Based On B-S Model Of Real Option Pricing Method In The Application Of Patent Assets Evaluation

With the deepening of the reform of market economic system in our country, represented by merger and reorganization of enterprise’s economic activities are gradually increasing, all kinds of assets of property rights transaction activity gradually increased. Intangible assets as an important asset in the role of the core competitiveness of enterprises and even the country, the patent assets as an important part of intangible assets, in a great extent represents the enterprise gains the ability to market monopoly. As the patent assets property right transaction are increasing, the value of patent assets also gradually be taken seriously, the study of patent assets value assessment methods is becoming more and more deeply.In the evaluation practice at present, the patent assets evaluation method is mainly cost method, market method and income present value method. Research and development costs for patent assets have weak correspondence, and expected future profitability has no direct correlation, so the cost method was used to assess the patent assets tend to cause value underestimated; Patent assets itself has particularity, similar technology can only be granted a patent right, and now we still have not form a unified patent property right trading market, it is rarely used in the patent assets valuation in the market method; Income present value method is used in patent assets existing situation, predict the future cash flow discount, did not take into account the patent asset owner investment opportunities in the future, will also cause undervalued. Aiming at the shortcomings of the traditional three assessment methods, the patent assets of the real option pricing method arises at the historic moment.Real option pricing model is in the financial option pricing model is developed on the basis of the derived, based on the theory of financial option pricing model, the pricing method of real options are discussed in this paper, the analysis of the traditional three patent assets evaluation method, evaluation and assessment of the advantages and disadvantages, according to the real option characteristics of patent assets, study using the real option pricing model evaluation method of patent assets. In the practice of the assessment, patent assets more performance for European option characteristics, the classic B-S model is adopted as the evaluation of patent assets real option pricing model. In evaluating method is based on the discussion of the theory, put forward by applying the method of real option pricing assessment of patent assets assessment steps, through the specific case real option pricing model is applied to the practice of evaluation, and finally summed up the real option pricing method and the traditional evaluation methods.