Research On Real Option Volatility Of High-tech Enterprise Patent Financing Projects

In today’s world competition has gradually internationalization, the development of high and new technology with each passing day, who owns the most advanced technology who have the power, and by the high advanced patent technology of competitive performance of particular, who have mastered more advanced patent technology, who was walking in the forefront of science and technology, who is occupying the initiative in the international competition. Patent technology as intellectual property assets of technology content quite high, has the very high economic value. For high-tech transfer between enterprises, mergers, acquisitions and other major commercial behavior has important influence, and how to scientific and accurate assessment of the high-tech enterprise market value and risk of patent technology is the key to achieving these commercial behavior, to some extent, determines the success or failure of enterprise merger and acquisition(m&a) and technology transfer. Real option evaluation method in fully consider the value of the future uncertainty, for accurate assessment of high-tech enterprise patent r&d project value and risk laid a theoretical foundation. Parameters in the real option evaluation method, the volatility is the most difficult to determine accurately assess the project value of a parameter, because of its market price, there is neither option trading and there is no history of market price, so for the determination of volatility parameters become the difficulty in the application of the model to evaluate the patent project value.First to the existing traditional patent value evaluation method and modern real option evaluation method is analyzed and compared, and then on the basis of predecessors’ research status of volatility is improved innovation, under the real option method theoretical framework, combine GARCH and KMV model is presented to solve dynamic volatility parameters. Selection and divisions of intangible assets account for a higher gem high-tech enterprises as samples, first of all listed companies by using GARCH model obtained the value of equity volatility, KMV model is then used to solve the volatility of listed high-tech enterprise assets value; At the same time, using the idea of PMF model to modify the KMV model, the regression equation, get the value of the asset volatility in the private high-tech enterprise data obtaining private high-tech enterprise assets value volatility, laying the groundwork to accurately assess the patent project value. Both divisions are listed and unlisted empirical comparative analysis, for investors to make strategic decision provides some reference Suggestions.