Volkswagen's goodwill and other intangibles makes up about 16% of its total assets.

该公司的商誉和其他无形资产约占总资产的16%。

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Shareholders' equity normally excludes intangible assets such as goodwill and is calculated by deducting total liabilities and intangibles from total assets.

股东的股权通常不包括无形资产（如公司信誉），计算股东权益时要在总资产中减去总负债和无形资产部分。

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Goodwill and intangibles result from premiums (over book value) paid by the acquirer in previous acquisitions, and therefore should be deducted to get to true tangible book value.

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