Research On Value Evaluation Of KeMing Trademark Right Based On B-S Option Pricing Model

Today's society is already a knowledge-based economy,and the intellectual property transaction has become increasingly frequent.Trademark right belongs to one of the intellectual property rights.It is an important intangible asset for the enterprise,and also an important tool for enterprises to improve their competitiveness to occupy the market and to pursue profits.With the increasing development of economy,it's transfer is not uncommon,the transfer and auction of trademark rights is even more frequent in the process of joint capital,joint venture,merger,share-holding system restructuring.In the process,it will also involve the transfer and auction of trademark right or the right to use,and there will be more value assessment of trademark rights.This article evaluates trademark right based on the purpose of trademark transfer,so it's important to choose a reasonable evaluation method to do it.Through analysis,this paper intends to study the two aspects of the theoretical basis and practice of trademark right evaluation.On the theoretical basis,we discuss the components of trademark value,the valuation method of trademark rights and the B-S option pricing model.At present,we found out the main assessment methods in the market are currently replacement cost approach,market approach and income approach in the trademark evaluation,and the most common method we mainly adopt in our country is income approach.There are some defects in the three methods and lack of qualitative analysis.There is uncertainty in trademark right.This uncertainty contains certain values,and the three traditional evaluation methods can not reflect the value added of trademark rights.According to the option characteristics and uncertainty of trademark rights,this paper proposes to use the B-S option pricing model to evaluate the value of trademark rights.And improves the B-S model according to the actual environment to make it more consistent with the actual conditions,and then calculated option value of KEMING trademark with determined parameters.Uses the income approach,B-S option pricing model and revised B-S option pricing model to evaluate their value respectively,and compare three ideas under value.And through the single factor sensitivity analysis,the rationality and scientificity of the results are verified.Finally,through comparative analysis,it is concluded that the real options method evaluation value is higher than income method evaluation value,the higher part is flexible to the changing conditions and management of value,and the revised B-S option pricing model can be used reducing the error of parameter selection,and make the evaluation result more close to the true value of the trademark right The real option model opened up a new perspective for the development of the value appraisal theory.