Assessment, Based On Option Pricing Theory Of Intangible Assets

Within the evaluation of intangible assets, all kinds of traditional way have been applied extensively. But the traditional way ignored a significant feature of intangible assets,that's enterprise can make decision after buy the intangible assets on the basis of specific situation, which is most suitable to this enterprise. This thesis studyed the evaluation of intangible assets from a new angle, which apply theory of options pricing to appraise the intangible assets.It is very important to study the appraisal theories and methods of intangible assets.In this paper, the appraisal theories and methods of intangible assets have been discussed.At the beginning of the thesis, the concepts and features of intangible assets are discussed,and the traditional assessing methods are also reviewed and commented on the basis of which a new concept of "options' characteristics"is introduced. Therefore,all the intangible assets are analyzed and categorized in accordance with this criterion. Then the thesis works out the needed differential equation especially suitable for intangible assets' pricing. In order to solve the differential equation, a significant part of this thesis is contributes to the discussion of calculating methods,and accordingly,computer programs are written to facilitate the calculation. On the base of above theories and methods,some relational examples are given,and on the base of function union of Excel to compute. For the sake of an objective judgement,real data are processed to make sure that the new methods work very well. Finally, the whole job was briefly reviewed and future researching dimensions are also outlined.The focus of this research project is chiefly concentrated on the application of options pricing theory to the realm of intangible assets evaluation.This thesis not only features in an in-depth theoretical study of the new methodology but also contributes a efficiency of the research result, tow real assessing cases and factual data are also employed in the paper.As an approach to deal with the flexibility of investment decision, real option has been applied to the value appraisal of some assets which with more obvious uncertaincharacteristic gradually. The natural resources value appraisal is the early field thatimplement it. The investors obtain the right of mining corresponding mineralresource through the payment for mining titles, and within time that the mininglicense stipulates, they have rights to decide the time enterprises exploit the mineralresources according to uncertain factors such as the market situation and enterprise'soperation, etc. The flexibility reflects the option characteristic of the mining titles, soit is a feasible choice to use the real option theory to appraise mining titles value.The paper can provide a new approach for the intangible assets value appraisal inthe future.