC 詳見加權(quán)資金成本計算表iffcciWRWRWWACCR-=加加權(quán)權(quán)資資金金成成本本計計算算表表（1） 評評估估基基準(zhǔn)準(zhǔn)日日：20082008年年1212月月3131日日單單位位：萬萬元元 序序號號 對對比比公公司司名名稱稱股股票票代代碼碼負(fù)負(fù)息息負(fù)負(fù)債債(D)債債權(quán)權(quán)比比例例股股權(quán)權(quán)公公平平市市場場價價值值(E)(2)股股權(quán)權(quán)價價值值比比例例無無風(fēng)風(fēng)險險收收益益率率 (Rf)(3) 超超額額風(fēng)風(fēng)險險收收益益率率(ERP)公公司司特特有有風(fēng)風(fēng)險險超超額額收收益益率率(Rs)稅稅前前股股權(quán)權(quán)收收益益率率(Re)(4)債債權(quán)權(quán)收收益益率率(Rd)(5)適適用用所所得得稅稅率率(6)稅稅前前加加

4、權(quán)權(quán)資資金金成成本本(WACCBT)(7)1寶信軟件600845.sh4,4751.3%347,30998.7%3.87%7.36%1.29%15.65%5.31%25.00%15.52%2恒生電子600570.sh3,6841.6%231,23498.4%3.87%7.36%1.54%20.23%5.31%25.00%20.00%3用友軟件600588.sh37,4444.8%750,62395.2%3.87%7.36%0.65%12.77%5.31%25.00%12.41%4金證股份600446.sh1,5532.7%56,52097.3%3.87%7.36%2.17%14.94%5.31

5、%25.00%14.68%5對對比比公公司司平平均均投投資資回回報報率率16.00%注注釋釋(1) 表中數(shù)據(jù)均為2008年報數(shù)據(jù)(2) 股權(quán)公平市場價值=股權(quán)總數(shù)*股票收盤價*（1-缺少流通折扣率）(3)10年及以上期國債到期收益率平均值(4)(5)一年期貸款利率(6) EDDR dEDEW A C C+=R eTRE R PRsf-+=1)(R eb國國債債到到期期收收益益率率估估算算表表 評估基準(zhǔn)日：2008年12月31日表-16-1序序號號證證券券代代碼碼證證券券簡簡稱稱基基準(zhǔn)準(zhǔn)日日交交易易收收盤盤價價(元元)距距到到期期日日時時間間(年年) 到到期期收收益益率率(%)6010512.S

6、H05國債(12)102.768611.72333.5020100512.SZ國債0512101.048611.72333.6856050012.IB05國債12103.442311.72333.431010107.SH21國債(7)107.927712.43013.5347101917.SZ國債917108.117712.43013.5149010011.IB01國債11103.869612.66033.6310010619.SH06國債(19)101.939412.72333.2024100619.SZ國債0619100.939412.72333.2960060019.IB06國債1999

7、.042612.72333.48620700002.IB07特別國債02115.979813.56443.42640700004.IB07特別國債04113.247913.59453.52660700006.IB07特別國債06112.596313.73423.67670700007.IB07特別國債07100.953613.79454.5033100802.SZ國債0802102.068714.0114.2077080002.IB08國債02107.634514.0113.683010303.SH03國債(3)98.892314.14253.6417100303.SZ國債030399.992

8、314.14253.5443100823.SZ國債0823100.9214.75623.6587080023.IB08國債23100.23814.75623.715010504.SH05國債(4)106.950816.22193.6719100504.SZ國債0504101.180816.22194.1555050004.IB05國債04111.188216.22193.338010609.SH06國債(9)100.640417.3373.7322100609.SZ國債0609100.640417.3373.7358060009.IB06國債0999.950417.3373.791501071

9、3.SH07國債(13)100.137318.47674.5729100713.SZ國債0713100.137318.47674.5773070013.IB07國債13110.237318.47673.7938100813.SZ國債0813100.218319.46585.0082080013.IB08國債13116.120719.46583.81919802.IB98國債2103.767719.49047.1946100902.SZ國債0902100.085319.99183.8990090002.IB09國債0299.574919.99183.9350020005.IB02國債0585.2

10、2123.25213.9652030014.IB03國債14100.332524.81371.6412010706.SH07國債(6)101.203128.23564.3126100706.SZ國債0706101.203128.23564.3170070006.IB07國債06107.36928.23563.9435100806.SZ國債0806101.379829.2114.5579080006.IB08國債06110.670529.2114.0041100820.SZ國債0820101.364229.67123.9585080020.IB08國債20100.492529.67124.003

11、.87對對比比公公司司基基礎(chǔ)礎(chǔ)數(shù)數(shù)據(jù)據(jù)表表財務(wù)報告日2008/12/312008/12/312008/12/312008/12/31評估基準(zhǔn)日2008/12/31評估基準(zhǔn)日前最近交易日2008-12-31合并報表(1)/母公司報表(2)2222股票代碼600845.sh600570.sh600588.sh600446.sh上市公司股票名稱寶信軟件恒生電子用友軟件金證股份資資產(chǎn)產(chǎn)流動資產(chǎn)：貨幣資金22,040.118,056.880,126.79,027.9交易性金融資產(chǎn)0.018,390.55,761.65.5應(yīng)收票據(jù)8,994.10.0180.00.0應(yīng)收賬款63,583.73,833.51

