Nghiên cứu lý luận và thực tiễn nhằm xây dựng phương pháp định giá nhãn hiệu áp dụng trong giai đoạn công nghiệp hóa, hiện đại hóa tại Việt Nam

Bd KHOA HOC VA CdNG NGH|
' I t s KHOA HOC S6 HCIJ TKI TlFfi


B O K H O A H O C VA CONG NGHE
VIEN KHOA HOC SO HUU TRI TUf.

Bao cao tong hop

BE TAI
NGHIEN c i i u LY LUAN VA THUC TIEN N H A M XAY DUNG
PHU'ONG PHAP DINH GIA NHAN HIEU AP DUNG TRONG GIAI DOAN
CONG NGHIEP HOA, HIEN DAI HOA TAI VIET NAM

Chu nhiem He tai: Iran Nam Long
Bo'n vi: Vien Khoa hoc so huu Iri tuc

II \NOl,201()


BO KHOA HOC VA CONG NGHE
VIEN KHOA HOC SO HUU TRI TUE

NGHIEN C i r u LY LUAN VA THlTC TIEN
NHAM XAY DUNG PHlTONG PHAP DINH GIA NHAN HIEU AP DUNG
TRONG GIAI DOAN CONG NGHIEP HOA, HIEN DAI HOA TAI VIET NAM
(Dc tai nghien ciiu Idioa hgc cap Bg)

Nguoi thue hien:
CN. 'Iran Nam Long, chu nhiem
TS. Pham Hong Quat

CN. Nguyen Anh Ngoc
CN. Dang Hoang Anh
CN. Nguygn Thj Sy
CN. Vu Thi Han
CN. Do Thi Xuan Huang
CN. Tran Thi Thu Hang

Ha N o i - 2 0 1 0


MUC LUC
MdDAU
CHUONG I. TONG QUAN VE NHAN HIEU VA PHU'ONG PHAP DINH GIA NHAN HIEU
I.

Tong quan ve nhan hieu

II.

Muc dich, y nghTa, nguyen tac dinh gia nhan hieu

III. Tong quan ve cac phuang phap dinh gia nhan hieu
3.1 Dac thu cua nhan hieu va anh hircmg doi vol viec dinh gia
3.2 Nhom phuang phap dinh gia sudung each tiep can chi phi
3.3 Nhom phuong phap dinh gia sir dung each tiep can thi truong
3.4 Nhom phuang phap dinh gia su dung each tiep can thu nhap
3.5 Nhom phuong phap dinh gia khac
3.6 Lua chon phuang phap phu hgp va xtr iy ket qua sau dinh gia
CHU'ONG H. KINH NGHIEM DINH GIA NHAN HIEU TAI CAC NU'CJC PHAT TRI£N ..
1. He thong tieu chuan quoc te doi voi dinh gia tai san v6 hinh

2.

Djnh gia nhan hieu nham mot so muc dich cu the

3.

Ket luan

CHUONG III. THUC TIEN BINH GIA NHAN HIEU TAI VIET NAM
I.

Quy dinh chung ciia phap luat Viet Nam ve tham dinh gia

II. Tieu chuan tham dinh gia Viet Nam
III. Dinh gia nhan hieu nham mot so muc dich cu the
C H U O N G I V . D E XUAT PHUONG PHAP DINH GIA NHAN HIEU
I.

Cac can cu lira chgn piiuong phap dinh gia nhan hieu ap dung cho Viet Nam

II.

Lira chgn phuang phap dinh gia nhan hieu ap dung tai Viet Nam

III. Phuong phap chiel khau dong tien: Cong thue va each ap dung
IV. Qu > trinh dinh gia nhan hieu
4.1 Quy trinh dinh gia nhan hieu long quat
4.2 Quy trinh dinh gia nhan hieu chi tiet. ap dung phuong phap DCF
PHU LUC; Ap dung phuong phap va quy trinh dinh gia nhan hieu. dinh gia nhan hieu
TISCO cua Cong t;' Co phan Gang thep Thai Nguyen

TAII.IEU THAM KHAO


MO DAU

Trong nhung nam gan day, tai Viet Nam, tam quan trpng cua tai san tri tue
noi chung va nhan hieu noi rieng doi voi sir phat tridn cua mgi mat doi song xa hoi
ngay cang dugc thua nhan rgng rai. Vol nhieu doanh nghiep thi tai san tri tue da
dugc coi la mgt nguon lire khong kem phan quan trgng so vai cac nguon lire truyen
thong khac.
Cung v6i su phap trien cua ca che thi truong, nhu cau ve viec dinh gia tai san
tri tue cQng ngay cang cap thi^t. Dap ung doi hoi ciia thue tiln da co nhieu quy dinh
ve dinh gia tai san tri tue dugc ban hanh: Tieu chuan tai san v6 hinh, he thong cac
tieu chuan thkm dinh gia Viet Nam (Bg Tai chinh ban hanh)... Tuy nhien, nhiing
quy dinh nay chua thue su day du, ro rang, each hieu, each van dung con thieu
thong nhat lam nay sinh khong it kho khan khi thire hien. Thirc t6 do doi hoi phai
nghien cuu day dii, toan dien ve van de dinh gia tai san tri tue, trong do sang chi va
nhan hieu dugc coi la hai loai tai san tri tue di^n hinh.
Do la ly do va muc dich thirc hien ciia De tai "Nghien cuu ly luan va thue
tiln nham xay dung phuong phap dinh gia nhan hieu ap dung trong giai doan cong
nghiep hoa, hien dai hoa tai Viet Nam"
Trong pham vi nghien cuu cua de tai nay, nhom tac gia tap trung giai quy§t
cac ngi dung: Co so ly luan vl dinh gia nhan hieu; kinh nghiem dinh gia nhan hieu
tai mgt s6 nuoc va tai Viet Nam, tir do de xu4t phuong phap dinh gia nhan hieu ap
dung cho Viet Nam trong dieu kien hien nay.
Phuong phap va quy trinh djnh gia dugc dl xuit dugc tac gia ap dung dl
dinh gia nhan hieu TISCO cua Cong ty C& phin gang thep Thai Nguyen nhu la mgt
vi du thue hanh va kiem nghiem.

CHU'ONG I.
T 6 N G Q U A N Vt NHAN HIEU VA PHU'OTVG PHAP
DINH GIA NHAN HIEU

I. TONG QUAN VE NHAN HIEU
1.1 Khai niem nhan hieu
Tai Khoan 1 Dilu 15 Hiep dinh Cac khia canh thuong mai cua Quyin Sa hiru
tri tue (TRIPS), nhan hieu dugc dinh nghia nhu sau:
Nhan hieu la "bit ky mgt dau hieu, hoac su ket hgp ciia dau hieu co kha nang
giiip phan biet hang hoa hoac dich vu ciia mgt doanh nghiep voi hang hoa. dich vu
ciia nhimg doanh nghiep khac. Cac dau hieu gom cac tir, ke ca ten rieng, chir cai,
chir s6, ylu t6 hinh va to hgp mau sac ciing nhu to hgp bat ky ciia cac dau hieu do,
phai CO kha nang dugc dang ky la nhan hieu. Truong hgp ban than cac dau hieu
khong CO kha nang phan biet hang hoa hoac dich vu tuong ung, cac nuac Thanh
vien ciia Hiep dinh co the qu}' djnh rang kha nang dugc dang ky phu thugc vao tinh
phan biet dat dugc thong qua viec sir dung".
Theo Luat So hiina tri tue ciia Viet Nam, nhan hieu duge quy dinh nhu sau:
''Nhan hieu la ddu hieu dimg de phdn biet hang hod, dich vu cua cdc l6 chuv. cd
nhdn khdc nhau'' (Dieu 4.16).
Nhu vay, nhan hieu la mgt loai doi tugng so hiru tri tue, thoa man hai tieu chi:
- Phai la dau hieu duoi dang chii viet, con so, hinh anh, mau sac, hinh khoi
(nhan hieu ba chieu), am thanh. hinh anh ba chieu, doan phim ngan, tham chi la
miii, vi;
- Dau hieu do phai co kha nang thue hien chuc nang phan biet hang hoa, dich
vu.
1.2. Phan loai nhan hieu
Can cu vao tieu chi khac nhau ma co nhieu each phan loai nhan hieu. Xet tii'
goc do dac tinh cua dau hieu tao nen nhan hieu, c6 the chia nhan hieu thanh 02 loai:
+ Nhan hieu truyen thong: Nhan hieu bao gom cac dau hieu ve chir, so. mau
sac, hinh anh hoac la su ket hgp cua cac yeu to noi tren.

