摘要
在社会知识经济时代,知识产权已成为企业重要的生产要素,而商标作为知识产权的重要组成部分已越来越频繁的出现在交易市场上。随着商标交易的日益增多和经济发展的国际化,商标价值评估也逐渐升温,如何选用合理的方法评估企业商标价值,已成为知识产权管理领域十分重要的问题。通过文献阅读分析发现目前在商标价值评估的实务中,主要有重置成本法、收益现值法和现行市价法三种常用评估方法,我国采用较多的是收益现值法。这些方法都是商标价值评估的重要方法,但在某种程度上都存在着一定的局限性。通过对这些方法的比较发现,一方面,目前商标价值评估缺陷在于模型单一、缺乏定性分析,这使得定量分析没有依据;另一方面,这些方法没有考虑商标价值评估过程的复杂性和动态性,忽略了不确定性所创造的价值。
本文针对以上问题,引入了实物期权分析方法用以评估商标价值,该方法为商标价值评估提供了新的思路和视角。随着期权理论及其定价模型的成熟与完善,人们开始成功的将期权理论用于投资决策和价值评估,应用该方法能够抓住机会价值,把握不确定性和灵活性所创造的价值,这是对传统方法的突破,同时也增强了商标投资决策的合理性。本文分析了商标的期权性质以及实物期权方法应用于商标价值评估的可行性,比较了传统的评估方法和实物期权方法,从中总结了实物期权方法的优势。进而针对商标的期权特征,分析商标价值的主要影响因素,确定商标价值的不确定性来源,借助实物期权的基本思路和分析方法,分析推导出适用于商标价值的评估模型。最后,给出一个具体实例并对其进行分析,探讨实物期权定价模型在商标价值评估中的应用特点以及应注意的问题。以此提升商标价值评估的科学性和客观性,实现企业商标价值的利益最大化,促进企业知识产权事业的发展。
In knowledge-economics time nowadays, intellectual property has become important and valuable element of production and trademark as a significant part of intellectual property has appeared frequently in trade market. With the increasing of trademark transaction and internationalization of economy, trademark evaluation is rising as well. How to choose reasonable methods to assess the value of trademark has become an important issue. By reading widely literatures and documents, the author analyze that the evaluation methods mainly include present value of earning, replacement cost method and relative market value method. In domestic, present value of earning method is widely used, however, to extend, they exist some limitations. By having a comparative study between them, the author thinks that the evaluation models is single and they lack qualitative analysis, which causes less basis for quantitative analysis. Additionally, these approaches do not consider the changeable and complicated character of trademark assessment, ignoring the value uncertainty creates.
Aiming to the problems above, the paper put forwards real option which provides a new approach and viewpoint for trademark evaluation. With the option theory and its pricing model matured and perfected, people start to apply the option theory in investment decision and evaluation. The real option can catch the value of chance and grasp the value that uncertainty and flexibility bring about. Moreover, the method is a breakthrough to the traditional methods; meanwhile, it strengthens the reasonableness of decision. The paper analyzes the option trait of trademark and has a study about feasible application of real option in trademark assessment. By comparing the traditional methods and real option, the paper concludes in the superiorities of real option. So that it can improve the scientific and objectivity of evaluation of trademark, achieve benefit maximization of trademark, and promote development of intellectual property career.
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