投资入股背景下生物技术专利估值研究

发布时间：2018-01-06 18:17

本文关键词：投资入股背景下生物技术专利估值研究　出处：《首都经济贸易大学》2017年硕士论文　论文类型：学位论文

【摘要】：生物技术的研发不仅能解决人们面临的很多需求,还可以让人类更了解自己,以促进人类的进步。现在逐渐兴起的专利入股投资模式,可以解决研发方向和市场需求相脱离的问题,可以把专利权人的利益与企业战略发展挂钩,使得企业方在接受专利和在投资决策时更加慎重,也能促进专利权人的研发积极性。但在资产评估界,对于生物技术专利类的评估案例并不多,也几乎局限在生物技术专利转让的作价评估方面,针对于生物专利作价入股估值案例寥寥无几,生物技术本是国家正在大力发展和支持的行业,以后的企业发展中必会越来越多的涉及生物技术入股的估值问题,这个领域在资产评估界仍缺乏足够的重视。本文建立在投资入股的背景下,选择生物技术专利作为评估客体,从影响估值的投资入股目的、入股模式、生物专利特点等间接因素到分成比例、未来收益等直接因素进行分析。在本文评估方法的选取上,分析了传统方法的适用性和利弊,借助生物专利的期权性质,对期权定价的二叉树模型进行理论阐述和评估客体的适用性分析,最后在案例估值上应用收益法和期权法,并分别建立销售收入提成率模型和多期二叉树模型进行辅助估值。从理论上看,期权定价法考虑到了专利未来收入的变动价值,对于投资入股的专利的估值有一定的适用性和研究意义。本文从选材和立意上,意在为专利权人和企业以后的发展提供建议,填补资产评估界在生物专利领域研究的空缺,对以后生物技术入股估值给以借鉴。
[Abstract]:Research and development of biotechnology can not only solve the many needs of people face, also can let the human know themselves better, to promote human progress. Now the gradual rise of the patent shares investment mode, can solve the development direction and market demand from the problem, can put the interests of the patentee and the strategy of the enterprise development together, makes the enterprise party in accepting the patent and investment decisions are more cautious, but also can promote the enthusiasm of the R & D of the patentee. But in the asset evaluation industry, the biotechnology patent evaluation case is not much, is almost limited in the evaluation of biotechnology patent transfer, according to the price of shares valuation case scanty bio patent of biotechnology. This is the country is to develop and support the industry, will be more and more involved in the development of the enterprise after the valuation of biological technology shares, in the field of Asset evaluation industry is still lack of enough attention. Based on the investment background, choose biotechnology patents as evaluation object, from the valuation of the investment objective, influence shares mode, biological characteristics of patent indirect factors to share, future earnings direct factor analysis. In this paper the selection of evaluation methods, analysis the applicability and advantages and disadvantages of traditional methods, with the help of option properties of biological patents, analyzing the applicability of two binomial tree model of option pricing theory elaboration and evaluation object, finally used in the valuation case on income method and option method, and establishes sales royalty rate model and multi period binomial tree model to assist two valuation. In theory, the option pricing method considering the future patent income value, for investment in shares of the patent valuation has certain applicability and significance of the research. From the perspective of material selection and conception, this paper aims to provide suggestions for the future development of patented persons and enterprises, and fill the vacancies in the field of biological patents in the field of asset valuation, and provide references for future biotech stock valuation.

【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;G306

【参考文献】