+ Nhan hieu phi truyen thong: Nhan hieu gom cac dau hieu ve am thanh. hinh
anh dgng, doan phim ngan, anh ao ba chieu, miii, vi, mgt vat (device) co kha nang
phan biet hoac la su ket hgp ciia cac yeu to tren.
Xet tir goc do chuc nang ciia nhan hieu, nguai ta chia nhan hieu thanh cac loai:
+ Nhan hieu thong thuong:


+ Nhan hieu tap thi: Nhan hieu diing dl phan biet hang hoa, dich vu ciia cac
thanh vien cua td chiic la chii so hiiu nhan hieu do voi hang hoa, dich vu ciia to
chirc, ca nhan khong phai la thanh vien ciia to chirc do.
+ Nhan hieu chung nhan: Nhan hieu ma chii sof hiiu nhan hieu cho phep to
chuc, ca nhan khac sir dung tren hang hoa, dich vu ciia to chuc, ca nhan do de
chung nhan cae dac tinh ve xuat xu, nguyen lieu, vat lieu, each thirc san xuat hang
hoa, each thue cung cdp dich vu, chat lugng, do chinh xac, do an toan hoac cac dac
tinh khac ciia hang hoa, dich vu mang nhan hieu.
-t- Nhan hieu lien ket: Nhan hieu do ciing mgt chii the dang ky, triing hoac
tuong ty nhau diing cho san pham, dich vu cimg loai hoae tuong tu nhau hoac co
lien quan vol nhau.
1.3. Thu*(mg hieu
Trong thyc tiln Viet Nam, hien nay thjnh hanh thuat ngir "thuong hieu".
Trong nhieu tinh huong co su lan Ion thuat ngir do voi "nhan hieu".
Khai niem "thuong hieu" dugc sii dung voi ham nghTa khong thong nhat. Co
the diem qua mgt vai each quan niem ve "thuong hieu" nhu sau:
- Thuong hieu la toan bg doanh nghiep hoac mgt phan ciia doanh nghiep: vi dy
nhu "Thuong hieu Hummer sap ve tay nguai Trung Quoc" hay "mua ban thuong
hieu 6 to, thanh cong va that bai"
Voi each quan niem nay, noi den thuong hieu la noi den tong the tat ca eac
yeu to tao nen mgt san pham, dich vu, vi du noi den thuong hieu KFC ham y ca
nhan hieu KFC, uu the ve vi tri cira hang, each bai tri, phuong phap ban hang, bi
quyet che bien thyc pham ... vi nhirng yeu to nay khong the tach roi. Thieu mgt yeu

to khong lam nen KFC.
- Thuong hieu la sy ket hgp giiia nhan hieu va ten thuong mai: Nhan hieu va
ten thuong mai trong mgt so truong hgp song hanh, co the sir dung lan, tham chi la
triing nhau vi du noi den Cong t\ Thep Thai Nguyen la noi den nhan hieu TISCO,
doi khi nguoi ta van sii dung khai niem "Thep Thai Nguyen" - tiie la su dung ten
thuong mai - de chi san pham mang nhan hieu TISCO.
Cach hieu nay dugc thay ro nliat tai Thong tu 146/2007/TT-BTC ngay
06/12/2007 eua Bg Tai chinh, nhu sau: "G/o (ri thucmg hieu (bao gom: nhdn hieu,
ten ihwang mgi) duac xdc dinh tren ca sa cdc chi phi thue te ..." (Diem 4.7.a. phan
A. muc III)
Trong hoat dgng dinh gia nham co phan hoa doanh nghiep tai Viet Nam thi
khai niem "thuong hieu" thuong dugc hieu theo each nay.

' Vncconmy.vn, ngay 3/6/2009


- Thuong hieu la ten viet tat (ten giao djch) ciia doanh nghiep. Co the de dang
bat gap tren cac phuang tien truyen thong nhung cum tir nhu "thuong hieu CocaCola", "thuong hieu Vinamilk" hay "thuong hieu Biti's" voi ham y chi doanh
nghiep la ehO so hiiu san pham.
- Thuong hieu la nhan hieu nhin tir goc do marketing: Theo Gordon Smith,
"xet tir goc do ngiJ nghTa thi thuong hieu (brand) la mgt tir chi nhan hieu trong ITnh
vyc marketing hoac la mgt khai niem ma cac chuyen gia marketing phat trien nham
chi mgt loai nhan hieu mang nghTa rgng hon la khai niem ciing nhac ve nhan hieu
theo luat dinh" {Trang 42, Trademark valuation - New York: John Wiley & Son,
1997)
Thuong hieu la nhan hieu c6 uy tin tren thi truong: Voi each tiep can nay,
nguofi ta quan niem nhan hieu la v6 bgc ben ngoai ciia uy tin doanh nghiep, mang
ham y sy cam ket ve chat lugng san pham, dich vy. Khong phai nhan hieu nao cung
mang lai cho khach hang nhiing thong diep nhu vay vi du nhiing nhan hieu moi
dugc tung ra thj trucmg, chua co dugc su nhan biet rgng rai cua khach hang ... Chi

nhiing nhan hieu da co uy tin tren thi truong, co dugc su nhan biet den mgt mire do
nhat dinh thi moi duge ggi la thuong hieu.
Caeh hieu khac nhau ve mgt khai niem dan den nhieu kho khan khong nhirng
ve ly luan ma ea trong thue tien dinh gia tai san tri tue noi chung, chang ban voi
each hilu theo Thong tu 146/2007/TT-BTC ciia Bg Tai chinh (thuong hieu g5m
nhan hieu va ten thuong mai ciia doanh nghiep) lam nay sinh cac van de sau:
Thu nhat, theo each hieu nhu vay thi co hai thanh phan cau thanh "thuong
hieu", moi thanh phan chiu sy dieu chinh khac nhau ciia luat phap nen hoan toan co
the coi la nhirng tai san doe lap va co the dinh gia rieng biet, vay thi tai sao lai phai
ggp lai trong khai niem thuong hieu?
Thii' hai, khong phai truong hgp nao nhan hieu va ten thuong mai cung di
lien nhau, vi du ta biet nhieu den nhan hieu "tra thao dugc Dr Thanh" hay "Tam
Thai tu", "gach Prime", "tra xanh khong do" ... nhung hiu nhu khong bilt din ten
thuong mai cua loai san pham mang nhan hieu do. Trong truong hgp noi tren, ro
rang viec gan nhan hieu va ten thuong mai la khong can thiet va lam phuc tap hoa
qua trinh dinh gia.
Thu ba, dinh gia nham nhieu muc dich khac nhau nhung myc dich ph6 biln
la de thucmg mai hoa nhan hieu do mgt each hieu qua nhit. Nlu nhu viec thuong
mai hoa nhan hieu khong eo tro ngai gi ve mat phap ly (da co hanh lang phap ly cho
ho^t dgng li-xang, chuyen nhugng, gop von, lien doanh bing gia trj nhan hieu) thi
doi voi ten thuong mai, van de phiic tap hon rat nhieu.
Dieu 139, Luat Sa huu tri tue Viet Nam quy dinh: "'Quyin ddi v&i ten thuong
mgi chi duac chuyen nhugng ciing vai viec chuyen nhugng todn bo ca sa kinh
doanh va hoat dong kinh doanh duoi ten thucmg mgi do". Nhu vay, nlu li-xang


(eho thue quyIn su dung), gop von lien doanh bang ten thuong mai voi tu each la
mgt loai tai san dgc lap la khong hgp phap. it ra la tinh den thai diem hien na\.
D I tranh hilu sai. can khang dinh rang doi tugng ciia hoat dgng dinh gia
dugc nghien cuu trong de tai nay la nhan hieu, khon^ phai la thuong hieu.

II. MUC DICH, Y NGHIA, NGUYEN TAC DINH GlA NHAN HIEU
2.1. Muc dich, y nghTa
Viec dinh gia nhan hieu nham xae djnh gia tri cua nhan hieu ma doanh nghiep
dang tao dyng, dang so hihi. Tir do hieu ro ban vi the ciia minli tren thi truong. uy
tin dli voi khach hang va cac nha dau tu; danh gia dung hon no lye ciia lanh dao &
nhan vien cong ty trong viec tao dyng nhan hieu, qua do xay dung chien luge dau
tu, phat trien nhan hieu.
Mgt each tong quat, viec dinh gia nhan hieu co the nham thyc hien cae hoat
dgng chinh sau day^:
(i) Chuyen giao quyen so hiru hoac quyen sir dung nhan hieu: xac dinh gia tri
ciia hgp dong chuyen giao;
(ii) Sap nhap va mua lai: xac djnh gia trj doanh nghiep dya vao ty trgng (muc
do dong gdp) eiia cac nhan hieu vao tong gia thi trucmg ciia doanh nghiep;
(iii) Tiel kiem chi phi: viec duy tri cac tai san tri tuc mang lai Igi ich va cung
doi hoi phai chi phi, dac biet la chi phi duy tri va thue thi quyen sa hiru tri tue. Viec
dinh gia ehinh xac nham xac dinh nhan hieu co gia tri kinh te tiem nang de tiep tue
phat trien, loai bo nhung nhan hieu khong con gia tri hoac khong mang lai Igi ich
Ion hon chi phi trong boat dgng kinh doanh;
(iv) Gop von dau tu, lien doanh hay lien minh chien luge: xac dinh chinh xac
gia tri phan so huu (von gop) tuong img ciia doanh nghiep trong dy an dau tu hoac
lien doanh, lien ket kinh doanh:
(v) Co phan hoa. phat hanh co phieu: xac dinh gia tri ciia doanh nghiep va
nhan hieu ciia doanh nghiep khi tham gia co phan hoa hoac phat hanh co phieu ra
cong chiing;
(vi) Ho trg giai quyet tranh chap; xac djnh muc do, gia tri thiet hai do hanh vi
xam pham quyen doi voi nhan hieu: xae djnh gia trj hang xam pham: ho trg giai
quyet tranh chap trong truong hgp pha san. vi pham hgp dong, thira ke....
(vii) Huong thue uu dai tir viec bieu tang: Viec dinh gia tai san tri tue dugc
bieu tang (thuong la cho cac to chirc phi Igi nhuan) lam co so de cac ca quan thul
tinh toan mire uu dai thue cho doanh nghiep bieu tang.

