企业价值评估中租赁资产的调整处理

The Adjustment and Treatment for Leased Assets in Evaluating the Whole Assets of a Company

在评估企业价值的过程中,无论是采用资产加和法或是收益法,都要利用会计数据作为计算参数,并对原来的会计纪录进行调整。当公司租赁了资产的时候,会计对租赁费用的处理取决于它是把这部分租赁的资产归类于经营性租赁资产还是归于资本性租赁资产。如果是经营性租赁,则其费用是作为经营费用的一部分。但是,此时是经营性租赁还是资本性租赁,对最终的评估结果会有相当的影响。因此,根据价值评估的思路,对公司的经营收入、资本、盈利性及现金流等进行必要的调整,可能会得出更接近于实际的企业价值。

In evaluation of the whole value of a company, no matter which method is applied,sum-up or income approach, it is necessary to refer to the accounting data and tomake necessary adjustment. The cost for leased assets, depending on the nature oflease, is either reflected as expense or capitalized, which will result in differentappraisal results. In sum, appropriate adjustment for the revenue, assets, cash flowis necessary for a better evaluation.