12、5,229.03,665.7預(yù)付款項(xiàng)9,275.2109.8147.41,120.3應(yīng)收利息0.00.00.00.0應(yīng)收股利24.70.00.0225.3其他應(yīng)收款1,148.6948.914,112.4707.5存貨31,267.3984.0796.46,168.7一年內(nèi)非到期的流動資產(chǎn)0.00.00.00.0待攤費(fèi)用0.00.00.00.0其他流動資產(chǎn)0.00.087.94,140.0流動資產(chǎn)合計136,333.642,323.5116,441.425,060.8非流動資產(chǎn)：可供出售金融資產(chǎn)0.03,108.827,621.03,000.0持有至到期投資0.00.00.00.0長期應(yīng)收款0

13、.00.00.00.0長期股權(quán)投資9,303.421,407.952,817.915,858.5投資性房地產(chǎn)0.03,013.00.00.0固定資產(chǎn)8,609.18,650.049,237.7499.2在建工程0.00.03,753.35,493.8工程物資0.00.00.00.0固定資產(chǎn)清理0.00.00.00.0生產(chǎn)性生物資產(chǎn)0.00.00.00.0油氣資產(chǎn)0.00.00.00.0無形資產(chǎn)2,204.8950.530,300.2438.2開發(fā)支出0.00.00.00.0商譽(yù)0.00.05,073.90.0長期待攤費(fèi)用1,125.10.02,252.9128.9遞延所得稅資產(chǎn)334.3313

14、.1769.4143.4其他非流動資產(chǎn)0.00.00.00.0非流動資產(chǎn)合計21,576.737,443.3171,826.425,562.1資資產(chǎn)產(chǎn)總總計計157,910.379,766.8288,267.850,622.9負(fù)負(fù)債債及及所所有有者者權(quán)權(quán)益益流動負(fù)債：短期借款0.00.00.00.0交易性金融負(fù)債0.00.00.00.0應(yīng)付票據(jù)11,696.6288.00.00.0應(yīng)付賬款27,829.71,342.4770.82,019.5預(yù)收款項(xiàng)37,846.74,898.516,087.26,259.5應(yīng)付職工薪酬3,840.33,071.412,681.21,748.2應(yīng)交稅費(fèi)-1,8

15、45.51,694.67,885.1272.3應(yīng)付利息0.00.00.00.0應(yīng)付股利0.01.10.00.0其他應(yīng)付款1,359.23,428.532,920.5698.1一年內(nèi)到期的非流動負(fù)債0.00.00.00.0預(yù)提費(fèi)用0.00.00.00.0其他流動負(fù)債0.0578.6236.20.0流動負(fù)債合計80,727.015,303.170,581.110,997.6非流動負(fù)債：長期借款0.00.00.00.0應(yīng)付債券0.00.00.00.0長期應(yīng)付款0.00.00.00.0專項(xiàng)應(yīng)付款600.00.00.00.0預(yù)計負(fù)債0.0158.70.00.0遞延所得稅負(fù)債0.097.22,284.10

16、.0其他非流動負(fù)債2,515.90.00.0855.0非流動負(fù)債合計3,115.9255.94,523.3855.0負(fù)債合計83,842.915,559.075,104.411,852.6所有者權(quán)益（或股東權(quán)益）：少數(shù)股東權(quán)益0.00.00.00.0實(shí)收資本（或股本）26,224.429,702.446,668.413,744.0資本公積2,440.413,008.498,862.213,385.2減：庫存股0.00.00.00.0盈余公積7,957.15,257.418,951.12,484.2未分配利潤37,445.616,239.648,681.89,156.8所有者權(quán)益（或股東權(quán)益）合

17、計74,067.564,207.8213,163.438,770.2負(fù)負(fù)債債和和所所有有者者權(quán)權(quán)益益（或或股股東東權(quán)權(quán)益益）總總計計157,910.379,766.8288,267.850,622.9附附注注數(shù)數(shù)據(jù)據(jù)股本數(shù)據(jù)評估基準(zhǔn)日交易收盤價(元/股)15.3810.2322.005.25每股凈資產(chǎn)(元/股)3.052.134.513.03截止評估基準(zhǔn)日流通股股數(shù)(萬股)4,180.029,702.433,657.412,466.6截止評估基準(zhǔn)日限售流通股股數(shù)(萬股)13,244.40.013,010.91,277.4總股本26,224.429,702.446,668.413,744.0適用

18、所得稅率(%)25.0025.0025.0025.00首發(fā)上市日期1994-03-112003-12-162001-05-182003-12-24最近60個月數(shù)據(jù)計算的Beta0.89321.32660.68690.7014Beta標(biāo)準(zhǔn)誤差0.02020.09070.05630.0606樣本點(diǎn)數(shù)量60606060數(shù)數(shù)據(jù)據(jù)來來源源：Wind資資訊訊衍衍生生數(shù)數(shù)據(jù)據(jù)負(fù)息負(fù)債4,475.13,684.537,443.81,553.1非主營業(yè)務(wù)經(jīng)營性資產(chǎn)9,303.445,920.286,200.518,864.0股權(quán)公允市場價值403,331.4303,855.61,026,703.972,156.0缺少流通折扣13.89%23.90%26.89%21.67%折扣后股權(quán)市場價值347,308.7231,234.1750,623.256,519.8扣除非主營業(yè)務(wù)經(jīng)營性資產(chǎn)后股權(quán)公允價值338,005.2185,313.8664,422.737,655.8主營業(yè)務(wù)全投資公允價值342,480.3188,998.3701,866.539,209.0主營業(yè)務(wù)營運(yùn)資金56,965.812,058.473,019.214,755.8主營業(yè)務(wù)非流動資產(chǎn)11,750.19,503.456,5