• Valuation ofInielleclual Propcrt\: What. Wh\ and Mow, WIPO Maga/inc9-i0/2003


2.2. Nguyen tac kinh te chi phdi hoat dong djnh gia nhan hieu
Viec dinh gia nhan hieu phai tuan theo cac nguyen tac sau day
- Nguyen tac sir dyng tot nhat va co hieu qua nhat: Viec su dung tot nhat va
CO hieu qua nhit ciia nhan hieu ta dat dugc miic hiiu dung toi da trong nhung hoan
canh kinh tl - xa hoi thyc te phii hgp, co thi cho phep ve mat ky thuat, ve phap !>'.
ve tai chinh va dem lai gia trj Ion nhat.
Tuy nhien, mgt nhan hieu dang sii dyng thyc te khong nhat thiet da the hien
kha nang sir dung tot nhat va eo hieu qua nhat.
- Nguyen tac cung - cau: Gia tri ciia mgt nhan hieu dugc xac djnh boi moi
quan he cung va eau tren thi truong.
- Nguyen tac thay doi: Gia trj eiia nhan hieu thay doi theo sy thay doi ciia
nhung yeu to hinh thanh va co lien quan den gia trj cua no.
Gia tri ciia nhan hieu cung dugc hinh thanli trong qua trinh thay doi lien tue
phan anh hang loat cac moi quan he nhan qua giiia cac yeu to anh huong den gia tri.
Ban than cac yeu to anh huong den gia trj luon luon thay doi. Do do, trong djnh gia
nhan hieu phai nam dugc moi quan he nhan qua giu'a eac nhan to a trang thai dgng.
phai phan tich qua trinh thay doi nham xac dinh mire sir dung nhan hieu tot nhat va
CO hieu qua nhat.
- Nguyen tac thay the: Trong truong hgp hai hay nhieu nhan hieu c6 the thay
the Ian nhau trong qua trinh sir dyng, thi gia tri ciia nhung nhan hieu do dugc xac
djnh boi sy tac dgng lan nhau ciia nhan hieu nay den nhan bleu khac.
Hinh thanh gia tri ciia nhan hieu dugc dinh gia thuong co lien quan den gia
tri ciia cac nhan hieu khac co the thay the .
Khi hai nhan hieu co tinh huru ich nhu nhau, nhan hieu nao chao ban o muc
gia thap nhat thi nhan hieu do se ban dugc truoc. Gioi ban tren cua gia trj nhan hieu
CO xu huong dugc thiet lap boi chi phi mua mgt nhan hieu thay the can thiet tuong

duong. mien la khong co sy cham tre qua muc lam anh huong den sy thay the. Mgt
nguoi than trgng se khong tra gia cao hon chi phi mua mgt nhan hieu thay the trong
cung mgt thj trucmg va mgt thai diem.
- Nguyen tac can bang: Cac yeu to cau thanh ciia nhan hieu can phai can
bang de nhan hieu dat dugc kha nang sinli Icri toi da hay miie hiiu dyng eao nhat. Do
do. de uoc tinh miic sir dung tot nhat va co hieu qua nhat ciia nhan hieu, can phai
phan tich xem lieu da dat toi sy can bang nhu vay hay khong.
- Nguyen lac thu nhap lang hoac giam: Tong thu nhap tren khoan diu lu tang
len se tang Hen tuc toi mgt diem nhat djnh. sau do mac dii dau tu tiep tyc tang
nhung do Ion ciia thu nhap tang them se giam dan.
' Tieu chuan \hkm dinh gid \'iC't Nam


- Nguyen tac phan phoi thu nhap: Tong thu nhap sinh ra tir sy ket hgp cac
yeu to ciia qua trinh san xuat (dat dai, v6n, lao dgng, quan Iy) va co the dugc phan
phoi eho timg yeu to nay.
- Nguyen tie dong gop: Gia tri ciia nhan hieu phy thugc vao sy vang mat cua
no lam giam di bao nhieu gia trj eiia toan bg doanh nghiep, co nghTa la lugng gia trj
ma no dong gop vao gia tri toan bg la bao nhieu.
- Nguyen tic tuan thii: Nhan hieu can phai phii hgp voi moi trucmg ciia no
nham dat dugc mire sinh lai toi da hoac mire huii dyng cao nhat. Do do. phai phan
tich xem lieu nhan hieu do co phii hgp voi moi truong hay khong klii tham djnh
vien xac dinh mire sir dung nhan hieu tot nhat va co hieu qua nhat.
- Nguyen tae canh tranh: Lgi nhuan cao vugt trgi se thue day canh tranh,
nguge lai, canh tranh qua miic eo the lam giam lgi nhuan va cuoi cimg co the khong
con Igi nhuan. Doi vol nhan hieu, moi quan he canh tranh cung dugc quan sat giiia
cac nhan hieu vgi nhau va giira nhan hieu nay voi nhan hieu khac. Do do. gia trj ciia
nhan hieu dugc hinh thanh la ket qua ciia su canh tranh tren thj trucmg.
- Nguyen tae du tinh lgi ich tuong lai: Gia trj ciia nhan hieu co the dugc xac
dinh bang viec dy tinh kha nang sinh lgi trong tuong lai.

Gia tri ciia nhan hieu cung chiu anh huong boi vice du kien thj phan ctia
nhung ngucri tham gia thi trucmg va nhung thay doi co the dy tinh truoc trong yeu
to nay cung anh huong den gia trj.
Viec uac tinh gia trj ciia nhan hieu luon luon dya tren cac trien vong tucmg
lai, Igi ich du kien nhan dugc tir quyen sir dung nhan hieu ciia nguoi mua.
2.3. Khai niem gia trj trong dinh gia nhan hieu
Nham muc dich djnh gia nhan hieu, cac khai niem sau can dugc xem xet va
phan biet:
- Gia trj: la bieu hien bang tien ve lgi ich ma nhan hieu co the mang lai eho
chii sg hiru nhan hieu tai mgt thoi diem nhat dinh. Gia trj la mgt thuat ngir mang
tinh gia thiet, the hien mire gia ca (price) du tinh se duge chap nhan trong mgt giao
dich binh dang tren thj truong.
Nhu vay, gia tri khong nhat thiet dugc hinh thanh va sir dung trong quan he
trao doi mua ban va trong nhieu truong hgp no the hien so tien uoc tinh khi xay ra
mgt giao djch gia djnh ciia nhan hieu. Gia trj uoc tinh nay co the bing hoac khae xa
gia trj trao doi (tiic la gia tri dugc giao djch tren thyc te, con ggi la gia ca)
Trong mgt so truong hgp. nguoi ta sir dung thuat ngir "gia trj thi trucmg"
ho3c "fair market value" de ehi khai niem nay.


- Gia ca (price): la s6 tien dugc yeu cau, dugc dua ra hoac dugc tra cho mgt
hang hoa hoac dich vu nhat djnh, phan anh moi quan he trao doi, mua ban nhan
hieu.
- Gia thanh hoac chi phi (cost): la mire gia phai tra eho mgt tai san hoac la so
tien can co de tao ra tai san do.
Kit qua ma hoat dgng dinh gia mong muon dat du-ffc la gia trj thj
tru-ffng ciia nhan hieu (fair market value). Theo dinh nghTa eiia Tieu chuan tham
djnh giaViet Nam, Gia tri thi truong eiia nhan hieu la miic gia uac tinh se dugc
mua ban tren thi truong vao thai diem dinh gia, giiia mgt ben la nguoi mua san sang
mua va mgt ben la nguoi ban san sang ban, trong mot giao djch mua ban khach

quan va dgc lap, trong dieu kien thuong mai binh thuong.

