Study On The Evaluation Of Taxi License Value Based On The Excess Income Method

At present,the types of operating and non-operating vehicles in the Chinese vehicle market are rich and the number is large,which causes many urban problems.Beijing,Shanghai,Shenzhen and other first-tier cities have adopted vehicle license plates as urban vehicle control and control measures,and the number of cars is controlled by the state through economic or administrative means to ensure its reasonable growth.With the adjustment of urban planning and layout,cruise taxis and private cars,which have a high per capita road share,are taking an increasing proportion in urban traffic operation,and the transfer price of their vehicle license plates is also rising.Therefore,the reasonable evaluation of license plate price is particularly important.In order to adapt to the current development status of the taxi industry,the scientific and rational evaluation of taxi plate has become an urgent research topic.As a vehicle license plate with obvious monopoly characteristics,it is unreasonable to use market method and cost method to evaluate its income,so this paper adopts excess income method to evaluate its franchise value.Firstly,the grey prediction model GM(1,1)is used to forecast the operating income of QS enterprises.The proportion of various costs and operating income of QS enterprises is calculated according to the moving average method,and the cost is predicted,so as to obtain the predicted value of net profit.The free cash flow of enterprises is calculated by analyzing the increase of depreciation and amortization and working capital.The contribution of working capital,fixed assets and labor is separated from the free cash flow of an enterprise,so as to obtain the excess income attributable to intangible assets.The weighted average assets WARA method is used to determine the discount rate,and the return on intangible assets is calculated by analyzing the capital structure and weighted cost of capital WACC of comparable companies in the industry.Finally,the weighted average asset WARA is used to discount the excess earnings,and QS taxi franchise value is obtained.At last,this paper compares the evaluation conclusion with the conclusion obtained by the traditional income method.The value estimated by the excess income method is closer to the evaluation value,and draws the conclusion that the excess income method is more suitable for the evaluation of taxi license plate value.This paper changes the idea that the overall risk rate of return of most enterprises is used as the risk rate of return of intangible assets,and calculates the discount rate of intangible assets separately from the overall rate of return of enterprises,which can better reflect the profitability of intangible assets.Taxi license plate,as an asset,has the universal attribute of asset and the special attribute of license plate franchise.Income method is used to establish the license plate evaluation and pricing model,and weighted average asset WARA is used to discount the excess income attributable to intangible assets,which not only unifies the caliber of cash flow and the caliber of discount rate,but also clearly lists the asset classification in the overall value of the enterprise.Make the evaluation more targeted and closer to the value of intangible assets.