How to evaluate the trademark value?

First, the choice of evaluation methods

There are mainly market method, income method and cost method to evaluate the value of intangible assets of trademark rights.

According to the analysis and comparison of the appraisal object, the selected value type and the collected appraisal data, the certified asset appraiser thinks that the market method is not applicable to this project because there are no comparable transaction cases in the market. As the collected trademark historical data and financial data cannot reflect the value of the appraised object under the appraisal purpose of this project, the cost method is not applicable to this project.

According to the analysis and comparison of the appraisal object, the selected value type and the collected appraisal data, the income method is selected for this appraisal.

The present value method of income is an evaluation method that estimates the expected future income of the appraised assets, selects intangible assets evaluation knowledge and the actual discount rate in the technical support system to convert it into present value, and then accumulates and sums it up to get the value of the appraised assets. The discount rate is the ratio of converting future income into present value, which reflects the proportional relationship between assets and the present value of future operating income. The income present value method is based on the financial data of the enterprise over the years, the future development plan and future income forecast of the enterprise, and the industry analysis data made by the appraisers through investigation and research; The selective discount rate is determined by the appraiser according to the comprehensive analysis of the asset income level of society, industry and appraisal object.

The present value method of income is often used to evaluate the property, overall assets and intangible assets that can generate sustainable income. When evaluating intangible assets, the present value method of income is often used.

The main reason for adopting the above appraisal method in this appraisal is not only to avoid the virtuality and randomness easily caused by future earnings conversion, but also to comprehensively analyze the influence of market share, price competitiveness, stability, development trend, market environment, support and protection of trademark products and other factors.

Second, the evaluation model

Where: P quotient-evaluation value of trademark right

FT- the amount of revenue generated by branded products in the next few years.

F—— Expected income of trademark products within the permanent life.

Economic year

T-sequence period

discount rate

G- growth rate of permanent annual income

α —— Income sharing rate

Thirdly, the selection of evaluation parameters.

(A) the future income forecast

(2) Economic year n

(3) Share ratio α

(d) sequence period t

(5) Discount rate 1

The discount rate refers to the ratio of converting the expected future income in a limited time into the present value. In this assessment, the risk-free rate of return is combined with the risk rate of return. The calculation formula is:

i=Rf+β(Rm-Rf)+α

These include:

discount rate

RF- risk-free rate of return

Statistical measurement of the relationship between beta coefficient, sensitivity and project risk and the whole market.

RM- expected market rate of return

α-Project implementation risk

1.Rf to determine the risk-free rate of return

The risk-free rate of return is obtained by calculating the arithmetic average of the annual yield to maturity of long-term national debt (more than ten years from the base date). According to the calculation of the evaluation information network, the value is 4.08%.

2. Determination of excess risk return

The geometric average method is used to analyze and calculate the investment income of Shanghai and Shenzhen 300 constituent stocks, and RM-Rf is obtained by subtracting the risk-free rate of return RF. According to the evaluation information network, the calculated value is 6.3 1%.

3. Determination of β coefficient

Beta coefficient is the average value of beta coefficient of 300 constituent stocks of Shanghai and Shenzhen listed companies in the same industry after excluding financial leverage. This evaluation selects 10 listed companies for calculation, and the final beta coefficient is 1.0627? .

(vi) Sustainable annual income growth rate g

Trademark evaluation value calculation table