III. TONG QUAN VE CAC PHLTONG PFIAP DINH GIA NHAN HIEU
3.1. Dac thii ciia nhan hieu va anh huong d6i vo'i vice djnh gia
Nhan hieu la mgt loai tai san \6 hinh, vi vay no co day dii cac dac tinh ciia tai
san v6 hinh, do la (i) tinh phi \ at chat; (ii) tinh co the kiem soat va (iii) tinh sinh Igi.
Tuy nhien, nhan hieu co nhirng dac tinh rieng biet, cu the la:
- Nhan hieu mang ban chit marketing: Neu nhu sang chi, kiiu dang cong
nghiep, thiet ke bo tri eo ban chat cong nghe, ky thuat thi nhan hieu mang ban chat
marketing. Noi each khac. ty than nhan hieu khong co hoac khong co nhieu gia trj,
gia trj ciia no do no mang trong minh ham y ve chat lugng, uy tin, uu the cong nghe,
tham chi la sy sang trgng, dang cap. Nhan hieu neu thieu di ham y ben trong nay se
khong con y nghTa niia, khong the mang lai igi ich cho doanh nghiep va vi vay
khong CO gia tri. Chinh vi dac tinh nay ciia nhan hieu ma co y kien cho rang chi nen
dinh gia doi voi nhitng nhan hieu da co uy tin tren thj truong, cac nhan hieu nhai,
nhan hieu mai xay dyng ... ve co ban khong nen dinh gia va khong can dinh gia.
- Co tinh don nhat: Dgc quyen. don nhat la dac tinh ciia mgi loai tai san tri tue,
trong do co nhan hieu. Chinh vi tinh don nhat nay nen phuong phap thj truong {so
sdnh cdc giao dich doi vai tdi san luwig duang, se dugc trinh hay a phdn sau) hau
nhu khong ap dung dugc trong dinh gia nhan hieu.
- Thai gian ton tai khong xac dinh: Ve nguyen tac, nhan hieu co thoi gian ton
tai khong xac dinh, eo the gia han hieu lye v6 so lan. Tren ihuc te co the de dang
tim ra nhieu nhan hieu co thai gian ton tai hang tram nam va cung khong thieu nhan
hieu ton tai rat ngan. Tuy nhien, doi voi hoat dgng djnh gia nhan hieu thi trong mgt
so truong hgp van can phai xac djnh thai gian ton tai hiru ich. De thyc hien viec
nay. mgt so ky thuat da duge chap nhan rgng rai dugc ap dung, cu the se dugc trinh
bay tai phan sau


- Khong chiu hao mon chiic nang. khong lac hau ve thai gian: Tucmg tu vdi

cae tai san tri tue khac, nhan hieu co ban chat thong tin nen co the sir dung, vat chat
hoa duoi dang ban sao v6 so lan ma khong bj hao mon. giam gia trj nhung diem
khae biet ciia nhan hieu la dac tinh khong chiu hao mon chirc nang. Ngugc lai. cang
ton tai lau, su dyng cang nhieu thi gia trj nhan hieu cang cao va vi vay, doi voi djnh
gia nhan hieu thi eae tham so \'e hao mon chu'c nang (functional obsoletescence)
hoac hao mon vat ly (physical Depreciation) se khong dugc tinh den.
3.2. Nhom phuorng phap djnh gia sii' dung each tiep can chi phi
Dinh gia bang each tiep can chi phi la viec uac tinh gia tri mgt nhan hieu dya
tren can cir la cac tai Heu, so lieu phan anh nguon lye tai chinh, nhan lyc. vat lye da
dau tu de tao ra nhan hieu do hoac nhan hieu tuong ducmg.
Co so ly luan ciia each tiep can nay la nguyen tac thay the voi gia thiet rang
khi muon co mgt loai nhan hieu. neu khong mua dugc tren thj truong thi co the tu
lam hoac thue tao ra no (neu eo the). Nhu vay, gia trj ciia nhan hieu khong the vugt
qua mtie chi phi toi da de lam ra hoac thue lam ra mgt nhan hieu tuong duong
Tuong img voi each tiep can chi phi, co 3 phuong phap dinh gia co ban la:
3.2.1. Djnh gia dua tren chi phi qua khii' (Historical cost hay Original
cost):
Theo phuang phap nay, gia tri ciia mgt nhan hieu chinh la chi phi ma doanh
nghiep da su dyng de mua hoac tao dung mgt nhan hieu. Thong thudng, cae chi phi
nay dugc ghi nhan trong so sach ke toan. Ngoai trir trudng hgp doanh nghiep mua
nhan hieu thi gia tri nhan hieu dugc ghi nhan la gia mua, cgng cac chi phi hgp ly
khae nhu phi moi gidi, thue. trir khau hao (tiiy chinh sach tai chinh ciia tirng doanh
nghiep) thi nhan hieu do doanh nghiep tu phat trien thudng dugc tinh toan tren co
sd cac cac chi phi sau.
- Chi phi hgp ly de tao ra nhan hieu: co the bao gom chi phi thue lua chgn
len. Ihiel ke bieu tugng, 16 go, chi phi cho mua sam bang hieu, bien hieu, in in nhan
hieu.
- Tien luong. tien cong \'a cac chi phi khac lien quan den vice thue nhan vien
true tiep tham gia vao viec lao ra nhan hieu do, vi du nhu thue nhan vien tilp thj,
thue nhan vien phai id roi, thue quang ba;

- Cac chi phi lien quan tryc tiep den viec tao ra nhan hieu, nhu chi phi phap
ly (chi phi de dang ky bao hg, xir K' tranh chap, chi phi cho vice thue thi qu\'ln):
ehi phi khuycn mai, quang cao; chi phi de dugc gan mgt so bieu tugng, chirng nhan
vi du nhu chiing nhan hgp chuan ISO. bieu tugng hang Viet Nam chat lugng eao.
dau hieu Phii Quoc tren chai nudc mam ...


- Chi phi dugc phan bo theo tieu thirc hgp ly va nhat quan vao nhan hieu (\'i
du: phan bo khau hao nha xudng, may moc thiet bj, phi bao hiem, tien thue nha
xudng, thiet bi);
- Chi phi von"*, thue va cac chi phi hgp ly khac
3.2.2. Djnh gia dya tren chi phi thay thi (COR - Cost Of Replacemanet)
Chi phi thay thi la ehi phi can sir dung dl thay the mgt loai nhan hieu (d day
la nhan hieu) co ciing cong nang sii dung va dem lai hieu qua kinh te tuong duong
vdi nhan hieu dich tai thdi diem dinh gia.
Doi vdi nhan hieu, de djnh vi mgt nhan hieu can thay the (hoac tai tao nhu se
dugc trinh bay d phan dudi). ihudng dya vao cac tieu chi sau:
- Do Idn thi trudng ciia san pham/dichvu;
- Thj phan;
- Lgi ich kinh te do viec sir dyng nhan hieu mang lai. Lgi ich kinh le thudng
dugc xem xet tir hai goc do la gia trj vugt trgi do mang nhan hieu va lugng ban
hang vugt trgi;
- Chi phi can thiet de quang cao, tiep thi;
- Kha nang sinh Igi (profitability) ciia hang hoa, dich vy mang nhan hieu;
- Chi so ve mire do nhan biet va trung thanh vdi nhan hieu (thudng ihong qua
khao sat, tham do); va
- Tiem nang phat trien ciia nhan hieu.
3.2.3 Dinh gia dua tren chi phi tai tao (Cost Of Reproduction):
Chi phi tai tao la chi phi can sir dyng dc tao ra mgt ban sao ciia nhan hieu
dich (d day la nhan hieu) tai thdi diem djnh gia.

Voi phuong phap nay can dinh vi dugc nhan hieu (nhan hieu) can tai tao dua
tren eac lieu chi neu lai phan 1.2. Tren co sd do udc tinh cac chi phi tai thdi diem
hien tai de xay dyng mot nhan hieu tuong duong. Chi phi gom eac myc neu tai phan
I.I
3.2.4. Uu, nhuo'c diem cua each tiep can chi phi:
a. Uu diem
- Cac so lieu phuc vu cho viec linli toan tuong doi ro rang, de thu thap vi
thudng dugc thong ke trong so sach ke loan cua doanh nghiep.

