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A Study Of Intangible Assets Appraisal Based On Real Options

Posted on:2006-02-27Degree:MasterType:Thesis
Country:ChinaCandidate:G F HuFull Text:PDF
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With the arrival of the era of knowledge-driven economy, the new high-tech industry becomes one of the industries that our country develops in a more cost-effective manner at the present stage, the high-tech enterprises are emerging out constantly. A main characteristic of the high-tech enterprise is that intangible assets and incessant technological innovation play an important role in the development of enterprises, the intangible assets are one of the main assets of the high-tech enterprise, and its importance exceeds money-capital and material capital to a certain extent. In the new situation, how to appraise reasonably this kind of asset that is quit flexible and uncertain, and make full use of its advantage, has already become a new demanding solved problems of numerous high-tech enterprises.As a new kind of appraisal tool——real options, it has the right of choice: delaying,abandoning, expanding, shrinking, even giving up to the implementation of the investment project for administrators. Real options makes it possible for people to appraise assets contained quite uncertainty and flexibility reasonably. In view of this, this article trys to use real options appraisal method, fully considers the flexibility and real options characteristic of intangible assets in high-tech enterprise, make an objective and sound appraisal on its market value.The article is divided into seven chapters altogether.Chapter 1, Introduction. In this chapter, we mainly introduced source of the thesis, the main purpose for the research, the main content of the studying and the basic thought, etc;Chapter 2, The summary of intangible assets appraisal. We introduced the basic theories that intangible assets appraise and current study situation, pointed out the problems about the traditional appraisal method at home and abroad;Chapter 3, Appraisal theory of real options. we have briefly introduced real options and appraise theory, have deducted the suitable appraisal model on the basis of the predecessor's studies;Chapter 4, The intangible assets of high-tech enterprise and option characteristic analysis. On the basis of knowing the intangible assets of high-tech enterprise, we have made a deep analysis of its option characteristic;Chapter 5, The studying of intangible assets appraisal in high-tech enterprises. We try to set up the general thought and application framework for real option method: option that intangible assets investment project contained identification, model selection, variables and input parameters estimate and appraisal;Chapter 6, Application of real options pricing. Carrying on the study of applicationby combining the concrete case, analysing the operation flow of theory model in reality and examining the result of using;Chapter 7, Conclusion. We drew a conclusion and pointed out the questions that need to study further.Among these, chapter 5 is emphases in this article. On the basis of analysing the intangible assets of high-tech enterprise and option characteristic, we brought up the general thought and application framework for real options method: first of all, analysing the background of intangible assets investment project of high-tech enterprise; secondly, excavating real option contained in the investment project of the intangible assets; thirdly, on the foundation of Black-Scholes model, selecting different models for the appraisal of exchangeable and unexchangeable intangible assets respectively; finally, estimating the influence parameters of the model, puting these parameters into the corresponding model, and calculating out the value of the intangible assets.
Keywords/Search Tags:high-tech enterprises, intangible assets, real options pricing, discounted cash flow
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