植物新品种权价值评估折现率的确定方法研究

STUDY ON THE DETERMINATION METHODOF DISCOUNT RATE IN THE ASSESSMENT OF PLANT NEW VARIETIES RIGHTS

折现率作为收益法评估植物新品种权时重要参数之一,细微的差异都有可能导致品种权评估结果的显著不同。因此,如何合理确定折现率是收益法在植物新品种权评估中需要解决的重要难题,该文依据知识产权收益法的整体思路,就品种权收益法评估中的折现率问题展开讨论,首先介绍折现率的几种计算方法,通过对加权平均成本(CACC)和资本定价模型(CAPM)进行改进,构建基于CACC和CAPM的扩展贴现率估值模型,并利用种业公司的资本结构、股权以及债务等数据资料对其参数进行实证分析。

Discount rate is an important parameter to assess new plant varieties right using income method. The subtle difference of discount rate is likely to lead to different evaluation results. Therefore,it is important to solve how to reasonably determine the discount rate. On the basis of overall thought of intellectual property income method,this article discussed the discount rate's evaluation problem. It firstly introduced several calculation methods of the discount rate,then built the new discount rate valuation model based on improving the Weighted Average Cost Of Capital( CACC) and Capital Asset Pricing Model( CAPM),and finally assessed the model's parameters using the seed companies' capital structure data.