*Chi phi von la khai niem trong kinh le hpc, diingdechi chi phi binh quan gia quyen cua chi phi
von chu \a chi phi von np vay. Noi each khac, chi phi von la luong lien lai phai ira tircmg img vai
phin von dugc su dung de dau lir, phat trien nhan hieu


- Caeh thiic tinh toan don gian. de thue hien: Vdi nhom phuong phap sudung each tiep can ehi phi, chi can xac dinh ro nhimg khoan muc can thiet phai sir
dung cho viec xay dyng nhan hieu va cgng don.
b. Nhugc diem
- Gia trj dugc xac dinh bang each tiep can cbi phi la nguyen gia chir khong
phai gia thi trudng (fair market value), vi the no khong phan anh dugc dac tinh quan
Irgng nhat cua nhan hieu, do la gia tri sir dung, Nhan hieu bgc lg gia trj thong qua
hieu qua kinh te ciia no, tuy nhien, hieu qua kinh te khong phai luon di kem \di gia
thanh. Tren thyc te, nhieu loai nhan hieu co chi phi de dau tu ldn nhung hieu qua
kinh te thap va ngugc lai.
- Gia Iri thu dugc tir each tiep can ehi phi chua phan anh dugc tiem nang phat
trien, riii ro va hieu qua kinh te ciia nhan hieu.
- Chua phan anh dugc riii ro khi thyc hien viec R&D mgt nhan hieu mdi vi
khong phai trudng hgp nao cii dau tu mgt lugng tien tirong duang la se xay dung
dugc mgt nhan hieu luong ducmg vdi nhan hieu dich.
3.2.5. Pham vi irng dung ciia each tiep can nay
Viec djnh gia bang each tiep can nay tuy co nhieu nhugc diem nhung lai rat

hiiu dung eho doanh nghiep trong tinh loan hieu qua kinh le va hieu qua dau tu doi
vdi nhan hieu, tir do phuc vu qua trinh quan trj ngi bg doanh nghiep,
Cach tiep can nay cung phii hgp de djnh gia nhung nhan hieu mdi hinh ihanh
trudc khi no tao dyng dugc cho diing tren thj trudng hoac sir dung de dinh gia
nhirng nhan hieu it dugc sir dung.
3.3. Nhom phm)ng phap djnh gia sii' dung each tiep can thj trudng
Djnh gia bang each tiep can thi trudng la viec phan lich, so sanh cae giao
dich doi vdi loai nhan hieu luong ty dc udc lugng gia trj.
Cach tiep can nay eung dugc xay dung chii yeu dya tren viec tuan thii
nguyen lac thay the, do la mgt ngudi mua than trgng khong bo lien ra de mua mgt
loai nhan hieu neu eo the mua mgt nhan hieu khac tuong duong vdi gia re hon va sy
danh gia eiia thj trudng la su danh gia cuoi ciing.
Theo cac nguyen tac nay, gia trj nhan hieu muc tieu dugc col la ngang bang
vdi gia Iri ciia nhan hieu tuong duong da dugc giao dich Iren cung mgt thi trudng ty
do. Xel ve phuang dien ky ihuat thi vdi caeh tiep can nay, ta khong can phai xay
dyng mgt cong thue hoac mo hinh tinh loan ma don gian chi can tim kiem nhung
bang chiing ve giao dich luong duong. co the so sanh dugc tren thi trudng.
Co the noi phuang phap thj trudng luon la phuong phap dua lai ket qua co
tinh thuyet phuc cao vi thj trudng luon la thudc do culi ciing, mang tinh tdi thugng
doi vdi mgi quyet djnh kinh te. Tuy nhien, doi vdi djnh gia nhan hieu thi phuong


phap thi trudng hiem khi duge sii dung do sy thieu vang cac chirng cii thj trudng
doi vdi loai nhan hieu tuong duong.
3.3.1. Dieu kien dc djnh gia theo phirong phap thj trirong
- Co su" tSn tai ciia thi trirdng tich cyc (active market): De dinli gia theo
phuang phap thj trudng thi dieu kien tien quyet la phai co mgt giao djch tuong
duong de so sanh.
- Thong tin ve giao djch phai diryc cong bo (Public market): Ngay ca khi
CO giao djch lucmg duang thi khong phai trong trudng hgp nao so lieu ciia giao djch

do cung dugc cong bo day dii, chinh xac. Giao dich doi vdi nhan hieu lai thudng
dugc giir bi mat, nhal la cac dieu khoan kem theo.
- Co kha nang dieu chinh ve mot mat bang tuong duong (Adjustment for
comparability): Nhu tren da noi, doi vdi phuang phap thi trudng tbi se la ly tudng
khi CO giao djch loai nhan hieu tuong duong, trong ciing mgt thdi diem, co ciing eo
hoi va ciing muc riii ro de so sanh. Neu khong Ihi ta phai co kha nang dua chiing ve
Cling mgt mat bang thi so lieu do mdi sir dung dugc.
- Cac giao djch phai trong tinh trang binh dang, cong bang, khong eo bat
cir sy ep bugc hoac uu ai nao giiia cac ben (tuan thii nguyen tac arm's length).
3.3.2. Nhan hieu tuong duong (Comparabihty):
Phuang phap thj trudng la phuang phap true tiep nhat, de hieu nhat, thuyet
phyc nhat. Tuy nhien, no thudng it dugc su dung trong djnh gia nhan hieu vi gap
phai van de tinh tuang duong ciia giao djch dugc dimg de so sanh, noi each khac la
lam the nao de ket luan mpl giao djch la tuang duong vdi giao djch dich.
De danh gia nhan hieu duoe giao djch co tuong duong vdi nhan hieu dich
hay khong. can danh gia Ircn ea sd eac tieu ehi sau:
- Linh vuc hoat dong ciia nhan hieu (Industry): Day la yeu to tien quyet,
quan trgng nhat trong viec xae djnh mgt giao dich thj trudng eo tuong duong hay
khong. Neu nhu eo sy khae biet ve cae yeu to kliac co the su dung eac cong thirc
hoac udc lugng de dua \ c mgt mat bang thi yeu lo cimg ITnh vyc boat dgng la
khong the thieu dugc.
Gia trj mgt nhan hieu chiu anh hudng rat nang ciia ciia yeu to ITnh vyc boat
dgng ciia hang hoa. djch vu. Mgt giao djch thj trudng ehi dugc coi la can cir de xae
dinh gia tri cua nhan hieu dich khi chiing cimg mgt ITnh vuc boat dgng hoac it ra la
tuong dong. eo eiing mgt tiem nang phat trien, ciing chia se mgt moi trudng phap 1\'
va CO mgt mire do riii ro ngang nhau. \'i dy mgt nhan hieu my pham dugc mua ban
tren thi irudng thi no se la Ihong tin tham khao hiiu ich doi vdi cac nhan hieu khae
ciing ITnh vuc my pham \ i dieu do dam bao mang ham y la tat ca cac yeu to khac la
giong nhau (linh hinh thj trudng. lual phap, riii ro kinh doanh. ty suat Igi nhuan
trung binh ...). Vi the. duong nhien. thong lin thi irudng ve mgt nhan hieu thep xay

dyng chang han thi khong tuong duong va khong the lam cho tuang duong de djnh
gia nhan hieu my pham.
- Lgi tire do nhan hieu mang lai (profits): Hai nhan hieu tren eung mpl ITnh
vue nhung khong the dugc coi la tuong duong neu nhu kha nang sinh Igi ciia chiing
khac nhau. Mgt vi du dien hinh la trong ITnh vuc do the thao: San pham ciia cac
hang danh tieng co chat lugng khong chenh lech nhieu, luy nhien. co mpl thue te la
mgt san pham mang nhan hieu na\ lai dugc ngudi tieu dimg ua thich hon. va \ i the
no mang lai ty suat Igi nhuan bien cao bon ty suat lgi bien nhuan trung binh ciia
nganh hang. Trong trudng hgp nay ihi chinh nhan hieu (va ham ehiia trong do la u\
tin, chat lugng, dang cap) da dong gop quan trgng trong viec tao ra lgi ich kinh te.
Neu nhan hieu noi tren dugc trao doi, mua ban Ihi uu the do nhan hieu do mang lai
cung dugc tinh toan va coi do nhu mgt yeu to de so sanh.
Nhu vay, neu nhu eae chi so giao dich trong eung mgt nganh dugc coi la co
ban trong viec danh gia tinh tucmg ducmg ciia nhan hieu thi vice danh gia miic dp
Igi leh ma nhan hieu do mang lai la het sire quan trgng. Tuy nhien, neu mire do Igi
tire ma nhan hieu dong gop khac nhau tbi tity tirng trudng hgp ma ngudi ta co bien
phap linh loan de dua ve cung mgt gia trj luong duang.
- Thj phan (market share): Thi phan luon eo lien he chat che vdi Igi tire. Mgt
doanh nghiep eo ty le thj phan ldn se eo lgi nhuan eao tuong iing. Nhung san pham,
djch vu mang Iren minh nhan hieu co uy tin dong gop quan trgng vao viec danh va
duy tri dupe thj phan cho doanh nghiep, va cimg vdi do la gia trj cua no dugc nang
cao. Hai nhan hieu khong lucmg duong neu nhu ihj phan eiia san pham, djch vu co
khac biet Idn, Tuy nhien, giong nhu Ipi tuc, ngirdi ta eo each de quy dong, dam bao
yeu to luong duong
- Tinh trang doe quyen (barriers to entry): Bat cir gia trj mgt loai nhan hieu
nao cung luan thii quy luat cung cau. Neu mgt nhan hieu co mire do trung thanh cao
ciia ngudi tieu diing, vl du nhu doi vdi hang my pham cao cap, o to sang hoac san
pham CO chira bi mat kinh doanh hoae patent, dan den nhan hieu dugc hudng uu thi

