基于收益现值法的数据资产估价问题研究

Research on the Valuation of Data Assets Using Present Value of Future Returns

用数据资产未来收益的贴现值对数据资产估价,能更好地体现数据资产的收益性,得到的估值与数据资产的蕴含经济价值更贴合;也可展示数据要素为其所有者带来的收入流,为数据要素参与收入分配提供事实依据。因此,用未来收益现值法对数据资产估价,能更好地推动数据资产的合理定价和数据要素收入分配体系的构建。为理清数据资产的未来收益现值法估价思路,讨论了数据资产的界定和分类问题,探讨了不同类型数据资产的估价思路,并简单分析了不同数据资产预期寿命和预期收益函数的估计方法。研究结论包括:在对数据资产估价时,未来收益现值法具有展现数据资产收益、体现数据要素收入的优势,用该方法估价具备可行性;为更好地用数据资产收益反映数据要素收入,数据资产应该仅是或主要是数据要素的资本化成果,应将数据分析等后续活动排除在数据资产的统计范围之外;对于企业数据资产,应使用营业盈余或数据库使用许可市场价估算数据资产收益;对于政府数据资产,可参考类似数据资产的估价结果估价,或是使用数据资产为政府节省的运营成本、数据库使用许可为其使用者创造的收益估算数据资产收益。研究成果有助于克服未来收益现值法的估价难点,为数据资产收益和数据要素收入的估算提供基本思路,进而为数据资产核算框架的构建和核算方案的制定提供有益的参考。

Valuing data assets using the present value of future returns can reflect the profitability of data assets,and the valuation result is more in line with the economic value of data assets;it can also show the profit that data elements bring to its owner,and provides a factual basis for data elements to participate in income distribution.Therefore,using the present value of future returns to value data assets can better promote the reasonable pricing of data assets and the construction of data element income distribution system.In order to clarify the valuation process of the present value of future returns,this paper discusses the definition and classification of data assets,the valuation process of different types of data assets,and how to estimate the form of expected life and expected returns of different data assets.The main conclusions are as follows.Firstly,when valuing data assets,the present value of future returns has the advantage of showing the return of data assets and reflecting the income of data elements,it is also feasible to use this method.Secondly,in order to better reflect the income of data elements using the return of data assets,data assets should be only or mainly the capitalization results of data elements,so subsequent activities such as data analyze should be excluded from data assets.Thirdly,for enterprise data assets,the return of data assets should be estimated using the operating surplus or the market price of database licenses.Finally,for government data assets,the valuation should refer to the valuation results of similar data assets,or use the government’s operating costs saved by data assets and the income created by the database license for its users to estimate the return of data assets.The results of this research will help in overcoming the difficulties in using the present value of future income,providing basic process for the estimation of return of data asset and income of data elements,and giving a useful reference for the construction of the data asset accounting framework and the formulation of accounting schemes.