实物期权法在专利权价值评估中的应用研究

发布时间：2018-08-26 14:29

【摘要】：随着我国科技水平的不断提高，专利技术在国民经济建设中发挥着越来越重要的作用。企业虽然可以自主研发技术，然而仅仅依靠企业自身内部的技术研发力量，已经越来越难以满足企业发展对技术的需求，专利权的交易应运而生，且其涉及的领域和规模迅速扩大。专利权的价值评估是专利技术转让过程中的核心问题。合理评估专利权价值，能够促进专利交易顺利进行，从而使其充分地参与经济生活。本文首先介绍了专利权价值评估的三大传统方法，，并分析和比较了它们各自的优劣之处。其次介绍了实物期权理论和实物期权定价模型，探讨了用实物期权法评估专利权价值的适用性和优势。本文认为Black-Scholes模型相比二叉树模型而言，更适于专利权价值评估。再次，对Black-Scholes模型在专利价值评估中的应用进行了探讨，重点对模型中的各参数进行了分析。最后，本文进行了案例分析，分别运用传统的收益现值法和Black-Scholes模型对X公司的专利权价值进行评估。评估结果显示后者所得的项目净现值大于前者，这是因为实物期权法考虑了专利权的灵活性投资价值。本文认为传统的收益法低估了专利权的价值，运用实物期权法所得出的评估值是确定最佳专利资产转移价格的重要参考。同时应将实物期权思维方式应用到专利产品项目的投资和生产决策中。
[Abstract]:With the development of science and technology, patent technology plays a more and more important role in the construction of national economy. Although enterprises can independently research and develop technology, it is more and more difficult for enterprises to meet the demand for technology development only by relying on their own internal technological research and development forces. The patent trade has emerged as the times require. And its area and the scale of the rapid expansion. The value evaluation of patent right is the core problem in the process of patent technology transfer. Reasonable evaluation of patent value can promote the smooth progress of patent transaction and make it participate fully in economic life. In this paper, three traditional methods of patent value evaluation are introduced, and their advantages and disadvantages are analyzed and compared. Secondly, it introduces the real option theory and the real option pricing model, and discusses the applicability and advantage of the real option method to evaluate the patent value. This paper argues that Black-Scholes model is more suitable for patent value evaluation than binary tree model. Thirdly, the application of Black-Scholes model in patent value evaluation is discussed, and the parameters of the model are analyzed. Finally, this paper carries on the case analysis, respectively uses the traditional income present value method and the Black-Scholes model carries on the appraisal to the X company patent right value. The results show that the net present value of the latter is greater than that of the former, because the real options method takes into account the flexible investment value of the patent. This paper holds that the traditional income method underestimates the value of patent right, and the evaluation value obtained by using real option method is an important reference for determining the best transfer price of patent assets. At the same time, the thinking mode of real option should be applied to the investment and production decision of patent product project.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F224;F204

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