cao se lam nhan hieu co gia cao hon.
Tiem nang phat trien (growth prospect): Tiem nang phai trien co anh
hudng true tiep tdi gia tri eiia nhan hieu vi khi mua ban, trao doi mgt nhan hieu tiic
la ngudi la da mua cai ky vgng thu dugc Igi nhuan trong tuong lai chir khong phai
mua nhirng Igi ich da co trong qua khii eho dii yeu to Igi ich trong qua khir la rit
quan trgng de danh gia tiem nang trong tuong lai.
Hai nhan hieu la tuong ducmg neu tiem nang phai trien ciia hai san pham.
dich vy la tuong duong.
Ilicn trang bao ve \h thyc thi quyen doi vol nhan hieu (legal
protection): Nhan hieu. gidng nhu cac tai san tri tue khac neu khong dugc phap luat
bao \e. khong dugc Ihuc ihi hieu qua se khong co gia trj hoac anh hudng nghiem


trgng den gia tri. Hai nhan hieu se khong tuong duong neu khong co tinh trang phap
ly tuong duong nhau.
3.3.3. Dieu chinh tu'ong du-ong doi vdi giao dich
Vice lua chgn va dieu chinh \c tuong duong het sire phire tap, can can eu
vao timg Irudng hgp cu the va thudng do cae chuyen gia kinh te. eo chuyen mon
sau ve tai chinh, ke toan va trong mgt so Irudng hgp can co kien thirc ve ITnh vyc ky
thuat chuyen nganh. Va ngay ca khi hoi dii eae dieu kien nhu tren thi viec dieu
ehinh tuong duong khong phai trong trudng hgp nao cung nhan dugc sy dong thuan
ciia cac ben c6 lien quan.
3.3.4. Mot so phu-ong phap djnh gia ap dung each tiep can thj trudng
Ngoai mgt so trudng hgp co the xac djnh gia trj nhan hieu bang each tiep can
thj trudng mgt each tryc tiep, vi du nhu nhan hieu P/S duge mua dirt vdi gia tren 5
irieu USD, nhan hieu Da Lan dugc dinh gia de lien doanh nam 1995 co gia 3,2 trieu
USD ... thi vdi phan ldn cac trudng hgp khac, viec djnh gia phai thong qua mgt so
ky thuat nhu:
Ll. Dinh gid tiiong qua thi trudmg chung khodn
Hien nay, thj trudng chimg khoan da trd thanh mgt kcnh huy dgng von quan

trgng ciia doanh nghiep, qua do, nha dau tu nho le co the ket hgp hiiu hieu vdi nha
dau tu Idn hon ciing sd hiru va ciing kinh doanh. Tai cae nudc phai trien. thj trudng
chiing khoan dugc coi la ban ihir bieu ciia nen kinh te, theo do mgi dien bien ca d
cap do vT mo va cap do vi mo ciia timg doanh nghiep deu dugc phan anh ngay lap
tire vao gia tri co phieu.
Vi the, ngudi ta co the lgi dung nhiing bien dgng ciia co phieu khi ton tai
hoac vang mat mgt nhan hieu nao do de xac dinh gia tri.
Thdng 01/2007, hang Cisco System, chii sa him nhdn hieu i.Phone dimg cho
dien thogi hHii tuyen. co the goi dugc dien thogi thong thudng vd dien ihogi qua
giao thirc VoIP de dga kien hdng Apple vi da sir dung nhan hieu i. Phone cho dien
thogi di dgng mdi ciia minh, Xgay khi tin dugc cong bo, co phieu ciia Apple dd
gidm 0.7%, phan anh gia trj ihi irudng ciia nhan hieu I.Phone bang 0,7% long nhan
hieu von hoa eiia Apple tai thdi diem do (Financial times, ngdy JI/OI/2007)
Viec danh gia bang bien dgng ciia thi trudng chung khoan can luu y loai trir
viec bien dgng do tin don. \eu to dau co va gia dinh la co phieu dugc giao djeh tai
thi trudng ty do. co linh thanh khoan tot va so lugng co phieu dugc giao djch dii
ldn.
b. Djnh gid nhan hieu thong qua plidn tich gid tri giao dich todn bo hoac mot
phdn doanh nghiep
Viec chu\en nhugng nhan hieu tren ihj trudng ihudng di kem vdi \iec
chuyen nhugng loan bg hoac mgt phan doanh nghiep. Vi the. gia trj giao djch da


bao gom ca lien tra eho nhan hieu hiru hinh. nhan hieu mang ban chat tien te \a lai
san tri tue...
Trong trudng hgp nay. ta co the xac djnh gia tri thi trudng ciia nhan hieu
bang each phan tich so lieu giao dich loan bg doanh nghiep hoac mot phan doanh
nghiep, tir do tim ra so tien dugc diing de mua ban nhan hieu.
Mgt nhan hieu cung co the dugc xac djnh gia Iri dua tren chimg cir \e giao
djch doi vdi mot phan quyen sd hiiai nhan hieu hoac loan bg nhan hieu do trong qua

khii hoac nhirng de nghj dugc sd hiiu mgt phan hoac toan bg nhan hieu do mgt each
nghiem tiic. Cac chimg eir nay co duge tir viec phan tich so sach ke loan eiia doanh
nghiep, cac hgp dong, thu de nghi, tai lieu chao thau, tham chi la tai lieu dugc cong
bo tren nhung phuong tien truyen thong uy tin.
L. Dinh gid qua so sdnh mire phi li-xdng^
Nhan hieu co the duge dinh gia thong qua viec so sanh mire phi li-xang tren
CO sd ly luan rang hai nhan hieu co gia trj ngang nhau neu co gia Iri su dung bang
nhau. "fuy nhien, khi so sanh mire phi can luu y cac dieu khoan di kem vi du nhu
phi ban dau (up-front-fee), muc phi toi thieu, lugng hang tieu ihu toi thieu ....
3.3.5. Uu, nhu'o'c diem ciia each tiep can thj trudng
u. Uu diem
- Doi vdi eac nudc co nhieu giao djeh mua ban nhan hieu, co nhieu thong tin
thj trudng hoae thj Irudng chung khoan minh bach, cong khai nhu Hoa Ky. Nhat
Ban, EU ... thi day la phuong phap quan trpng vi no the hien sy danh gia ciia thi
trudng - su danh gia day dii, chinh xae va khach quan nhat. Gia Irj ma thj trudng
thira nhan la gia trj cuoi cimg. vi va\. co sue thuyet phuc manh doi vdi cac ben co
lien quan.
- La phuang phap dan gian. khong doi hoi nhieu ve ky thuat vi khong co
cong thirc hay mo hinh eo djnh ma chi dua vao su hien dien ciia cac giao djch tren
thj Irudng de riil ra eae bang chimg \e gia trj.
b. Shiivc diem
- Tren thyc te, khong bao gid co giao djeh ve mot nhan hieu hoan toan tuong
dong vdi nhan hieu dich linh dgc qu\'en va dan nhat ciia no. Hon nira, doi khi gia
giao dich dugc cong bo khong hoan loan phan anh gia thj trudng vi con eo nhimg
dieu kien kem theo khong dugc tiet 16 nhu quyen cung cap nguyen phu lieu doi vdi
cac hgp dong franchising, lugng san pham toi thieu va toi da dugc san xuat khi mua
ii-\ang...
- Thj trudng ihudng xu>'en bien dgng. vi the thong lin thj trirdng de bi lac
hau. lam anh hudng den tinh ehinh xac cua viec djnh gia. De ban che nhugc diem
nay. can tien hanh nbQ-ng nghien cim chi tiet ve ITnh vyc dich. dien bien lai chinh.

