A Study On Institutional Investors' Approaches Of Evaluating Value Of Enterprises' Intellectual Properties

The macro environment of knowledge-based economy facilitates the prosperity of investment,trading,mortgage and other economic activities relate to intellectual properties,which increasingly highlights the importance of the value of intellectual properties.Intellectual properties have more and more become important assets that demonstrate the enterprises' core competitiveness and that cannot be ignored by enterprises' stakeholders.Based on contract theory and theories about stakeholders,institutional investors' effects on the market,as the main force of investment,are gradually enhanced.Their relevant investment behaviors and assets greatly dominate the public interest and domestic stock market.In this sense,it is of greater importance to make correct investment strategies or judge the enterprises' value orientation by institutional investors' precise evaluation on the value of intellectual properties.Furthermore,compared with other investors' expertise,resources and other advantages,it provides possibility for the innovation of the approaches of evaluating the value of intellectual properties.On this basis,institutional investors' correct evaluation of the value of intellectual properties is of critical significance,so are the researches on the approaches of evaluating the value of intellectual properties.The paper chooses institutional investors as the evaluation object,and aims to propose the evaluation approaches more suitable to institutional investors.By overviewing and sorting relevant literatures,the paper points out the deficiencies of the current situation of researches,assesses three intellectual property evaluation approaches that are currently applied coupled with relevant theories,respectively cost approach,market approach and income approach,puts forward the limitations,and applies the principle of composition of fuzzy relation.Based on the qualitative indicators that institutional investors think important and are enough to affect the quantitative value of intellectual property evaluation,the paper sets weights,gets the levels of multiple factors' subordination to the evaluation affairs with the specific case in A Pharmacy Company and compositional operation,and finally raises to adopt basic approaches with fuzzy model in value evaluation according to the specific situation in A Company.By integrating normative research and case research approach,the paper summarizes the new pattern of institutional investors' approach of evaluating the value of intellectual properties.Theoretically speaking,it can help construct the system of approaches of evaluating intellectual properties' value.Practically speaking,it can help institutional investors establish the notion of value-based investment,pay attention to the factors that affect the value of intellectual properties,and judge the value of intellectual properties and even enterprises' values on this basis so as to conduct scientific investment decision-making.