如何评估商誉 ,在无形资产理论中 ,一直是个亟待解决的问题。近年来 ,许多学者对商誉做了大量定性上的规范化研究 ,试图建立起一套完整的商誉评估体系 ,但由于诸种原因造成成果缺乏对实际可操作性的有效指导。本文试图克服此缺陷 ,紧紧抓住商誉的本质 ,即企业获取超额收益的能力 ,指出传统商誉评估理论的不足 ,对商誉评估理论中的超额收益现值法进行初探 How to evaluate goodwill has always been a pressing issue in the theory of intangible assets. In recent years, many scholars have done a lot of qualitative research on goodwill, attempting to establish a complete set of goodwill evaluation system, but due to various reasons, the result lacks effective guidance on practical operability. This paper attempts to overcome this shortcoming, firmly grasp the essence of goodwill, that is, the ability of enterprises to obtain excess returns, points out the shortcomings of the traditional theory of goodwill evaluation, and probes into the present value method of excess return in goodwill evaluation theory