' \guon: Sludcni Handbook. VatuaUon of Intel Icclual Propcrlv. Mo Jul 4. Pro I nnu Lurupc


vong ddi san pham ... tir do xay dung mgt he so hoi quy. Tuy nhien. ban than vice
nay lai ehua dung nhilu ylu to chii quan. chi co the dinh tinh chu khong the dinh
lugng lam giam tinh thuyet phue eiia ket qua dinh gia.
3.4. Nhom phuong phap dinh gia sii' dung each tiep can thu nhap
Djnh gia bang each tiep can thu nhap la viec tinh toan gia trj ciia nhan hieu
tren co sd Igi ich kinh te ma nhan hieu do mang lai.
Cach tiep can thu nhap dua tren ban ehal ciia nhan hieu, theo do gia tri ciia
mgt nhan hieu dugc danh gia tren ca sd Igi ich kinh te mang lai trong qua khu. hien
lai hoae dy kien lao ra lgi ich kinh te trong tuong lai.
3.4.1. Dieu kien dc ap dung each tiep can thu nhap
Trong cac cong thiic xae dinh gia tri nhan hieu dya tren each tiep can thu
nhap thi neu gia trj thu nhap tir nhan hieu nho hon hoac bang khong thi gia trj thu
dugc se la gia trj am hoae bang khong. Noi each khac, neu khong xac djnh dugc
dong tien do nhan hieu sinh ra hoae dong tien co gia tri am (thua 16) thi phuong
phap nay khong ap dyng dugc.
3.4.2. Xac djnh loi ich kinh te do nhan hieu mang lai'
Diem mau eh6t ciia cae phuong phap djnh gia ap dung each tiep can thu
nhap la phai phan tach dupe dong lien con ggi la Igi ich kinh te do nhan hieu mang
lai (economic contribution - cash flows).
De thyc hien c6ng viec nay, nhiing ky thuat sau day thudng dupe ap dung:
u. Ky thudt xdc dinh tim nJidp true tiep:
Trong trudng hgp tren Ihj irudng co nhieu hang hoa/djch vu mang nhan hieu
manh, d6ng thdi ton tai nhiing loai hang hoa/djch vu ciing chiing loai, chat lugng
tuong duong nhung khong mang nhan hieu hoac nhan hieu yeu thi co the sir dung
Ky thuat tinh loan gia trj vugt trgi (Premium Pricing) de tinh toan Igi Ich kinh te do
nhan hieu mang lai.
Vi du ve viec truang hgp ndy co nhieu, co the dan eic mot do sa mi do hdng

An Phuac sdn xudt co ciing chdt lieu, cimg kieu ddng, ciing nai sdn xudt nhimg neu
mang nhdn hieu An Phude tin chi bdn dugc vai gid 500.000VND. neu mang nhdn
hieu Pierre Cardin hoac Polo thi co the bdn dugc voi gid L500.000 VND.
Nhu vay, lgi ich kinh te do nhan hieu mang lai tinh Iheo ky thuat nay duge
linh bang khoang chenh lech ve gia ban gitra san pham mang nhan hieu dich va san
phim ciing ehung loai, chat lucmg luong duong nhmig kh6ng gin nhan hieu hoac
gin nhan hieu yeu, nhan hieu nhai.
b. Ky thudt xdc dinh thu nhap gidn tiep


Trong phan Idn trudng hgp, khong phai liic nao ciing may man nhan biei
ngay va lien te hoa duge hieu qua kinh le ma nhan hieu mang lai mgt each true tiep
do lgi nhuan vugt trgi ciia mgt san pham, dich vu cau thanh bdi nhieu yeu 16 chu
khong chi mgt minh nhan hieu vi du nhu viec ap dyng mgt quy trinh quan trj mdi co
the lam tang hieu nang quan Iy, viec ap dung c6ng nghe mdi lam san pham hap dan
hon... Mat khac, khong phai trong trudng hgp nao ciing tim dugc nhan hieu d6i
chirng, khi ay, can sir dung ky thuat xac dinh thu nhap gian tiep.
- Giam trii' phi li-xang nhan hieu (relief from royaUy): Day la ky thuat
dugc sir dung pho bien de xae dinh gia trj kinh le do nhan hieu mang lai, dac biet
trong tnidng hgp xay ra tranh chap ve nhan hieu. Ky thuat nay dua tren gia djnh la
neu kh6ng co nhan hieu (dang sii dung) thi phai nhan li-xang vdi mgt chi phi nhat
dinh. Nhu vay, neu co nhan hieu thi tiet kiem duge chi phi do va day chinh la Igi ich
kinh te nhan hieu mang lai.
Dc xae djnh mire phi li-xang, ngudi ta thudng nghien eii'u mue phi tuong ly
hoSc su dung nguyen tac "rule of thumb".
Theo nguyen lac nay. muc phi li-xang bang khoang 25% lgi nhuan rong eiia
san pham, djch vu nhan H-xang. Tuy nhien, miic phi xae djnh theo nguyen tac nay
chi mang linh udc doan, la so lieu tham khao cho cac ben thao luan hoac dam phan.
Mire phi dugc quyet djnh liiy thugc vao nganh, ITnh vyc kinh doanh; muc phi
thi irudng, quan he eung cau. sy mong muon eiia eac ben co lien quan ... va th6ng

Ihudng de quyet dinh mire phi can nhung nghien ciru cu the, chuyen sau ciia nhung
chuyen gia ve kinh te.
Nhugc diem Idn nhal ciia k\ thuat nay d cho: Gia tri ma no xac djnh kh6ng
phai la gia trj sd bun ma la gia Irj sir dung. Noi each khac, khi gia djnh khong phai
tra phi li-xang thi ngudi ta da mac nhien quy d6ng bai khai niem quyen sir dung va
quyen sd hiru nhan hieu.
Chinh vi vay ma ky thuat nay ihudng diing nhieu nhit dk djnh gia trong xac
djnh thiet hai do hanh vi xam pham quyen doi vdi nhan hieu.
- Ky thuat phan ti'ch dong tien thay the (Alternative analytical methods)
hoac ky thuat so sanh Igi nhuan bien:
Theo ky thuat nay thi Igi ich kinh le do nhan hieu mang lai ehinh la khoang
chenh lech giu'a muc Igi nhuan ciia hang boa. djch vu mang nhan hieu can djnh gia
va muc lgi nhuan Irung binh eiia ea nganh eong nghiep. Ky thuat nay thi bien dudi
cong thirc:
Loi nhuan bien ciia
hang hoa. dich vu dich

Lgi nhuan bien trung
,. , . , ,.
bmh cua nganh hang
,.,_,•,
hoa/dich vu

=

Ty Ic loi ich kinh tl
^ • •
do ISTTdongtiop
-- i

Lgi nhuan bien ciia nganh, djeh vu thudng dugc xac djnh dya tren y kien
chuyen m6n ciia cae ehuyen gia kinh te hoac lay so lieu thong ke ciia cac to chirc u\
tin.
- Ky thuat phan tich dong tien (analytical methods): Vdi ky thuat na\'. cac
chuyen gia phan tich luong thu nhap tir mpl loai san pham. djch vy, phan tich cac
yeu to gop phan lao nen long lgi nhuan vugt trgi nhu may moc, thiet bi. nhan luc,
nhan hieu, sang che ..., tir do udc lugng sy dong gop ciia nhan hieu. Sir dung ky
thuat nay can den kien thire ehu}'en mon rat sau ve kinh le, tai chinh, ke toan. ben
canh kien thirc ve sd hiiu tri tue.
Lu-u y: Ngoai trir ky thuat giam trir phi li-xang. gia trj vugt trgi dupe tinli
bang cac ky thuat nhu Premium Price, phan tich dong lien thay the .,. co the do
nhieu yeu to tao ihanh thi can phan tieh xem nhung yeu to nao tao nen gia tri vugt
trgi, til' do xae dinh dong tien doi vdi nhan hieu dich.
Viec phan tach doi hoi nghien cim mgt each loan dien ve hoat dpng san xuat,
kinh doanh, linh hinh thj trudng, dac diem hang hoa/djch vu mang nhan hieu ,,. va
Ihudng CO sy tham gia ciia chuyen gia ve nganh, ITnh vuc do,
Doi vdi mot so trudng hgp. de don gian hoa vice tinh loan, can cii vao tinh
hinh cu the ma ngirdi ta mac nhien coi nhan hieu la yeu to duy nhat tao nen gia trj
vugt trpi (Djnh gia ciia Ernst & Young vdi Xi mang Ha Tien 1) va bo qua viec phan
tach nay.
3.4.3. Cac phuong phap djnh gia ung dung each tiep can thu nhap:
Co 02 phuang phap img dung each tiep can nay dugc coi la co ban, quan
trgng nhat vu dugc ap dung rong rai la phuong phap phan tich dong lien chiet khau
(DCF) va phuang phap von hoa thu nhap.
Ll. Phuang phdp chiet khau dong lieu (DCF)
Chiet khau dong lien (DCF) la phuong phap xac djnh gia tri tren co sd kha
nang sinh Idi ciia nhan hieu trong tuong lai. Theo phuong phap nay, gia trj hgp ly
eiia nhan hieu bang tong Igi ieh kinh te ma no mang lai Irong suot thdi gian t6n tai
hu'u ieh, co dieu ehinh lgi ieh kinh tc trong tuong lai ve thoi diem djnh gia.

