Study On Improved Excess Income Approach In The Appraisal Of Trademark Right

With the rapid development of the economy and the increasing concern of the society for trademarks,trademark rights have begun to be traded in the market as general commodities,which also extensively involves corporate mergers and acquisitions,asset sales,asset replacement,major asset restructuring,and corporate shareholding reform Wait for a series of business activities.Although domestic appraisal agencies have gradually begun to engage in the appraisal of trademark rights,and more and more scholars have conducted theoretical research on the appraisal of trademark rights,the standardization of the appraisal process and the richness of appraisal theory and the tangible asset value evaluation are still Very different.In the actual operation of the appraisal of the value of trademark rights,the main appraisal approaches adopted are the market approach,cost approach and income approach,and the derivative approaches of the above three basic approaches.In this paper,a comprehensive consideration of various factors is used to appraisal the value of trademark rights using the improved excess income approach.This paper starts with the definition of trademark,trademark right value components and other basic concepts.After theoretical and application analysis of the conventional trademark right value appraisal approaches,the paper summarized the advantages and disadvantages of the market approach,cost approach and income approach.Next,the paper analyzed the problems of the conventional excess income approach,such as subjective and arbitrary income prediction,lack of separation of the excess income of trademark rights from the income of other intangible assets,and inconsistency between the discount rate and the income caliber,and improved it: a combination of the difference approach and the sharing rate approach was used instead of the direct estimation approach to predict the excess income of trademark rights,which involves mathematical and statistical approaches such as gray model prediction and fuzzy level analysis to make the prediction results more scientific and accurate;the discount rate adjusted for the special risk premium of trademark rights is used to distinguish the weighted average cost of capital,capital asset pricing model or risk accumulation model in the conventional income approach,so that the discount rate is not only consistent with the caliber of income,but also consistent with the principle of risk compensation.Finally,the improved excess income approach was applied to the evaluation of the value of the trademark rights of the "Longfor" series,and the results were compared and analyzed with the conventional excess income approach to verify the scientific and practicality of the improved excess income approach.