Based On Real Option Valuation Patent Law

Based on the current market transfer of patent ownership and use continues to expand, the urgent need for its scientific and objective pricing situation, to explore the inadequacies of the existing pricing methods, and introduce a new evaluation method, the theory and real options method evaluation method applied to the valuation of patents, and finally implemented through the use of real options method to assess the specific case of the patent in order to reflect the superiority of real options method to assess patent value.In the article describes the most common methods are the replacement cost method, the present value method are three ways to market approach and income. Assess the replacement cost of the patent law is not applicable because the patent value is reflected in the future can bring benefits, rather than simple cost plus developed and can be measured. Meanwhile, China is also a lack of comprehensive intangible trading venues, patents and other forms of transactions also vary, it is difficult to obtain a similar frame of reference, and therefore not suitable for assessing market approach. If using the income approach assessment, we need to predict future earnings, earnings forecasts and actual earnings may be very different, but also a certain degree of subjectivity. So according to patent their own characteristics and lack of common assessment methods, we chose the method of assessing the value of real options, real options theory with particular emphasis on the investment decision-making process, the more suitable patent uncertainty, high risk investments evaluation.The innovation is that the current paper theory of real options method to assess more, but fewer instances of analysis, this paper to evaluate a patented technology acquisition Wohua medicine, for example, how to use the model of the actual operation, the existing data calculate the value of the patent, and in the model are carried out to determine the index of carefully chosen and predict future earnings on the excess. Determine the prevailing market price indicators have exercise price, risk-free interest rates, volatility and other value in the prediction of future excess returns on technology-based life-cycle theory to predict, in the calculation of the volatility, according to the specific circumstances of the case selection expected cash flows using the logarithmic law, and specifically to calculate the value of volatility. Articles used two methods to calculate the patent description of real options method was to compare the operability and superiority.