Gia trj linh theo phuong phap DCF dugc xac dinh Ibeo cong thirc sau:

I

D
(1 + ^ ) '

Trong do:
V: Gid tri thi trudng ciia nhdn hieu thdi diem dinh gid
D,
.• Gid tri hien tgi cua lgi nhuan cua nhan hieu ndm thu i
(l+K)'


/ .• thif tu cdc ndm ke tiep ke tir thai diem dinh gid (i: I —^n):
D,: Ddng tien ndm thu i.
n : Ld thai gian tdn tgi huu dung ciia nhan hieu dugc lira chon,

* Giai thich mot so thuat ngir, khai niem da duoe sii' dung trong cong
thire
Dong tien (cash flow) hoac loi ieh kinh tc do nhan hieu mang lai
(economic contribution):
Khai niem "dong tien"' hoac "lgi ich kinh te do nhan hieu mang lai" ap dyng
trong cong thue dudi day la lgi nhuan rong du kien co duoe trong tuong lai do viec
su dung nhan hieu true liep mang lai.
"Dong tien" khac vdi '"gia tri vugt trgi" - dugc sir dyng dc chi su chenh lech
ve gia trj giiia loai hang boa. djch vu mang nhan hieu va mot loai hang hoa, djch \'u
dugc su dung dc so sanh khac. Gia tri vugt trgi co the do sy dong gop ciia nhieu \eu
to, Irong do co nhan bieu.
Trong cong thue, dong tien (tham s6 Di) la Dong tien nam thii' i, dugc tinh

dua tren ky vgng ve Igi nhuan rong hoae long lugng hang boa lieu thu Irong lucmg
lai bang ky thuat (i) lgi nhuan vugt Irgi, (ii) so sanh lgi nhuan bien; hoac (iii) giam
trir phi li-xang, da dugc trinh bay d phan Iren.
- Chiet khau
Trong lai ehinh, ehicl khau la quy trinh xac dinh gia Irj hien tai eiia mgt
lugng lien te co dugc trong mgt thdi diem trong tuong lai. Gia Iri chiet khau ciia
mpl vong quay lien te dugc xac dinh bang each khau trir gia tri ciia no di mgt ty le
chiet khau Ihich hgp doi vdi timg don \ i thdi gian giua thdi diem ma vong quay tien
le dugc lugng gia vdi Ihdi gian bat dau eiia vong quay lien te. Thong Ihudng, ly le
chiet khau duge bieu dien nhu la ty !e phan tram theo nam.
- Ty le chiet khau
'F\ Ic ehicl khau hoac ty suat chiet khau co the linh bang nhung each khac
nhau nhu lay ty le lai Hen ngan hang, lai suat tai chiet khau ciia Ngan hang trung
uong hoae lai suat phi riii ro khae cgng vdi Iy le nhat djnh phan anh mire do riii ro
lien quan den dau tu vao mgi ITnh vyc. mot nganh hang nao do hoac don gian la lay
ly le lgi nhuan trung binh ciia nganh...
Ty le chiet khau dupe sir dyng irong phuang phap DCF (Tham so K) dugc
tinh bang Iy Ic chiet khau hay t\ le hoan von can thiet (theo gia thiet hoac k< \gng)
ciia cae nhii dau lu khi mua nhan hieu. phan anh ty le riii ro ciia thucmg vu va dugc
xac djnh iheo eong thirc:
K

R,

I

R„


Rf: Ty suit Igi nhuan Ihu dugc tir eae khoan dau tu kh6ng riii ro nhu lai suat

ciia trai philu Chinh phii hoac lai suat tiet kiem co ky han tuong ung d thdi diem
gan nhat vdi thdi diem xac djnh gia tri...
Rp : Ty le phu phi riii ro khi dau tu. Thong thudng. ngudi ta can cir vao chi
so phu phi riii ro chiing khoan quic tl tai nien giam dinh gia hoac do cac c6ng l\
dinh gia xac dinh cho timg doanh nghiep, timg loai hinh kinh doanh nhirng khong
vugt qua ty suit lgi nhuan thu dugc tir cac khoan dau tu khong nii ro (RO- Hien tai hoa dong tien tirong lai.
Khi djnh gia nhan hieu bang phuong phap thu nhap, ta gia djnh se thu duge
mgt khoan tiln tir nhan hieu trong luong lai. Tuy nhien, mot dong trong tuong lai se
c6 gia tri khae vdi mot d6ng dang eo trong ihdi diem hien tai. Vi vay, trong mgi
eong thue diu cin linh den viec dua gia trj se nhan dugc trong luong lai ve thdi
diem hien tai, do ehinh la hien tai hoa dong tien tuong lai.
Mgt Dollar, nlu dem diu tu, se tang len thanh $(H-r) sau mot nam, nen mot
khoan liln B trong nam tdi se eo gia Iri hien tai (hien gia) la B/(l+r). Tirong ty, mot
khoan diu tu trj gia $1 hien nay se tang len thanh $(1+1-)" trong n nam, hay khoan
lien B se nhan duge vao n nam trong tuong lai eo hien gia la $B/(l+r)'\ Suat chiet
khau r cang ldn va thdi gian co duge so tien cang liii xa vao tuang lai, thi hien gia
cua no cang nho.
D I hien tai hoa dong tien tuong lai, Idii da xae djnh dugc ly le chiet khau thi
can lam ro eae khai niem sau:
+ Lai don (simple interest): Lai chinh la so tien thu dupe (doi vdi ngudi
cho vay) hoSe chi ra (doi vdi ngudi di vay) do viec su dyng von vay. Lai don la so
tien lai chi tinh tren so tien goc ma khong linh tren so tien lai do s6 lien goc sinh ra.
C6ng ihirc linh lai dan nhu sau:
Si = Po(i)(n)
Trong do: Si Id Idi dan, Po Id so tien gdc, i Id lai sudt ky han vd n Id so ky
han tinh lai.
Vi du ban ky giri $1000 vao lai khoan dinh ky linh lai don vdi lai suat la
8%/nain. Sau 10 nam so tien g6c va lai ban thu ve la:
$1000 + 1000(0-08)(10) - $1800
+ Lai kep (compound interest): la so lien lai khong chi linh tren so tien goc

ma eon linh tren so tien lai do so lien goc sinh ra. No chinh la lai linh iren lai, hay
con ggi la ghep lai (compounding).
+ Lai kep lien tuc (continuous compound interest): la lai kep khi s6 lan
ghep l^i trong mgt thdi k> (nam) lien den v6 ciing. Neu trong mpl nam ghep lai mot
lan Ihi chimg la co lai hang nam (annually), neu ghep Ijii 2 lan thi chiing ta co lai
ban nicn (semi annually). 4 lan co lai theo quy (quarterly), !2 liin co lai iheo thang


(monthly), 365 lin co lai theo ngay (daily), ... Khi s6 lin ghep lai ldn den v6 cimg
thi viec ghep lai dien ra lien tuc. Khi ay chiing ta eo lai lien lyc (continuously).
+ Gia tri hien tai ciia mot so tien tirong lai tinh theo lai suat kep: Khi udc
tinh dugc gia trj mgt Igi ich kinh te ciia nhan hieu irong luong lai, thi ta can dua no
vl gia trj tai thdi diem djnh gia. Day ehinh la gia trj hien lai eiia mgt s6 lien luong
lai, eong thirc tinh nhu sau:
PVo -FVn(l+i)"
Trong do:
P Vo Id gid tri ciia mot so tien a thdi diem hien tgi:
PVn Id gid tri lucmg lai ciia so tien PVo a thai diem n ky turn lai:
n Id so ky hgn lai;
i Id lai sudt cua thdi hgn tinh lai hay ty le chiet khau
Vi du neu xac djnh nhan hieu se mang lai cho doanh nghiep 1000$ trong 3
nam tdi, gia thilt ly le chiet khau 8% nam va tinh lai kep hang nam, ap dung cong
thue tren, ta se co s6 tiln 1000 USD nay tai Ihdi diem hien tai nhu sau:
PVo = 1000(1+0.08)"^ = 1000(0,794) - 794$
Nhu vay, gia trj ciia nhan bieu tri gia 1000 USD se Ihu duge trong 3 nam sau
khi dinh gia, gia thiet ty le chiet khau la 8% nam, lai suat kep hang nam thi gia hien
tai ciia nhan hieu do la 794 USD.
C6ng thire DCF nhu Irinh bay d De tai nay ap dung ky ihual xae djnh gia tri
hien lai ciia dong lien tuong lai theo lai suat kep.
- V6ng doi kinh tc (economic life) hay thoi gian ton tai huu dung cua

nhan hieu
Trong cong Ihiie DCF, co mpl tham s6 dupe giai Ihich la so nam biiu dung
con lai eiia nhan hieu ke tir thdi diem dinh gia.Tham s6 do phan anh Vong ddi kinh
te cua nhan hieu.
Ve nguyen tac, vong ddi ciia nhan hieu kh6ng the xae dinh duge (infinilc) do
nhan hieu co the sii dyng khong ban che ve thdi gian, tuy nhien, no cung tuan ihii
quy luat phai trien gom 4 giai doan la khai sinh (introduction), phat trien (growth),
chin mu6i (maturity) va giam siit (decline).
Viec udc linh ihdi gian l6n tai huu dung ciia nhan hieu (iham so n) dua tren
\ iec phan tich nhitng lieu ehi sau da\.
+ Vong ddi san pham: Mgt nhan hieu gan tren mpl san pham sap sira bj dao
thai do canh tranh. do su phat trien ciia ky ihuat ... thi vong ddi eiia nhan hieu do
gan nhu tuong dong vdi vong ddi ciia san pham.