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首页> 外文期刊>Journal of Intellectual Capital >Measuring the value of Lincoln Re's R&D
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Measuring the value of Lincoln Re's R&D

机译：衡量林肯再研发的价值

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摘要

This case study of the valuation of intangible assets compares an internally generated estimate of discounted cash flew (DCF) with an estimate of knowledge capital (KC). It describes Lincoln Re's mortality research and development (R&D) capability, the knowledge management (KM) strategies used to leverage it and the management decisions that were made to create economic value. This paper reviews a theory of KM and a valuation approach with DCF measures. The decisions to invest in R&D and the Lincoln Mortality System, an expert system for product development, produced a 23.9 percent growth in DCF and created substantial value for Lincoln Re. Using Baruch Lev's approach to KC, it is suggested that 0.45 percent is a good working figure for the return on asset for life insurance firms versus the previously published 10.5 percent due to the overwhelming percentage of financial assets on the balance sheet of financial companies and the fact that the return on financial assets is imbedded in product pricing. The correlation between DCF and KC measures is approximated by a LCF/ comprehensive value ratio and the results show 70-80 percent correlation at the enterprise, division and asset levels.
机译：此无形资产评估的案例研究将内部产生的折现现金流量（DCF）估计与知识资本（KC）估计进行了比较。它描述了林肯再保险的死亡率研究与开发（R＆D）能力，用于利用其的知识管理（KM）策略以及为创造经济价值而做出的管理决策。本文回顾了知识管理理论和采用DCF测度的估值方法。投资研发的决定以及林肯道德体系（产品开发的专家系统）使DCF增长了23.9％，并为林肯再造创造了可观的价值。使用巴鲁克·列夫（Baruch Lev）的KC方法，建议人寿保险公司的资产收益率为0.45％，而先前公布的为10.5％，这是因为金融公司资产负债表中金融资产的绝大部分以及金融资产回报率已嵌入产品定价这一事实。 DCF和KC度量之间的相关性通过LCF /综合价值比率来近似，结果表明在企业，部门和资产级别上有70-80％的相关性。

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