知识产权司法鉴定之价值评估

Evaluation of Intellectual Property via Judicial Appraisal: A Cornerstone of Intellectual Property Securitization

知识产权司法鉴定之价值评估是知识产权证券化成败的关键。资产支持证券投资的可行性和可取性是以知识产权自身之价值以及该知识产权产生的预期现金流为基础的。制约知识产权证券化发展的主要瓶颈在于知识产权价值的司法鉴定之困难。实践中采用的知识产权司法鉴定价值评估方法主要有市场法、成本法、收益法,各有其理论依据和适用程度,但尚不足以满足对所有不同无形资产的评价需求,仍有相当大的提升空间。测算知识产权预期收益率主要有资本资产定价模型和加权平均资本成本两种技术方法。从信用评级机构、投资者的角度看,知识产权证券化的益处与选择适合的价值评估技术紧密联系,特别是合理计算贴现率十分重要。

Intellectual property（ IP） valuation through judicial appraisal is a key component of intellectual property securitization. The feasibility and desirability of investment in IP backed bonds are based on IP value itself and projected cash flows from IP assets. The substantive obstacle of development of IP securitization is to appraise the value of IP appropriately. Generally speaking, the IP valuation methods fall into three broad categories： market approach, cost approach and income approach, although each of them could not be competent for all intangible assets. The two most common approaches used to measure the required rate of return of an investor are capital asset pricing model（CAPM） and weighted average cost capital（ WACC）. From the perspective of a credit rating agency and an investor, the benefits of IP securitization are more closely linked to the choice of an appropriate valuation technique in general and to calculate the discount rate properly in particular.