The Real Options Approach In Applied Research, Technology Transfer Pricing

The objective of the master thesis is to study how real option approach can be practically applied on valuation of transferred techniques. Current approach to value transferred techniques are on the basis of cost or market price of the techniques, mainly according to the added income owned by the purchaser in future. Real option approach should be introduced into the valuation to make up the negative influence towards technique item with a price of enlargement of risk, because the value of the technique item is influenced by the value of the real options owned by the purchaser with managerial flexibility in the life cycle of the item.The thesis is divided into five parts. The first part introduces main contents of the current theories and method's on technique price-making, and points out what the thesis's contents is with the frame. The second part studies the main factor considered in technique price-making with their influence on purchaser's making decision and pricing, get the exterior environment for real option approach's needing with supposition condition terms. The part of the third establish a price model of technique price-making referencing the list price model of the financial option on the basis of the investment valuation on the technique applied, and combine to design model, give some own way of thinking with solve the method, and find out the key factor of the technique price-making. The four-part join together case study of Zhejiang GALLA Chemistry Corporation's oxygen water item, study the true effect of the above model operation, make sure with main factor to proceed argument analysis, verify the application result combined with applied characteristics towards technique price-making of that method. The fifth part is an application revise towards above price model, and point out real option should be saw as a kind of decision thought but not only a compute method , proceed expand the studying of the method. The main conclusion to study in thesis is summarized in the sixth part.