国有资产评估管理办法 Administration of State Asset Valuation Procedures

国务院令第91号
（Promulgated by the State Council on， and effective as of， 16 November 1991.）
颁布日期：19911116 　实施日期：19911116 　颁布单位：国务院

　　PART ONE　GENERAL PROVISIONS

　　Article 1　These Procedures are formulated in order to correctly express the value of State assets and to protect the lawful rights and interests of owners and users of， and entities engaging in business relating to， State assets.

　　Article 2　Except where otherwise provided by laws and regulations， the valuation of State assets shall be governed by these Procedures.

　　Article 3　Work units holding State assets （hereafter， “holding work units”） shall conduct asset valuation in any of the following situations：

　　1. where assets are auctioned or assigned；

　　2. where an enterprise is merged， sold， becomes jointly operated， or is reorganized as a stock company；

　　3. where a Sino-foreign equity or co-operative joint venture is established with a foreign company， enterprise， other economic entity or individual；

　　4. where an enterprise is liquidated； or

　　5. in other situations in which， according to the relevant State regulations， asset valuation is required.

　　Article 4　Holding work units may conduct asset valuation in any of the following situations， if the parties involved consider it necessary：

　　1. where assets are mortgaged， pledged or otherwise used as security；

　　2. where an enterprise is leased out； or

　　3. in other situations in which it is necessary to conduct asset valuation.

　　Article 5　Decisions on the valuation of State assets for the entire country or for specific industries shall be made by the State Council.

　　Article 6　The scope of State asset valuation shall include fixed assets， current assets， intangible assets and other assets.

　　Article 7　The evaluation and appraisal of State assets shall be conducted by adhering to the principles of being authentic， scientific and feasible and in accordance with the standards， procedures and methods prescribed by the State.

　　PART TWO　ORGANIZATION AND ADMINISTRATION

　　Article 8　The departments in charge of State asset administration shall be responsible for administration and supervision of the valuation of State assets within their administrative jurisdiction.

　　The organization of valuation of the State assets held by a holding work unit shall be the responsibility of the department in charge of the relevant industry， in accordance with such holding work unit's subordinate relationship.

　　The departments in charge of State asset administration and the departments in charge of industries shall not directly engage in State asset valuation.

　　Article 9　Asset valuation companies， accounting firms， auditing firms and financial consulting companies that hold certificates of qualification for State asset valuation issued by the departments in charge of State asset administration of the State Council or of the People's Governments of provinces， autonomous regions or centrally governed municipalities， and ad hoc valuation institutions recognized by the departments in charge of State asset administration of the State Council or of the People's Governments of provinces， autonomous regions or centrally governed municipalities （hereafter， “asset valuation institutions”） may accept commissions from holding work units to engage in State asset valuation.

　　The procedures for administration of the asset valuation institutions set out in the preceding paragraph shall be formulated by the department of the State Council in charge of State asset administration.

　　Article 10　When a holding work unit commissions an asset valuation institution to conduct asset valuation， such holding work unit shall provide the relevant details and information in accordance with the facts. The asset valuation institution shall maintain the confiden

tiality of the relevant details and information provided by the holding work unit.

　　Article 11　Asset valuation institutions shall receive compensation for their services when they conduct asset valuation. Measures for charging fees for asset valuation shall be formulated by the department of the State Council in charge of State asset administration in conjunction with the department of finance and the department in charge of commodity prices.

　　PART THREE　VALUATION PROCEDURES

　　Article 12　The valuation of State assets shall be conducted in accordance with the sequence set forth below：

　　1. application to initiate asset valuation；

　　2. thorough examination of assets；

　　3. evaluation and appraisal； and

　　4. verification and confirmation.

　　Article 13　A holding work unit wishing to conduct asset valuation in accordance with Articles 3 and 4 of these Procedures shall， following examination and agreement by the department in charge of the holding work unit， submit to the department in charge of State asset administration at the same level a written application to initiate asset valuation， accompanied by such materials as a property list and relevant accounting statements.

　　Subject to authorization or commission by the department in charge of State asset administration， the department in charge of a holding work unit may examine and approve that holding work unit's application to initiate asset valuation.

　　Article 14　A department in charge of the administration for State assets shall， within 10 days after receiving an application to initiate asset valuation， examine such application， make a decision on whether to permit initiation of asset valuation， and notify the applicant holding work unit and the department in charge of the holding work unit.

　　Article 15　Where the State Council decides to value State assets on a nation or industry-wide basis， permission to initiate such valuation shall be deemed to have been given.

　　Article 16　Following receipt of the written notification of permission to initiate asset valuation， the applicant holding work unit may commission an asset valuation institution to conduct asset valuation.

　　Article 17　An asset valuation institution commissioned by a holding work unit shall， on the basis of a comprehensive examination of the assets， claims and debts of the commissioning holding work unit， verify whether the assets recorded in the books correspond to the actual assets and whether the business results are truthful， and make an appraisal on this basis.

　　Article 18　An asset valuation institution commissioned by a holding work unit shall， in accordance with these Procedures， evaluate and appraise the value of the holding work unit's assets under valuation， and provide the holding work unit with a written report on the results of asset valuation.

　　After receipt of the asset valuation institution's written report on the results of asset valuation， the commissioning holding work unit shall submit the report to the department in charge of it for examination. After examination and agreement by the department in charge， the report shall be submitted to the department in charge of State asset administration at the same level for confirmation of the results of asset valuation.

　　Subject to authorization or commission by the department in charge of State asset administration， the department in charge of a holding work unit may confirm the results of the valuation of that holding work unit's assets.

　　Article 19　The department in charge of State asset administration shall， within 45 days following receipt of a written report on the results of asset valuation submitted by a holding work unit， organize examination， verification， discussion and confirmation of the results of asset valuation， and issue a written notice of confirmation.

　　Article 20　If a holding work unit

disagrees with a written notice of confirmation， it may， within 15 days from the date of receipt of such notice， apply for reexamination to the department in charge of State asset administration at the next higher level. Such department shall make a ruling within 30 days from the date of receipt of the application for reexamination， and issue a written notice of its ruling.

　　Article 21　Following receipt of a written notice of confirmation or written notice of a ruling， a holding work unit shall perform accounting treatment in accordance with the relevant financial and accounting systems of the State.

　　PART FOUR　METHODS OF VALUATION

　　Article 22　Reappraisal of the value of State assets shall be conducted on the basis of such factors as the original and net values， age， replacement cost and profitability of the assets， and the asset valuation methods prescribed in these Procedures.

　　Article 23　The methods of valuation for State assets shall include：

　　1. present value of earnings method；

　　2. replacement cost method；

　　3. current market value method；

　　4. liquidation price method； or

　　5. other valuation methods prescribed by the department of the State Council in charge of State asset administration.

　　Article 24　When the present value of earnings method is employed in asset valuation， the current value of the assets shall be calculated on the bases of the reasonably expected profitability of such assets and an appropriate discount rate， and a reappraisal of their value shall be made on the basis of such calculations.

　　Article 25　When the replacement cost method is employed in asset valuation， the assets' value shall be reappraised on the basis of the replacement cost of the assets when new， l

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