Study On Investment Decision Of Patent-based Investment Funds Based On Option Theory

Driven by innovation and globalization, patent assets is becoming a strategic resource development and technology.based enterprises to participate in the core element of international competition. Patented technology to increase investment in research and development and achievements into the national strategic level is placed in an important issue, and domestic patents and patent commercialization of R & D rate is not optimistic.Patent investment funds in recent years to focus on the rise of international investors in the patent investment in this new field of intellectual property alternative investment market, gradually attracted the attention of academia, but from the conduct of its business model is not yet clear theoretically explained and analyzed not to mention its investment strategy research. Patent investment fund to invest in early stage technology research and development or to buy existing patents directly to obtain the relevant patent or series, then the patent market and profit. Based on the logic of value creation Value View on the business model, patent investment fund business model, based on this, analyzes the core resource patent investment fund business model, value proposition and customer relationship three major building blocks. Research for patent investment fund business model can be used to guide the establishment and functioning of the organization to help more money into the commercialization of patents, patent promote business transformation ratio and the success rate.In this paper, the option game model into patent investment fund’s investment decision.making process, with a view to investment decision.making strategies Patent Research Investment Fund to provide a train of thought. Patent investment funds included in the investment decision.making process patent in three stages: patent research and development stage, later stage patents and patent commercialization stage, this paper from the three stages of the investment decision.making behavior study patent investment funds.Patent R & D investment decision stage, uncertain patented technology, market prospects and the irreversibility of the investment, with real options perspective, the patent investment fund is bound to wait for more signals to reduce uncertainties. Therefore, the need to consider the option value found patent R & D investment critical faith. In the patent purchase decision phase investment is not patented technological uncertainty, but still face market prospects, investment and other effects irreversible. In this paper, the option theory into patent research and development investment and purchase decision.making process, to explore the investment decision.making behavior patent investment funds.Patent commercialization investment decision stage, successfully developed under patent or patent purchase and patented both cases, given the limited width so that the value of patent protection patent commercialization process will be subject to the effects of competition, the paper using Option Game Model and they owned a patent for the same product in different markets patented technology patents developed or purchased by the two patent investment fund business investment decision.making behavior. The results showed that: Under certain conditions, the degree of difference between patented asymmetric type determines the investment game.