一、负商誉的性质企业可以被视为一项资产集合,它包括有形产和无形资产。一部分无形资产代表了企业未投资机会,或者说企业成长性价值,也可以解为持续经营价值。这种成长性一般表现为企业取超常回报的能力,因此,企业的市场价值实上就等于现有资产的现值加上成长机会的现。当成长 First, the nature of negative good business can be regarded as a collection of assets, which includes tangible and intangible assets. Some intangible assets on behalf of the business investment opportunities, or growth value of enterprises, but also can be interpreted as a going concern value. This growth is generally manifested in the ability of firms to make extraordinary returns. Therefore, the market value of an enterprise is actually equal to the present value of the existing assets plus the growth opportunity. When growing up