Research On Pricing Used In Options Of The Inventive Patent

The achievement of inventive patent is the inevitable outcome of developing into certain stage of the productivity of scientific technology and society, with the arrival of the knowledge economy, the value of social enterprises reflects that has already carried out the transition to and taken assets such as the achievement of inventive patent as the core to come up from the traditional fixed assets now. To regard assets of inventive patent as era of knowledge-driven economy most important understanding of assets already reach the common understanding whole world at present. Though our country is social now the function of the achievement of inventive patent is obvious day by day, but in time for the past 20 years, inventive patent management, calculate level to measure respect run into people to level of understanding their yet of assets.Since 1984 China's patent law is issued, compatriot's view to patent go through from approve to course that pay attention to gradually, this has some relations with impact on economic activity of our country of the patent more and more extensively. A lot of contradictions and conflicts have all caused the extensive concern of the society: Staff and patent right of enterprises belong to the dispute, the export product is arrested because of involving infringing, battle that the patent right between the trans-corporation and national enterprise belongs to, enterprise whom expenses launch bargain, patented product of surrounding countries parallel to import, give national product cause damages on patent outside the domestic enterprise and country, these contradictions and conflicts not merely become problems that government and enterprise need facing, become an important field that academia needs studying too.Mainly distribute three kinds the bright patent, practical and new, appearance design in patent at present, and appearance design patent promotion in economic development of respect far keep abreast of the function of the patent for invention. The technological content of the patent for invention is the highest, the inventor spends the most creative works, there is enormous facilitation to the development of national economy in the patent for invention. The main respect assessed to the patent at present is concentrated on assessment of the patent for invention too. Especially at the present stage of our country, the patent for invention is still very confused in value assessment, do not form a set of feasible standards.The reason for the revolutionary option, part of the actual workers in response to the company, strategy-makers and some scholars, the shortage of conventional capital budgeting techniques. As early as before the advent of option theory, corporate managers and strategy makers have been relying on experience, strongly grasp the subtle interaction between the management flexibility and strategic factors. Hayes recognized earlier, the standard DCF method underestimates the cost of investment, leading to short-sighted decision-making, lack of investment or even the loss of competitiveness. Trigeorgis and Myers have proposed such a general sense of the conceptual framework of real options.Quantitative real options approach began in Black, Scholes option pricing on the academic finance; Cox and Rubinstein of the binary tree-type approach is able to break a more convenient option timing estimates. On this basis, Margrable assessment of risky assets swap options. Johnson classifies it out to cover the case of several assets. Carr is on the continuous exchange of options were assessed, including the underlying asset exchange for the other risky assets the option of follow-up options.Option Pricing Research began in the 20th century 70's has now expanded from the initial field of natural resources to the biotechnology, manufacturing, research and development, real estate, venture capital, mergers and acquisitions, information and biological technology and strategic fields. China started research in this area in the 20th century early 90s, now concentrated in natural resources, high technology, venture capital, research and development and real estate.In the option pricing methods, BS pricing is flexible and uncertainties to resolve the assets supported. It is not only full account of patent applications in the enterprise after the uncertainty, and taking into account the patent application in the enterprise after the decision-making behavior. Binomial tree method to agile handling of the various options may interact, compound options, non-cash flow ratio, the entry of competitors and other complex issues. But the main drawback of this approach is needed if you have multiple operations involving a large number of initial price, they can not simultaneously handle more than the initial price,Resulting in relative capacity loss; However, this assessment of real options in that not a constraint, because they usually contain only an initial estimate of the value . Monte Carlo simulation method is simple and flexible, and able to produce the relevant risk-neutral probability distribution and expected value. It can handle more complex reward structure of European options, there are several targets in the state variables, its more efficient. Including early implementation of the intermediary or other types of American options in decision-making, its efficiency decreased. Finite difference method can be applied to American option and European option on the assessment, but also in needThe initial value of the options when a group more effective. Such methods can also deal with the multi-dimensional grid of several state variables, although the efficiency will drop. If the correct access to publicity statements, some of the finite difference method can be regarded as equivalent to dynamic programming and other known procedures.End on the above, Option to mature, already has applied to patent the basic conditions for investment in the outcome. With the venture capital and the rise of the new economy, invention patents require a high degree of pricing under uncertainty, the traditional evaluation methods have been unable to better respond to pricing research, the emergence of option pricing methods make up this deficiency.In this paper, results of high-tech enterprises in the patent to start pricing of options. Obtained by the actual calculation of option pricing to better cope with the uncertainty of patent large investment in the outcome of such issues. Classification and by comparison of the options based on the model of the options were compared, and highlights the two most widely used option pricing model: BS model and the binary tree.Specific assessment, with a net present value forecast, BS model for pricing and binomial tree method patent valuation of assets; through comparative assessment of specific cases, that the option of the assessment method to solve the pricing of patented inventions opened up a The new method, the method can be assessed to avoid the loss of a number of patents and investment risk.